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Pie Eater

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  1. I don't think there's anything sinister going on. We bought a house in 2005 and it never showed up on the house price websites. We sold it last year, and again, the sale has not shown up on the websites. God knows why, but it must just happen from time to time. We used the same solicitors in both cases - maybe something to do with the conveyancing process?
  2. Is it really relevant that's he's an FTB vis a vis the amount he borrows? More relevant what his salary is surely? Many FTBs earn low wages as they are typically starting out in their career, so generally we can say FTBs should borrow less then other buyers. However, given this individual's salary, he is not a typical FTB, therefore the fact he is an FTB is not relevant.
  3. TBH, we are going into this expecting prices to fall further by maybe another 10% (which we are comfortable with as we have already gained by not buying immediately after selling 8 months ago) although the less the better obviously. I just can't see falls of a much greater magnitude than this materialising, although I recognise I could be totally wrong. I'm so sick of renting!!
  4. Unfortunately I'm not comfortable posting a link. Yes, we earn more than some people in the town, and less than others. The point is, we can now afford the type of house that I believe we shoud be able to afford at 2.5x our salary (following the 23% drop). It then follows that if there was a 23% drop across the board in the town (and we are getting there according to PB), then there would be houses at all price points affordable to low, average and high earners. For example, it is now possible to buy a 1 bed flat or 2 bed terrace in the town for £45-60k - affordable for a couple with a joint income of £20-25kpa. It has been argued on this site that home ownership is a privilege, not a right, and as such, anyone earning below this (very low wage) should probably be renting anyway. Just my thoughts.
  5. Me and my husband live in a northern working class town. We both earn above the national average wage, combined income of £70k ish. We have found a good sized, 4 bed detached house in a nice area of the town, backing onto woods/fields. This house is perfect for us, and best of all, with a 15% depsoit we would only need to borrow 2.5x our income to purchase it, which is pretty standard by historical standards I believe. This house is priced at c. 23% off peak. So...does this house have much further to fall, or is it possible that our town doesn't have as far to fall as, say, London on the basis that maybe it hasn't seen the same kind of growth over recent years?
  6. Hi Midnight Rider, Out of interest, is it possible to train as a social worker whilst keeping one's current full time job? I earn similar money at the moment, but am uninspired by my job. I think I might enjoy Social Work, but have never really looked into it, as I had always assumed it was low paid. I'd never be able to fund myself through 2-3 years of full-time education though. Thanks
  7. Surely it's all down to region, condition, area, etc so it's difficult to specify what an average house is. The fact is, it will be those houses that are now currently valued at the current average price (c. £160k) that come down to the new average price. This may include say, some 1930s semis, some 1 bed flats, some terraces, some 4 bed detached, etc - wholly dependent on the variables above.
  8. Just done a quick search on Rightmove and that agent has only 5 our of the 72 new listings in the last 14 days. Seems low to me, as I would have said they were one of the most popular agents. Perhaps they are giving a similar message to other sellers, causing them to list with other less honest/informed agents?
  9. Interesting, I'm sure you have said previously that you are in the same town as me. By Mr B&B I presume you are referring to one of our local agents, so it's good to know that they at least (if not others) are being realistic. (I used to have a Saturday job with them incidentally!) Which area in particular are your parents in, as that sounds like a hell of a drop from an already low-ish price? Seeing some 20% drops in the ares I'm looking in, nothing more than that at this stage, but finding it really difficult to gauge whether new listings are priced in line with the drops already seen or whether agents are still pricing at 2007 levels (without the house nos it's difficult to check sold prices.) I noticed the BBC recently reported our town as the 3rd best performing in terms of house prices, apparently only having dropped 1.9% in 12 months. Anecdotally I can confirm the BBC stats are not a reflection of reality.
  10. Yes but let's be fair, you are offering on a house that needs a major amount of work doing to it, whereas my offer was on a house that has been refurbed to a high standard already. Although I agree that 20% may not cover the total slump, my opinion is that not all properties will fall by the same amount - renovation jobs always fall by more, relatively, than comparable 'finished' properties.
  11. Offer declined. They "can't afford" to take any less than a sum which is just 7-8% down from advertised price.
  12. I'm putting an offer in tomorrow, 20% off advertised price, think it came on market 6 months ago, so poss more than 20% off peak, depending on how realistic the agents were when first setting the price. No comparable sales nearby unfortunately. We shall see how it is viewed!!!
  13. Are 20-25% off offers being accepted at the moment? Any views?
  14. I hear what everyone is saying, and agree that lenders requiring higher deposits is a positive thing. However, try not to be so harsh on FTBs who are saving for their first deposit now. As is the point of this site, a 10% deposit is much more difficult to achieve these days than it was for first time buyers, say 8 years ago, given the rate at which HPI has outstripped wage inflation. Hopefully, this will correct itself in time.
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