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Property Nightmare: Taking A Fall In Value

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Guest wrongmove

Property nightmare: taking a fall in value

I don't think this has been posted:

"Falling property values brought about by the recession in the 1990s may seem like a thing of the past, but when Richard and Carol Odendaal came to sell their four bedroom home they found themselves out of pocket, writes Christopher Browne

Not only did the young couple get less than they paid for their Wimpey home, but they were driven out of it by a seven-month ordeal of leaks, cracks in the walls and ceilings, faulty central heating, poorly finished paintwork and brickwork, ill-fitting pipes and problem radiators....."

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Property nightmare: taking a fall in value

I don't think this has been posted:

"Falling property values brought about by the recession in the 1990s may seem like a thing of the past, but when Richard and Carol Odendaal came to sell their four bedroom home they found themselves out of pocket, writes Christopher Browne

Not only did the young couple get less than they paid for their Wimpey home, but they were driven out of it by a seven-month ordeal of leaks, cracks in the walls and ceilings, faulty central heating, poorly finished paintwork and brickwork, ill-fitting pipes and problem radiators....."

"When we got back the house was in a far better state, but we decided enough was enough and put it on the market, so we could move to somewhere less stressful for our growing family,"

Their behaviour makes no sense to me... the house was OK, so they decided to sell... at a loss? Why did they move there in the first place then?

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Guest horace

Taken from the Telegraph article...

Quote

Most foremen are only too pleased to receive snaggings lists."

Unquote.

Perhaps if `foreman` performed their jobs diligently there would not be any snags.

We tolerate shoddy workmanship too readily and pay the cost of others slap dash attitudes.

horace

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A spokesman for Wimpey says: "We acknowledged the problems in the Odendaals' house. We accepted the disruption that was going to be caused and we paid compensation for putting them right. The price of the property is a market issue that depends on supply and demand."

AHahhaha! AHAHAHHAHAHAHAHHAAAAAAAAAAA!!!!!!

:lol::lol::lol::lol::lol::lol:

houseprice crash is now in full swing :)

Edited by Grime- skint wouldbe ftb

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Why get off it then?

Because they realized it's a ladder that leads to a hangman's noose.

Here's from Wikipedia:

"Early methods of hanging simply involved a hangman's noose on a rope placed around the victim's neck, with the loose end thrown over or tied to a tree branch... An early refinement had the victim climb a ladder or stand in a cart that the hangman then removed."

It kind of reminds me of the "refinements" the mortgage industry has come up with. Clever folks they are.

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Thing that amazes me is that snags (faults) are accepted as normal. The article implies that the average new build has something like 80 defects that need to be put right.

The quality of British buiilders is absolutely disgraceful.

Reminds me of British Leyland in the 70's. At that time we were told that any new car must expect to have a few teething troubles. Then came along Toyota and the other Japanese and showed that it was indeed possible to make something that didn't fall to bits after 5 minutes.

Comparing British homes to those built in Europe it never ceases to amaze me how rubbish most UK houses are. The quality of the workmanship is poor and even in the most expensive homes shoddy materials are used.

(Strangely enough although the Japs have a great reputation for car making their houses are also crap. They appear to be built out of empty packing cases. I once read that the average life expectancy of a Japanese house was just over 20 years!).

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Comparing British homes to those built in Europe it never ceases to amaze me how rubbish most UK houses are. The quality of the workmanship is poor and even in the most expensive homes shoddy materials are used.

There is a company in Germany that builds houses, then delivers them to the site of your choice.

They put the entire building up a a few days. Superb build quality.

I may consider this as an option in a few years.

The price of land in the UK is in the process of collapsing, so this may make a good alternative to buying some crummy British new-build.

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"Why did they move there in the first place then?"

Because they wanted to get on the ladder

May I suggest a replacement term on HPC.

For "property ladder" read "property escalator".

The reason is most people on it did nothing to move up in the world.

Those staying on it now are going to move down.

It's far more relevent to show that many people did nothing to achieve the wealth they acquired.

By contrast the property ladder requires personal effort.

In the real world I don't have a problem with someone buying a house for 100k and selling it for 120k, provided the increase was due to their physical contribution (and an allowance for inflation)

But when the price simply goes up 20% due to inflation, that's a problem.

It's just an escalator, one that's now gone into reverse.

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Guest wrongmove
The price of land in the UK is in the process of collapsing

Bandwagon - do you have any data on this? Falling land prices are a BIG slump indicator.

Edited by wrongmove

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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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