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luigi

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About luigi

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  1. If your doing a complete re-thatch, the ridge gets done at the same time, but then the ridge would need looking at in 10-15 yrs time as that's what deteriorates first. 'The seller is sticking to his guns' is EAspeak for don't give me a lowball offer I can't sell to my client. Remember, he's probably flattered the client about the price that can be achieved to get the instruction. If it's new to the market, the vendor will be full of hope. If it sits around for a few months, that will change, but again, if the vendor doesn't have a compelling reason to sell, he won't. A lot of potential buye
  2. Ah I see what you did...but comparing the average asking price with the average sale price in an area isn't going to tell you what each house is selling for in relation to it's asking price, all it tells you is how many deluded sellers are kite-flying at the upper end of the market and this Spring seems to have produced a lot of them and there aren't enough buyers around. The houses that sell with greatest frequency are at the lower end of the market, so will pull the average sale price down. Do get some prices for re-thatching before you leap into that, the typical Suffolk longstraw thatch o
  3. I suspect that 68% figure is either inaccurate or based on a very small sample. I live not far from that area on Norfolk/Suffolk borders where the market is broadly similar. Things move slower in rural Suffolk, but 5-10% discount off the most recent asking price is typical for standard houses, unless you come across a forced sale that just won't shift then maybe up to 20-25% is possible. Check out the sold prices on Rightmove...http://www.rightmove.co.uk/house-prices/detail.html?country=england&locationIdentifier=OUTCODE^1177&searchLocation=IP19 I got 20% off a reduced asking price (
  4. I was able to purchase at 20% off a reduced asking price last year (first advertised at £175k, reduced to £162k, bought for £130k, 2002 price for the area), again a deceased estate property in need of cosmetic modernisation (decor, floorcoverings, kitchen, bathroom) that was due to be split 3 ways between siblings. But it had been marketed for 6 months, so they were getting fed up by the point I made my offer. Even then I had to leave the offer with them for two weeks making it plain to the agent that there wasn't any more to come, they finally caved in to my non-chain offer. The agents were
  5. This is a semi!! I'm assuming the bit that hasn't been demolished and half rebuilt is housing another family! Talk about neighbours from hell!!
  6. Thanks for being so gentle! You're right, it is a home to live in. Still, I hope I've done my bit for the HPC, as I think I've set a new low price for the type of property I bought. Around here 3 bed det bungalows generally have fetched a similar price to the larger 4 bed det houses, so I hope to trade it for one in a few years time as the kids get bigger and we need a bit more space. They're not building hardly any bungalows anymore, so the supply is tighter and I'm hoping demand will rise as the baby boomer generation get less mobile and want to downsize to a single storey dwelling.
  7. There is a postscript to this story....houses are selling for 2002 prices...I've proved it!!! I've just completed on a new pad, a 3 bed det bungalow with garage and a 50ft garden for £130k. This one hasn't been sold since it was built in 1985 for £39,950, but I've been looking at comparables on the same estate: In 2003 an identical one sold for £150k In 2007 a slightly smaller design on a smaller plot sold for £210k (I would consider this somewhere around peak price) In May 2009 two of a slightly smaller design completed for £148k & £150k (this was the recent low point when the market
  8. They are upsetting the applecart in my area on Norfolk/Suffolk borders, chopping 25% off previous (optimistic) asking prices. I reported it here: http://www.housepricecrash.co.uk/forum/index.php?showtopic=162083&st=0 As I said there, they are forcing some price revelation on the local cartel of denial!! Bring it on!!
  9. I had a large STR fund, so the mortgage interest on this one is a lot smaller than the rental cost minus the interest earnt on investing the STR fund. You underestimate the amount of ear-bending you get from a significant other with a nesting instinct and a desire to have a garden and house that she can model to her own tastes. As a male, I also find this desirable. The uncertainty of what you'll end up with and whether you've done the right thing can also be draining. I think I've done enough price-wise on this deal to be not far off the nominal low, which may be years away yet. Most of th
  10. Brandon is really good value, it's different over there with lots of pine plantation forest and brick and flint houses, I have been tempted as I've got friends over there, it must be one of the cheapest places that close to London, which is pretty accessible via the A11/M11, you could probably be at the Olympic site in about an hour. It's on the Norwich-Cambrige train line, so you would have to change at Cambridge for a London train. It's a bit close to Thetford which drags it down as it is a bit rough, and to the noisy American air bases at Lakenheath/Mildenhall.
  11. There's plenty who commute every day from Diss, it's on the main Norwich to London-Liverpool St line, journey time is about 80 mins on fast trains twice every hour. Town is pleasant, nice villages and pretty countryside along the Waveney Valley. Norwich, Ipswich and Bury St Edmunds are about 30mins away. Coast at Southwold is about 30 miles and within about an hour you can get to anywhere on the East Anglian coast from Hunstanton right round to Felixstowe. It would be pretty quiet compared to Brighton though.
  12. No mate, I knew the exchange of contracts was on the cards, but didn't want to jump the gun because the vendor's solicitors have been delaying since last week and I was starting to get suspicious. The offer went in back in February, the place had been for sale since Sept, they rejected it at first, but when they realised we weren't going to up it, they came back to us about a week later.
  13. I said there may be a development soon.... Well, I've just exchanged contracts on a new pad, a 3 bed det bungalow with garage and a 50ft garden at £130k. This one hasn't been sold since it was built in 1985 for £39,950, but I've been looking at comparables on the same estate: In 2003 an identical one sold for £150k In 2007 a slightly smaller design on a smaller plot sold for £210k (I would consider this somewhere around peak price) In May 2009 two of a slightly smaller design completed for £148k & £150k (this was the recent low point before the dead cat bounce) In Dec 2009 an identi
  14. Just a little update on what I've been observing locally over the last 6 months, maybe it'll give some hope to all you HPC bears. I posted it on the East Anglia thread, but thought it was worthy of a wider audience on the main board. The market on the Norfolk/Suffolk borders has really struggled over the Winter, the Spring has brought a few more sales but also a lot more instructions, we're almost at record levels of listings again in my local area. Various sales have gone through over the winter at 2002 prices (around 30% off peak price locally). Agents will dismiss these as people needing
  15. Hmmm, you can thank Persimmon homes for that rabbit hutch, I bet it looked OK as a show home with 3/4 size furniture!?! That estate is truly crammed in with not enough pavements, road width or parking.
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