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House Price Crash Forum


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Everything posted by spud

  1. I'm after advice should we or should we not? House price: 75k Zoopla estimate for the street: 73k As for nationwide estimates they are all over the place because of few sales. There has been 1 sale per year from 1998 (12.5k) to 2007 (112.5k) before 2007 no house had breached 89k. The house is a gable end terrace, it is a wedge shape(back of the house is the same length as every other in the street the front is larger and the postage stamp garden is smaller). There are three bedrooms all long and thin (widest 7'3'') a tiny bathroom, downstairs large living room and what would be a large kitchen if the chimney was removed now it is just a sink and one cupboard with a large pantry. The garden still has the outhouse. There is on street parking. The house has never been sold. it was built in 1890 odd by one family who built all 6 surrounding streets then continuously rent them out, occasionally they sell one. They are not big on improvements. The house will probably need a rewire, chimney removal in the kitchen, double glazing, new kitchen (fitting cabinets will be fun with no straight walls) bathroom we would make do but would need an over shower, plastering the kitchen and general redecoration, it currently has central heating installed. We have lived in the street before (rented) and we like the neighbors we have family all within 10 minute walk, it is in the catchment for the 3rd best primary school and the best high school in the area (for now we don't need either of these) walking distance to the shops and for one of our works, the car wouldn't get touched at weekends. Downsides are parking can be bad once i had to park 5 streets over after coming back late one night, but usually if you are back for 6pm you'll get a space. The awkward upstairs rooms, the amount of work that would be needed, we also would only be there for 5 - 10 years. Upsides are we like the area we have the money to to put down >50% deposit and still have savings to complete the work, the rents in the surrounding streets currently range from £450 no central heating basic rental to £525 average rental . what do you think ?
  2. Well we have this lovely gem in wigan http://www.rightmove.co.uk/property-for-sale/property-28023128.html?sortByPriceDescending=false&maxPrice=50000&pageNumber=1&backToListURL=%2Fproperty-for-sale%2FWigan.html%3FsortByPriceDescending%3Dfalse%26maxPrice%3D50000 Yes it may be in a rough area but look what you get a conservatory! asking $49,950 but it does have an offer of £40,500 on it. or you can get this in wichita http://www.realtor.com/realestateandhomes-detail/1111-N-Brunswick_Wichita_KS_67212_1116283060?mp=1 asking $69,900 about £43,000 4 bed 1.5bath 3 car garage and basement (essential for tornado season) and it is a ok area, right next to the park, zoo, and library. In the really rough areas prices start at $4000 http://www.realtor.com/realestateandhomes-detail/1546-N-Grove_Wichita_KS_67214_1113223593
  3. Just done my daily trawl of rightmove (very sad i know i have an addiction) and the two postcodes i look at have one house each new to the market. The first is a 3 bed terrace very large but on a main road (no parking outside) and the back yard will just fit a small car in it and nothing else it is up at £146500 on the same street there are a further 8 identical houses ranging from £90,000 to £129950. Why???? the majority of people in that area work on the market or work in the shops. The average house price sold in the street in 2009 was £99,000 there were 8 sold. I just find it so annoying that their asking price is so high compared to the selling price, personally i wouldn't even view it at that price, not when you can get a detached with a drive and a garage in the same post code not half a mile away (yes it is new build ~15 years) I just don't understand.
  4. Hello This happened to us last year 2 year contract work pays for housing and all house related bills, Best thing that has happened. 1) it prevents us from rushing in and buying a house, and lets face it it is unlikely that house prices are going to shoot up 200% in 2 years and if they did then it wouldn't be sustainable and they will fall again all the while you will be saving up. 2) we get to save lots and lots ! 3) it stops family nagging about buying a house because they know we can't (stops family arguments) so i'd say go for it.
  5. Skem has nothing on kitgreen look at this one http://www.rightmove.co.uk/property-for-sa...%3D128%26y%3D12
  6. in kansas its $2.30 at the moment so about 42p a litre, we have a subaru outback costs about $23 a week to fill her up so about £15 compared to the £40 a week it used to cost me to fill up my little micra.
  7. ours was 3 bed 1 reception front and back yard mid terrace. Rent was £400 mth so (400/6.14)*1000 = £65146.58p last year the end terrace sold for £112500 non in street for sale at the moment but next street over has similar house (pavement fronted) for £105000 so round 60% fall to go, but here they have shot up a lot in 2001 you could have picked one up for average £25000.
  8. If teachers get paid that much think i should go be one i have a chemistry degree, i just left a pharmaceutical company testing drugs been there 4 years i got paid just under 18K i got 20 days holidays (from which i had to take christmas) no sick pay or pension and i worked 8.30 - 5.30 but they do have all the overtime you want, when i was saving up for my car i worked 7 - 6 5 days a week and 7 till 1 on a sat, absolutley knackering. Obviously i should have just become a teacher.
  9. its in skelmersdale all the houses look like that there if you don't have windows you can't get bricks thrown through them
  10. How about this one? http://www.rightmove.co.uk/property-for-sa...se%26index%3D10
  11. Hello My mum and dad have just had their house valued, they bought it in 2004 for 120,000 it is a three bed semi with a garage drive attic conversion and 2 reception rooms. Mr B&B said that with the banks requiring 25% deposit the majority of people in the area can't afford that normally but coupled with all the layoffs, the fact that we have loads of ths type of house on our books and they aren't selling, and it requires a more modern kitchen put it on at 90,000 but expect to get 80,000. Since they bought the house they have updated the garden installed a solid fuel burner and added a conservatory. So unless these have added nothing then i'd have expected a house without these additions to be valued at considerably less. It might not be good news for my mum and dad since it was their first house and they bought with a 100% mortgage, but my dad does admit that they were happier when they rented. For those of you after a house it looks like estate agents are starting to pay attention well in the north west at least.
  12. B+B were about £120 last year Healy simpson doesn't chrage any fees and the others tend to range between £110 - £140 plus your deposit spud
  13. Hi We're from Wigan and renting is cheap we are paying £400 mth for 3 bed terrace (springfield), rent has gone up a bit the only advise i'd give is to avoid B+B estate agents they'll try and sting you for the fees again once your 6mths are up. Good luck Prices have to drop in this area when tou look at the prices these terraces were selling for in 2000 £14000 and now they are £100000 it just doesn't make sence! Spud
  14. Yes i think sellers are in denial and estate agents are helping them to stay that way. I've just been reading my local property paper, one estate agent morgan H Lewis (mhl) have a dear morgan section where all your ' property mortgage or conveyancing questions are answered' I found one very interesting 'Dear Morgan, My house is currently on the market at what i believe to be a realistic price. I did have a sale agreed on it and the purchaser had a survey carried out and seemed to be happy. We have found a property that we have really fallen for and had the survey carried out, we thought everything was going smoothly. We did have rough dates in mind that suited our purchasers to exchange and complete, but we are still awaiting things to be finalised at our solicitors end. Then just a week before we were due to move the purchasers decided to pull out, when we asked why their reply was that they thought that the property would be worth less than they purchased it for in 12 months time. As you can imagine this has been a costly and upsetting esperience. Cold you please tell me if there is any evidence of this?' 'Morgan says......Unfortunately due to the way the housing market has been performing and the credit crunch that has hit the country, the media have decided to emphasise on the doom and gloom aspect. This is not helpful to people like yourself as it is just knocking all consumer confidence. here is no evidence whatsoever to show that properties will be worth less. If anything the Bank of England have put forward 50 billion pounds to encourage the banks to start lending again. Once all this is in place it will boost the housing market, which will in turn show a gradual increase in property prices.' This is taken from the Wigan Reporter property section from thursday 8th may 2008 page 46 in the mhl dear morgan section.
  15. WN6 (Wigan) Area Last month = 18 sales Last 6 Months = 334 Sales % drop = 67.6 there are 21 estate agents in the area thats less than a sale each.
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