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VeryMeanReversion

Viewed House At Sub-2003 Prices

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I viewed a house on Friday, ticked all the boxes on the market with a forced seller (divorce/debt as far as I can tell).

I sold my house back in 2003 for £234 per sqft, this one is bigger and has proportionately more land but is under £200 sqft and better quality/location. Nothing suitable has come up in this area for under £200sqft in the last 7 years. I did my usual "offer something embarassingly low" and was promptly thrown out :)

So I do my usual valuation calculations and it keeps coming out higher than the asking price, seems too good to be true. That's a first in 7 years.

So then I look at mortgages and see that HSBC are temporarily doing a base rate tracker at +1.6% with £99 application fee for low LTV and 3x income multiples, that's the best deal I've seen for years.

So I'll put in a better offer and see what happens. I know prices will come down but at 10% off 2003 nominal prices, this is worth a punt.

VMR.

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I viewed a house on Friday, ticked all the boxes on the market with a forced seller (divorce/debt as far as I can tell).

I sold my house back in 2003 for £234 per sqft, this one is bigger and has proportionately more land but is under £200 sqft and better quality/location. Nothing suitable has come up in this area for under £200sqft in the last 7 years. I did my usual "offer something embarassingly low" and was promptly thrown out :)

So I do my usual valuation calculations and it keeps coming out higher than the asking price, seems too good to be true. That's a first in 7 years.

So then I look at mortgages and see that HSBC are temporarily doing a base rate tracker at +1.6% with £99 application fee for low LTV and 3x income multiples, that's the best deal I've seen for years.

So I'll put in a better offer and see what happens. I know prices will come down but at 10% off 2003 nominal prices, this is worth a punt.

VMR.

Give it a go... although in uncertain times, a fixed rate might be an option. I got a similar good deal in spring 2009, reduced house and cheap mortgage, fixed for 5 yr.

Of course, you'll get loads of abuse from the usual suspects on here, 'sheeple, looser*, only an idiot would consider buying now, must be an IO mortgage, or bank of M&D, be prepared for negative equity next week, your toast*, bring on the crash' etc.

*(SIC)

EDIT: And please God, please kill anyone who posts that bloody graph again. :-)

Edited by twatmangle

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  • 140 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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