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hostman

Got Lucky ...

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Hello,

Bought a house last year, 1988 two bed semi. It was in good nick, double glazing fitted in 2001, conservatory etc. Minor improvements made by us, mainly decorative, but nothing major.

Based on previous sold prices, we bought at -15% from peak and I believe we were probably ahead of the curve at the time, by around -5%.

We have now sold the same house (exchanged this week, completion next week), less than a year on for slightly more than we paid. It now works out at -12.5% from peak. Believe this if you will, but the house was on the market less than a day before we had a viewing. A 2nd viewing by the same person was conducted the next day, an offer was made that afternoon, the offer was 1.5% below asking price. Not being greedy and well aware of the market conditions, we got the offer increased by £500 and accepted that day. Including us, it's a three buyer chain.

Sold due to job relocation, buying a nice big house up north for a fiver (OK not a fiver, but significantly less than the same size in the south, 90k less in fact).

So, this fits in well with what we're hearing regarding the direction of house prices this year. But it has to be priced accordingly and there is a danger of any recovery stalling when people, as usual with houses, become too greedy.

Personally, I am amazed there is any up tick, with the scale of unemployment.

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Personally, I am amazed there is any up tick, with the scale of unemployment.

With the lowest base interest rate of 0.5% in the Bank of England's 300 year history, I'm not surprised there is an upsurge in pwoperdee.

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