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House Price Crash Forum


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Everything posted by ingermany

  1. Very interested in the story. I was looking at moving to Spalding 2 yrs ago (BTW excellent schools and services in Spalding). House prices for large 4BR were 280-310K. EAs urged me to get in quickly as they were selling fast (and they were, but who the **** was buying them at that price?). In any case I didn't get the job and so I stayed here in Germany for 2 yrs. Lucky escape. After your post I decided to check out Rightmove Spalding and could not believe the reversal in prices. 4-5 BR are now plentiful at circa 200K....at least 30% down from the peak. This is when all the agencies (Halifax, DLG, RICS) are reporting 10% growth over the same period. What a bunch of lying ********s. Who knows how much further the market will drop. Best strategy is think of what the house seems worth to you now and deduct 30% for the next 2 years depreciation. On that basis your seemingly insulting offer may not be far off the mark. Only problem is, your neighbours who probably bought for 250K are not going to invite you round for welcome drinks. Good Luck.
  2. very new to this. have read the forum and news blog for 3 months. I live in Germany (UK employed/UK taxpayer). Moved here from Lincolnshire in 2001. Sold UK house in 2001 and have been in a state of clinical depression ever since as prices started to rise. Also the dismay in the wake of 9/11 as central banks cut rates, wiping out my savings and really lighting the touch-paper of house price inflation (was Osmama bin Laden an estate agent by any chance). Yes, I felt guilty, just a bit, as I knew deep down I probably wasn't the only victim of 9/11, and others had suffered as much, if not more than me. Still I felt it was unfair that UK property owners were coining it in just as I had left the UK property market. Then there was Enron and even lower interest rates, higher property prices, more gloom. For a time on satellite TV from UK I kept seeing the " Loans.co.uk" ads promising ulimited loans for UK mortgage payers who were promised unimaginable rewards just for having a property. Then came the "debts.co.uk" ads (which seemed to have the same actors and producers) promising those who had taken out loans, that repayment was totally uneccessary (and illegal) as a result of something called IVAs. Then, perhaps logically came credit cruch and northern rock. I have been scanning property in Lincs for 2 years now. I did consider moving back there in 2006 and was struggling to find a 4 bed family home for less than 300k. I did look seriously at a nice house for 280k and almost put in an offer. In 2008 the 280K house is back on the market at 225K and there lots of family homes for 200-250K. Not quite 2001 prices, but definitely asking prices 20% less than 2006. Interesting that rightmove/halifax/DLG stats just don't convey this. Problem is that "my" 280K house looked good value in 2006, it now looks good value at 225K (or does it?...........if I buy will I get a new neighbour in 2009 who has bought for 175K). The psychology of a falling market is almost as worrying as a rising one (if you're a worrier). Anyway, I think sanity is returning, to me, if not to the housing market. House prices are now falling at the same rate as my equity investments, which is a step in the right direction.
  3. I have watched the forum for a while and fid it a refreshing island of sanity and truth. I left the UK about 7 years ago, selling my house, and felt for a long time that I could never return due to the run away HPI. In the last 12 months I have realised that house prices where I used to live (East Midlands) are now only about 10% higher than 7 years ago (in pound terms)...............about 2% less in Euros. Where is all this house price inflation I've been reading about? Good news then, I can return to the UK. Do I want to though? ingermany (for now)
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