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House Price Crash Forum

Spark

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About Spark

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    Somerset West, South Africa

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  1. Now dropped from almost £500K to £360K. Not so extreme kite flying...
  2. There is no harm making a £140K offer to the builder. They are in business to sell houses and they will want to off-load it. They probably won't want to sell for much below what they paid for, but you don't know what they paid as it isn't coming up on the LR. They will probably have a minimum figure they will sell for and will tell you this if they don't accept your offer. When negotiating with builders they sometimes accept lower offers at the end of the month (or towards the end of the quarter), as the sales people have targets to meet. They may take a slightly lower offer just to make
  3. Keep advertising your house and hopefully you will find another buyer. I accepted an offer from a cash buyer and they pulled out on me last July, after they decided that my bungalow was too small for them so I know how depressing this is! Fortunately I didn't have another house lined up to buy (as I'm emigrating to South Africa). If thinking of taking out a BTL mortgage and renting out your old house then you need to do some research. What monthly rental can be achieved? Multiply this by 11 (allowing for 1 month unoccupied per year) and then take this figure and divide it by the current
  4. I would be more concerned about the insulation and damp proofing if a garage was converted into a kitchen. Garages just have brick walls with no cavity. Also houses have a damp-proof membrane but do garages? (I'm not a builder so not sure) I would be wanting answers to these questions: Has the bare brick just been plastered or have they added some internal insulation between the brick if they have plasterboarded it? Has any additional insulation been added in the walls/ceiling/floor? Is there a damp proof membrane? Also garage floors are at ground level, but the house floor is usually h
  5. Yes, this is to do with money laundering regulations. They usually ask for 2 forms of ID - usually passport or photo driving licence and a recent utility bill. This is to confirm you are who you say you are. Sellers of houses have to do the same thing!
  6. You could also have a look on Zoopla. Go to "Home value" and put in the required postcode. If there is any historic data, you will see a little red and white "H" icon. Click on that and it will show you an archived ad for that house (either a sale or rental). I think this goes back 4 or 5 years, so you might see some neighbouring properties that have archived sales or rental ads.
  7. This is a very small part of the UK...and when did PE2 become the centre of the universe?
  8. And this is non-standard construction. I don't think lenders would give a mortgage to buy this.
  9. £445,000 This is isn't listed as a semi-detached, but as a detached. I don't know how the EA got away with calling it a detached, as it is actually an end terraced house (as it is attached to the 5 almshouses that you can see on the right). End of terrace To be fair it is a small village with only 3 houses on the market. A 2 bed semi bungalow for £235K and a 4 bed detached at £685K.
  10. We were selling to the builder "as is" and not paying him to install the kitchen and bathroom. The back garden was also a mess, as we got 4 tonnes of topsoil to fill in 2 large koi ponds (and this wasn't even enough to completely fill them). The builder told us to leave the garden. After he pulled out he hit us with a bill for his work (although we only paid him half of the bill). We then still needed to decorate the house, landscape the rear garden and fully paint the outside of the house. The builder was getting a bargain at £200K, but he couldn't afford to buy it. Him and his wife we
  11. I tried to sell my house privately, but it wasn't that easy! Initially I "sold" it to the builder across the road who I got in to refit the kitchen and bathroom. He asked me how much I wanted on the 3rd day of work. I said to make me an offer and he said he would give me £200K. This was a bit below market value, but I accepted because I didn't need to advertise, get a HIP or pay EA fees. He initially said the offer was unconditional - buying our house was not dependant on him selling his place. He later said he needed to sell his place, so we waited for him to sell his place. Finally h
  12. Keeping your original house to rent out seems to give a reasonable return. £500 per month rent on a £80K house is 7.5% gross yield. As for houses, option 1 is a "safe" option but I'm not keen on new houses (in England they have tiny gardens). I would be interested in option 2 as long as I had the time/money to renovate it. Option 3 is something I have always wanted to do personally, but I could never get the numbers to stack. I used to buy self-building magazines and looked for plots near me. All the plots were too expensive once you took building costs into consideration. I think it
  13. I agree about 1980s (especially late 80s) houses being terrible. They tend to have have small rooms (my flat had smaller rooms than some new builds today), plasterboard walls and some of them were still had tiny single glazed windows. My 1980s flat even had Economy 7 storage heaters. The kitchen and bathroom was really cheap - I ripped them out and upgraded them with 10 years. All houses have their advantages and disadvantages. I personally like late 60/early 70s houses because they have large windows and let in plenty of light. The one I bought has solid internal walls and a concrete fl
  14. Heating oil always goes up in Winter due to increased demand, so people shouldn't be surprised at the high prices now. Some dealers are taking advantage of the increased demand and loading their prices now (70p per litre as opposed to 40p when I filled up). All you need to do is make sure you have enough oil to see you through the Winter - it isn't rocket science! If your oil tank is correctly sized for the house, a full tank will store around 1 year of heating oil. My tank stores just over 1000 litres and I find I do use around 1000l of fuel per year. I always try to fill my tank in May,
  15. I live in a small village in NW Essex. There were 4 houses for sale over the Summer. Substantial 5 bed detached with large rear garden overlooking farmland. On the main road through the village. This was the former village pub, so no garage - just ORP for 4 cars at front of house. Asking price £589K 3 bed detached Victorian cottage on small plot. On the main road through the village. Asking price £329K 2 bed semi-bungalow on a 110ftx38ft plot in a cul-de-sac. Views over farmland to rear. Asking price offers over £230K Substantial 4 bed detached on 0.75acres. Although facing main road,
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