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We've Dropped By £180,000

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London Evening Standard mon 1 aug 2005 by Mathues Sanchez.

:D:D Jennifer Kavanaugh put her flat up for sale almost a year ago and, despite a £180,000 REDUCTION IN THE PRICE she was adivsed to ask for it, it is

still on the market. :P

While buyers would once queue to purchase flats on the gated development near Wapping, she says even the number of viewings has been limited in recent months. Ahh bless!

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Here's the link...

What really pi$$es me off is the caption saying she's "struggling" to sell the place.

For fvck's sake, she could drop the price another 100k and still have have a happy little retirement.

And this is a joke:

'I think, historically, the market does slump every 10 years or so but I'm not so sure the figures show that right now.'

Is this woman abnormally thick?

She's knocked 14% off the price and still hasn't sold the place.

http://www.thisismoney.co.uk/mortgages/art...87&in_page_id=8

Edited by BandWagon

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London Evening Standard mon 1 aug 2005 by Mathues Sanchez.

:D  :D  Jennifer Kavanaugh put her flat up for sale almost a year ago and, despite a £180,000 REDUCTION IN THE PRICE she was adivsed to ask for it, it is

still on the market.    :P

  While buyers would once queue to purchase flats on the gated development near Wapping, she says even the number of viewings has been limited in recent months.  Ahh bless!

Yes, but as all experienced HPC'ers do, I immediately read on to see how much she paid for her flat valued at £675k by the EA. And the figure was...£151k!!!!! Sure, it was 1991, but it shows you how utterly, utterly stupid house (flat) prices have become, and why a crash is the only outcome.

And remember - she's a nurse. How many nurses do you know who can afford a £675k flat - even with £180k lopped off the price. Come to think of it, how many people do you know who could afford that?

Utter madness.

Nomadd

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Guest Time 2 raise Interest Rates

Nomadd Sorry if I'm showing a lack of experience, maybe I should have posted the whole article but the whole article didn't interest me that much. The bit that did interest me was the fact she's dropped the price by £180,000 below the estate agent's original valuation.

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Surely in 1991 when she bought it that was still close to peak prices for the last slump. It probably lost a fair bit of value between then and 1994 / 1995.

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London Evening Standard mon 1 aug 2005 by Mathues Sanchez.

:D  :D  Jennifer Kavanaugh put her flat up for sale almost a year ago and, despite a £180,000 REDUCTION IN THE PRICE she was adivsed to ask for it, it is

still on the market.    :P

  While buyers would once queue to purchase flats on the gated development near Wapping, she says even the number of viewings has been limited in recent months.  Ahh bless!

180K after 14 years at a wage inflation of 5% give you a valuation at todays prices of 350K, she needs to knock another 200K off before she'll be making any buyers out there moist. Its to tought old world being a nurse, its even tougher being a property speculator.

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i normally ask people i know that are selling their house at a ridiculous price but getting nowhere if they could afford to buy the house at that price themselves - when i get the answer "no", my response is "well how the f*** do you expect anyone else to!"

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Ah yes, our dear Nurses. So valued. So respected. Even when they are disappointed that they can't make quite the Whopping (or is that Wapping?) £400,000 tax free profit on their modest little homes, they are STILL our heroines.

Yes folks, you too can play the game...one moment you are a "key" worker. The next, you too could be a winner in our "play the market" houselotto game. It's easy. Just buy any old cardboard box under the arches in 1995 (50p including tax and survey). Ten years later you too can be earning a fortune. TAX FREE! Lots of holidays! Buy a big car! Spend Spend Spend! You'll NEVER have to pay it back.

"What do I have to do to make this whopping profit"?

Easy....just live in Wapping. That's it. You don't have to do ANY work at all...except your normal job. The REAL job is doing nothing except waiting. YES IT'S THAT SIMPLE. Do nothing and just wait and a fortune can be yours.

"But how do I get this profit"?

SIMPLE! Your profit is paid for by the NEXT "key" worker who comes along. You don't have to worry about them. Just worry about YOU!!!

"But what happens if I can't get that whopping £400,00 profit? Can I complain?

OF COURSE! You can complain to ALL the newspapers and the WHOLE nation will sympathise.

"And what if I ONLY make £300,000 profit? Who can I complain to then?"

JUST THE SAME newspapers, TV, radio...in fact anyone that will listen. And HERE's the added bonus: Because you are a "key worker" you can complain ALL YOU LIKE and everyone will shed tears whatever you say, even if you make a fortune!!

Yes folks, ANYONE can play this game, from any walk of life. JOIN NOW while the going's good.

VP

Edited by VacantPossession

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Beigna nurse does not absolve you of greed.

The article doesn't mention the occupation of her spouse - most likely somewhat higher paid.

Buying at 151K 14 years ago - she can afford to lose some of that paper gain, after all, she did nothing to earn it.

As for hoping it would be a retirement nest egg, houses are not pensions.

Aside: will peoples inability to exit the market as they retire or downsize add to the pressure on the market?

Hmmmm

ABB

Edited by AgeingBabyBoomer

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Agree with some of what VP says. It was when, in 2002, we realised we'd earned more net from living in our 1998 purchased flat than we'd earned gross from our jobs over the same period (not to mention after we'd paid tax and national insurance) that we decided something wasn't right and we ought to sell our 650 sq ft flat...... Living in the flat was fun, going to work wasn't. Seemed odd that one should pay much better than the other.

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Guest Time 2 raise Interest Rates

Now l know why the bulls call people here doom & gloomers, for me this is the story that confirms a crash on the way. happy days.

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180K after 14 years at a wage inflation of 5% give you a valuation at todays prices of 350K, she needs to knock another 200K off before she'll be making any buyers out there moist. Its to tought old world being a nurse, its even tougher being a property speculator.

I do hope that she gets a 'key worker' grant to help her out buying the next place :angry:

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This story was reported on London tonight yesterday. Good old Kirstie was wheeled out for her "Expert" opinion." No problem really, she said. This flat was the exception. If people only had confidence everything would be ok. She then said that first time buyers did'nt know know lucky they are. When she bought interest rates were at 12%. Of course what the old trout did not mention was that property prices were at a very affordable level then.

If Alistair Stewart says one more time "Lovely as ever to see you again Kirstie" I will throw up.

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Spread the net a little wider and think of which section of the population has been getting inflation busting pay rise (apart from teh top honchos in the private sector) - it is the public sector.

I'd love to see a breakdown of purchases over the last few years by employment sector and how much Gordon's public service money pump has fed through into the housing bubble.

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Spread the net a little wider and think of which section of the population has been getting inflation busting pay rise (apart from teh top honchos in the private sector) - it is the public sector.

I'd love to see a breakdown of purchases over the last few years by employment sector and how much Gordon's public service money pump has fed through into the housing bubble.

Interesting question only me. However, given that the head of the Civil Service himself couldn't afford old Kaplinsky's house in Hammersmith on a 3x salary mortgage, I don't think it will have had too much effect beyond certain sectors of the market. No doubting the 'push' up the chain though.

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Ah yes, our dear Nurses. So valued. So respected. Even when they are disappointed that they can't make quite the Whopping (or is that Wapping?) £400,000 tax free profit on their modest little homes, they are STILL our heroines.

And, of course, she's 65 years old. I guess hubbie is about the same age, maybe even older. Just the sort of age, in fact, when they might be needing the services of a nurse in the next few years. Wonder how they will react to there being no nurses available to tend them - as on £20K salary a nurse can't afford to buy a flat at £675k... The greed of these people will catch them eventually. :D

Nomadd

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Interesting question only me.  However, given that the head of the Civil Service himself couldn't afford old Kaplinsky's house in Hammersmith on a 3x salary mortgage, I don't think it will have had too much effect beyond certain sectors of the market.  No doubting the 'push' up the chain though.

Yes, I was thinking more about the rest of the country, provincial towns which don't have the high flying earner dominated market like London.

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Not directly related but still on topic, i was onsite (IT stuff) at a well known house builder recently, and spyed a copy of "Builders News" on someones desk. I assume this is an insider paper, because i've never seen it before. Anyway, emblazoned on the front cover in big red letters was "HOUSING MARKET SLIDING". I didn't get a chance to read the article, but can only assume it meant sliding down, as i've never heard of anything sliding up! Sir Isaac and all that.

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Guest Time 2 raise Interest Rates

Also commenting in yesterday's Standard was Wriglesworth, HomeTrack.

by Mira bar-hillel

The average price of a London house has fallen £13,000 to £261,000 since july last year, the biggest decreases were in Hammersmith and Fulham, where homes lost almost eight per cent of their value, according to house price monitors HomeTrack. Prices dropped by 0.1% in july,but HomeTrack predicts that they will fall by 5% over the whole year.

Its housing economist John Wrigesworth said. "THERE ARE NO SIGNS OF LONDON PRICES INCREASING. OVERSUPPLY CONTINUES TO MAKE IT A DIFFICULT MARKET FOR SELLERS". :P

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nurse = £675 flat.

mmm ?

is there such as thing as a £675k flat or a £200k PA nurse ?

that nurse must be made from plutonium.

anyone who could earn that isnt that stupid to pay that - GUARANTEED.

complete stagflation. she cant sell for pie in the sky price.

market says its worth that - so it goes on unsold.

how many years will this go on for ?

its impossible to know.

Edited by right_freds_dead

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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