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House Price Crash Forum


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About WesBirbeck

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  1. 2012 gross median earnings full time £506 per week 2002 £390 an increase of about 30% So wage inflation is roughly the same as retail inflation so the point stands - prices in 2012 are effectively the same as 2002 in real terms.
  2. I agree that there are a lot of people holding out for high prices - however I have seen a lot of properties (and bought one myself recently) which have been massively discounted ie 25%+ (on 2010 - 2011 advertised prices)
  3. Hi, I was doing a bit of analysis to find out what has happened to house prices in the last 10 years and amazingly they seem to be in exactly the same place - zero real growth in 10 years. So effectively based purely on price we are back to where we were in 2002 - except with a tougher mortage lending but cheaper interest rates. Here's how I calculated it: How have prices increased since 2002: Got to http://houseprices.landregistry.gov.uk/price-calculator and put in 100,000 for the original price, and then put in the dates from: Dec 2002 TO Oct 2012. Select England and Wales as the location. This give you a price inlfation of 35% over the 10 year period - IE your £100,000 house in Dec 2002 would be worth £135,000 Today. Adjust for inflation: Obviously to get the REAL price we now need to adjust for inflation. So to do that we need get the data for the same period - to do this go to http://www.bankofengland.co.uk/education/Pages/inflation/calculator/flash/default.aspx - here we can only get from 2002 to 2011 (which is 33 % ) - given 2012 has seen 3% interest, we can calculate that from 2002 to 2012 inflation was 36% IE you would need £136,000 today to buy what would could buy with £100,000 in 2002. So there you have it - houses are now almost eactly cost neutral to what they were 10 years ago. So the question is - where house prices good value, poor value or averagely priced in 2002?
  4. Yes over on the church side - not sure about the shop with bunting - I think a lot of those shops have gone and been replaced in the last year. I think there is definitely a different vibe depending on which side of the bridge your on - infant each side of the bride used to be separate towns. Wind swept in winter I don't mind at all - I would probably take that over the crowds in summer.
  5. I have to disagree - in a lot of areas people are desperate to sell and slashing large amounts from their asking prices. I have just bought a property at 35% below asking price - and even at the asking price I would have considered the property good value and well below its 2007 value. 50% - that is what i call a decent crash! Just because everyone is not doing this doesn't mean that there are not sellers who are well prepared to heavily discount. The property that is shifting the the heavily discounted - the rest is either just sitting up for sale or taken off the market.
  6. Hi, I thought I would start a thread for Weymouth given its raising of its profile during the Olympics and the recent article from the Dorset Echo about how this has led to a bump in house prices: http://www.dorsetecho.co.uk/news/localnews/10028596.Olympic_house_boom_hits_Weymouth_and_Portland_as_property_prices_rise/ I've recently decided to leave the London rat race and chose Weymouth as my destination. I first visited Weymouth about 2 years ago and fell in love with the idea of a move down there. I'd looked at quite a few possible destinations along the south cost, and Weymouth was my top pick. for the following reasons: 1/. Stunning Harbour - one of the prettiest in England, and knocks the pants off more well known locations to the east. If your into boats you'll love it. 2/. Distance to London - Weymouth was about the farthest away from London I could consider - I still need to work in London a few days a week - direct trains run into Waterloo. 3/. Stunning Beach - One of the best beaches on the south coast - 3 miles long, blue flag, golden sand with a shallow incline - perfect for young kids. 4/. Beautiful Architecture - When I first visited Weymouth I was seriously impressed with the amount of original and stunning Georgian Architecture - all along the harbour and throughout the town centre are streets of lovely buildings. 5/. Not to big - It's not exactly small village, but it is a long way from the over built up conurbations of Brighton and Bournemouth. 6/. Price !! - This is the biggy - for a south coast town with all the above assets Weymouth is an absolute bargain compared to other more well known towns along the south coast. Weymouth is not without its faults, and it has a reputation as a bit of a "kiss me quick" resort - however, around the harbour and hope square its as upmarket as any of the "posh" south coast resorts. Given its assests above I can't see it being long before this spreads into the main town shopping area. Where have I bought? - A stunning 4 storey grade II listed 18th century merchant house on the harbour edge - for £350K (30% original price) - where else on the south coast could you get similar value?
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