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House Price Crash Forum


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About lucky

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  1. Utter nonesense that 89-90 was the crash that never was! It was huge. I bought a flat in central bristol for 47,000 in 93 that had sold for 80,000 in 88. I bought a house in Bristol in 96 for 43,000 that had been marketed for 80,000 in 89. One of my sisters saw her Surbiton flat drop by more than 33% in value in one year. People who worked for me were still in negative equity in 96 having bought in 89. They were desperate to move but couldn't. That crash seriously affected a lot of people. Anyone who bought late, or who was investing in the market. Rest assured, we are about to see the sa
  2. Clifton will not be hit as bad, but it will be hit. I bought a two-bed period property in Clifton in 93 for 47,500. The previous owner had paid 80,000. Anyway, it last sold for 160,000, and at present would be marketed for 200,000+. Those clifton flats will certainly fall a lot, but nothing like the rest of Bristol, where 50%+ drops will not be uncommon. People forget that it wasn't long ago when you could buy 3 bed houses in poorer parts of Bristol for less than 50,000, which is about right considering what lots of people earn or don't earn. Areas that will really crash are bedminster, st we
  3. Come on, Jack. Look at what's happening on the ground. Read the FT article (see blog), which explains how, in a falling market, the Halifax can record price increases. It's because almost nothing is selling apart from really desirable stuff. All the usual over-priced houses are not moving, and won't, until the prices drop significantly. I sold to rent and thank god I did. My old place is worth much less, and I did it back in 2003. Both my sisters have just sold properties, and they did it by finishing them immaculately and pricing them cheaply. The market has fallen, and only those who accep
  4. I think you'll find it's pints that are different, but gallons the same.
  5. No, they just don't go up in the first place. No conspiracy, just the rules. Lucky
  6. Guys, Any information on sales of period property, especially flats, in Central Bristol would be greatly appreciated. Lucky
  7. Bandwagon, Where does the graph come from? I don't remember interest rates being that high in 89. Lucky
  8. I know someone who is selling a property without problems. My sister. Completion may have happened this week. It's a refurb on a very run-down place in Surrey. She hadn't done any (refurbs) for a while, even though its her business (or part of it - she is also a landlord), because she couldn't find places but at the right price, but she found this one a few months ago and probably made 100K in literally 4 months. However, I would point out that she is a very aggressive seller, and would think nothing of knocking 15% off the asking price if the purchaser was ready to go right away. It will be i
  9. When I bought my first flat in 93, I borrowed 3 times my estimated earnings (15K), plus put down 2.5K deposit, making a grand total of 47.5K. The same place now costs approx 200K. In order to buy that now, I would need to earn 60K if I stuck with the same ratio of mortgage to earnings. Now, I know we've had some inflation, but 400% increase in earnings in 12 years. Ludicrous. Madness. Plus, if I did earn 60K a year I would expect to be living in a decent sized house with a large garden in a nice area, not a top-floor flat with two small bedrooms. With this memory so clearly in mind, I won't
  10. Each time I sold it was between 1.25 and 1.5%. Most agents will negotiate. Lucky
  11. I used to live in Bristol, so I am curious too. What's the postcode so we can make comparisons with properties sold? Thanks, Lucky
  12. I don' think its fair to say that Kiyosaki is or was ever a total property bull in the sense that he claimed property was always the place to be. He has always struck me as someone simply stating the obvious when you actually read what he writes. From my reading, he always advises doing the maths, and so it doesn't surprise me that he is now advising people to get out of property, not permanently, but till there is a better time to buy. This positiion is in keeping with most posters here, who believe that property is a good investment, just not now. In fact, it was after reading Rich Dad, Poor
  13. Dear g2525. I sold up in Bristol (BS1) in 2003 (August). It was formerly a wonderful area to live in, but I had noticed crime was getting worse - especially car break-ins and even late night muggings, which previously only ever happened in other areas. Also, all the people renting in BS1/BS8 were forced to move, as a relentless supply of owner-occupiers took over the flats, that it made no economic sense for landlords to hold on to. This did not have - for me - a good impact, as we lost the variety of people. Increasingly, young professional with jobs in the money sector and no one else. As
  14. The landlord is taking the proverbial. I grew up in Walton and my family still live there. There are places to rent as in any other place, with the same terms and conditions, and yes, you might expect to pay than usual, especially if you are near the trainstation or in one of the exclusive private estates. But not so much anywhere else. Not that different to city-centre Bristol (price wise), where I used to live, when I looked at prices. But honestly, there's nothing there. In Walton. Come to think of it, there's nothing much in any of that part of the world to move there for. And, depending o
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