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House Price Crash Forum


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About nnj10

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  1. I am keeping an eye on south and east reading and there are quite a few going SSTC. It remains to be seen if they finally managed to sell. The prices have really not droped as much as it should. I guess, this spring bounce will not last, and everyone will be back to square 1 this winter. Also, many vendors have withdrawn from selling and put up for renting. I know its difficult to rent them out at desirable as it was for selling. some houses are advertised for both sell and rent at the same time!!! I guess vendors are gonna loose a lot, this winter...or at least past next election...
  2. Similar exp. for me as well on a repossed property. Asked EA to arrange the viewing, but he is telling me it's a concrete build, so you won't get a mortgage on a property. Seems to me, he is trying to sell it to his buddy....
  3. Until now, I was looking at houses in south and south-eaest reading (RG2 and RG6 Post codes). Just broaden my search on Rightmove, and came across a couple of good and desirable homes in calcot. I wonder, if any one can suggest how good or bad this area is?
  4. Just came across this new-build on RM: http://www.rightmove.co.uk/property-for-sa...irement%3Dfalse History date event 02 May 2009 * Price changed: from 'From £119,950' to 'From £99,950' 17 January 2009 * Price changed: from 'From £127,950' to 'From £119,950' [Found by n/a] 30 October 2008 * Price changed: from 'From £141,950' to 'From £127,950' [Found by n/a] 26 May 2008 * Price changed: from 'From £139,950' to 'From £141,950' [Found by n/a] 19 May 2008 * Brief Description changed: A brand new spacious 2 bedroom apartment offered for sale close to North Hants Hospital featuring lounge, fitted kitchen, double bedroom, bathroom suite in white, double glazed windows, gas radiator central heating and *allocated allocated parking [Found by n/a] 14 May 2008 * Price changed: from '£141,950' to 'From £139,950' [Found by n/a] 03 May 2008 * Initial entry found. [Found by n/a] That's a drop of 30% from high of 2008. and I guess still not selling.....
  5. Surprisingly enough, it seems the homes that I was tracking for last 2 months or more are all SSTC or Under Offer. I was hoping that we will see some distressed sale on unsold new build, but again here there is no sign of reduction, and even on some; they say RESERVED or Sale Agreed. I am not sure, where we are in the bottoming phase (if that is what's happening). I truly believe, interest rates need to rise sooner to stop subsidising people on tracker rates, and probably then we can have the next leg down.... I was hoping for a spectacular fall, but doesn't seem it's happening in this part of south-east (berkshire).
  6. Hi Folks, Just want to understand one thing, about the payment default by the mortgagee and subsequent repossession of home by the lender. For example, lets say Mr. A bought a home for 100K, with a deposit of 10K (hence 90% LTV) in year 2005. Lets assume, he made a monthly payment of 500 on his repayment mortgage. so in last 4 year he has paid about 24k towards mortgage repayment. Now unfortunaley, he is not able to make any payment for past 4 months, and as a result the lender reposses the house Mr. A lives in. Now, lender tries to sell the home and all he could get is 60K for that home. The question is 1) Does this mean Mr. A is still liable to pay the lender all the balance (100k-60k)+interest and charges? OR 2) The lender has to take the proportionate hair cut from the selling price of the home?
  7. OMG, This is unbelievable, more than 50% loss on 2003 sale price. To me it seems like house conversion to flat or something, as I cant believe this price.
  8. This one is no better: http://www.porchesterhomes.co.uk/viewavail....php?site_id=36 Asprey Gardens - Shinfield, Reading Availability >> Site Details >> Specification >> Full Brochure Plot Name Beds Price Status 1 House 1 4 Reserved Reserved 2 House 2 4 Sold Sold 3 House 3 2 Sold Sold 4 House 4 2 Sold Sold 5 House 5 2 Sold Sold 6 House 6 2 Sold Sold 7 House 7 2 Sold Sold 8 House 8 2 Sold Sold 9 House 9 3 Sold Sold 10 House 10 3 Reserved Reserved 11 House 11 4 Sold Sold 12 House 12 4 Sold Sold 14 House 14 4 Sold Sold 15 House 15 4 £450,000 For Sale Selling agents Prospect Estate Agency 39 Peach Street Wokingham RG40 1XJ Tel: 0118 979 7775 Fax: 01189 79 7776 Frome my previous visit, I reckon, all 2 bed terraced in the above lot were sold for about 215k.
  9. In addition to that, how about asking BBC to put-up this clock on their home page.
  10. I would like to hear about the drop in prices of new build homes (both apartment and houses). The one near my place is http://www.rightmove.co.uk/property-for-sa...tyType%3Dhouses See below the history from Property-bee on rightmove. History date event 19 April 2009 * Price changed: from '£209,995' to '£199,995' [Found by n/a] * Title changed: Maiden Erleigh, OFF PLAN DEALS AVAILABLE *HOME OF THE WEEK* [Found by n/a] 28 March 2009 * Price changed: from '£224,995' to '£209,995' [Found by n/a] * Status changed: from 'New home' to 'Available' [Found by n/a] 26 March 2009 * Initial entry found. [Found by n/a] A drop of only 9% in last one year. The broader house price indices have surely dropped much more than that.
  11. Excellent Post... It makes a lot sense in what you are saying....
  12. Even the most optimistic forecasters are saying prices still have further 10-15% to fall. If we see even 1% price fall every month till end of summer, and if the interest rates starts rising (lets say even 2% from current 0.5%), that will force many Investors to sell in a further leg down. The general employment situation does not seem too bad in reading, that seem to support the current (inflated) price levels.
  13. Thanks everyone for the response. The place I like is where the prices have not dropped in line with broader fall in house price (i.e. RG6/Lower Early in Reading) I know some of the nearby towns have similar desirable property to reading priced almost 80K-100K less. The place where I really like to live is realy not affordable for me.
  14. I like a property near Paddock rd (west of western way), any opinion on that?
  15. What I don't understand is, when we are in the middle of worst recession since WWII, how can EAs say the prices are rising? The desirable property in reading are still over priced. Only time will tell, how wrong EAs are.
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