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Realistbear

Going To Look At A Property -- Juicy Drops In Sussex

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http://www.zoopla.co.uk/for-sale/details/13734566?search_identifier=c20a2de546be9a71ed276a34c3007437

Bank repossession that had Sold for £277k in 2005. Peak might have been about £310? Now on for £250k by the bank and just reduced to £230k.

£310k was typical for these kinds of properties at the peak so a drop of £110k represents a discount of about one third.

Just goes to show that the SE is plummettng, crashing, veering off the cliff etc. :D

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One house in a good area of Swansea has broken below the 300K asking price mark today - taken about 18K off the asking price of the whole of last year.

I think this is interesting as that barrier is now broken for that kind of detached house in a good area to live. In a few months they might even been receptive to 90% of asking which will bring it down to 250Kish which is what, IMPO, the starting asking price should be.

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Repo not far from me, went to notice just before xmas at £80K someone has just improved it by £3k. Very popular with BTL this road is. First notice that has been gazumped that i have seen.

Yep, I can see that as a 3-4 bed student house in no time. Very lucrative.

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I dont understand that, they have an offer for £250k already but have reduced the asking price to £230k. What does this mean?

I guess you will have to wait and see what it actually goes for before getting excited about the £230k being a large reduction. I take it that the majority of houses in the area have yet to slash their prices to two thirds of peak?

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I dont understand that, they have an offer for £250k already but have reduced the asking price to £230k. What does this mean?

It serves 2 purposes

1. The house will now show for those who have a search range of up to £250,000

2. It tries to convince the great unwashed that people are fighting for houses, we're all saved. Except those saving, they're not.

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neil,what were they swapping hands for at peak?

http://www.nethouseprices.com/index.php?con=sold_prices_street_detail&street=HERMITAGE+ROAD&locality=ERDINGTON&town=BIRMINGHAM&cCode=EW&year=All&house_style=All&house_age=All&search_radius=15&outcode=B23&incode=6AS&eastingToSearch=40990&northingToSearch=29110

Seems £120K

Although 1 sold for around £150K :lol: which is not the norm, it's shite tip of a road. My god that person must have been high on drugs.

Edited by neil324

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Someone flipped no 43 and made £50K - in just four weeks during 2007.

Can't be correct, i have seen mistakes on there before, also the 2nd sale is listed twice. And £150K for that road is INSANE believe me.

I make that repo at £83K back to late 2003 early 2004 prices. But it needs some work looking at them pictures so maybe late 2004 prices then.

Edited by neil324

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I dont understand that, they have an offer for £250k already but have reduced the asking price to £230k. What does this mean?

I guess you will have to wait and see what it actually goes for before getting excited about the £230k being a large reduction. I take it that the majority of houses in the area have yet to slash their prices to two thirds of peak?

The £250k offer is no longer. They haven't updated the page yet. EA told me price now £230k. Fing is, what if the bak are inn it for £200k--they might take that to get out of the deal.

Just looked at another property in the area for £250k and the EA said they would probably reduce £20k just like that--it only came on t' market this morning.

They are dropping by the tens of thousands my way and flooding on. Its gettking good folks. ReeeeeeeeaL good. :D:D

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Pitty the pound is so strong RB. No net reductions in dollar terms? Just a little tease ;)

Yea--its flown up by 3 cents since began lookking this week. :angry:

Due to our bad trade figures and the Halifax report which would normally scupper the pound. Market very contrary at present. Bad news is good etc.

I bought $ years ago when the Pound was well over 2.00 so I am still good on the exchnage rate but want to see the 1.40s before I am willing to transfer into enough £ to buy a property. Bad news should begin in Febryuary as job cuts bite and trade balce gets even worse due to the EU not buying as much with the high pound.

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The £250k offer is no longer. They haven't updated the page yet. EA told me price now £230k. Fing is, what if the bak are inn it for £200k--they might take that to get out of the deal.

Just looked at another property in the area for £250k and the EA said they would probably reduce £20k just like that--it only came on t' market this morning.

They are dropping by the tens of thousands my way and flooding on. Its gettking good folks. ReeeeeeeeaL good. :D:D

Its getting rather good at the moment with drops since the new year in my part of Yorks, i cannot beleive some of the percentage drops since the new year.

Now come on RB i know things are looking juicy at the moment but i cannot see you jumping into the market yet. B)

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On the rightmove search page it says an offer of £230k made. On the actual property page it says an offer of £250k has been made.

Make of that what you will.

People putting in offers just to annoy RB?

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Ave (median) salary in that part of the world can't be much more than £22k

Therefore, the price should be no more than £22k * 3 = £66k - £80k tops with a deposit

Assuming prudent lending and no lie to buy

Conclusion: £220k for that! you're havin a laugh!

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Its getting rather good at the moment with drops since the new year in my part of Yorks, i cannot beleive some of the percentage drops since the new year.

Now come on RB i know things are looking juicy at the moment but i cannot see you jumping into the market yet. B)

I think this is right. The 5 figure drops are just beginning around here so it looks like and easy 20% down in 2011.

I belive we dropped 15% in 2010 and that was not a bad year compared with what this one is looking like despite the "resilience" they keep talking about.

I am struggling renting as we are in a small place with friends having been kicked ojut of our last gaff as the owner put it on the market and it sold very quickly at £250k to some mug that was clueless despite my warnings to him about the market. He is sitting on a £25k loss already as an identical house up the road is on for £250k and it is much nicer with huge upgrades.

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http://www.zoopla.co.uk/for-sale/details/13734566?search_identifier=c20a2de546be9a71ed276a34c3007437

Bank repossession that had Sold for £277k in 2005. Peak might have been about £310? Now on for £250k by the bank and just reduced to £230k.

£310k was typical for these kinds of properties at the peak so a drop of £110k represents a discount of about one third.

Just goes to show that the SE is plummettng, crashing, veering off the cliff etc. :D

So you sold to rent in 2005 when this house was sold for 277k , it is now worth 230k , you've paid rent for 6 years at say 10k a year. Ouch.

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So you sold to rent in 2005 when this house was sold for 277k , it is now worth 230k , you've paid rent for 6 years at say 10k a year. Ouch.

Or you could pay £10k in mortgage interest a year. Or lose 10k in Savings interest a year if a cash buyer

At 4% interest on £277k, youd pay £1477 a month repayment, £923 IO (ie the direct comparison)

http://www.bbc.co.uk/homes/property/mortgagecalculator.shtml

So youd lose nearly £80 a month from not buying. It would take a fair few years to make up the £47k saving.

Of course, whether it makes sense to buy or rent depends on the area and exact property. And the exact mortgage offer you get. It pretty pointless even speculating until you know those things.

Craziest thing is £47k would have probably bought that place in 1996.

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So you sold to rent in 2005 when this house was sold for 277k , it is now worth 230k , you've paid rent for 6 years at say 10k a year. Ouch.

If he had the £277k in the bank, the interest on it would have easily covered the rent since 2005.

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Or you could pay £10k in mortgage interest a year. Or lose 10k in Savings interest a year if a cash buyer

At 4% interest on £277k, youd pay £1477 a month repayment, £923 IO (ie the direct comparison)

http://www.bbc.co.uk/homes/property/mortgagecalculator.shtml

So youd lose nearly £80 a month from not buying. It would take a fair few years to make up the £47k saving.

Of course, whether it makes sense to buy or rent depends on the area and exact property. And the exact mortgage offer you get. It pretty pointless even speculating until you know those things.

Craziest thing is £47k would have probably bought that place in 1996.

It all boils down to timing i suppose. I get well pissed off when i sell a share far too early and miss the peak , if i'd sold my house 3 years from the top and then watched prices still rise from a rented house i'd be traumatised. Speculating on houses is something i don't agree with though , so every person who has STR i have no sympathy for.

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Yep, I can see that as a 3-4 bed student house in no time. Very lucrative.

Is it a bit too far from the universities? Er, or anything at all?

RB, I hope you are right. Most of us Brighton bears are hibernating right now. Would love a big HP thaw!

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And just down the road from Saltdean is Eastbourne.

Notice of offer 28 Dominica Court we advise that an offer has been made for the above property in the sum of £169,950. Any persons wishing to increase on this offer should notify the agents of their best offer prior to exchange of contracts.

Purchase price was £285,000 in December 2003

http://www.rightmove.co.uk/property-for-sale/property-17107269.html?premiumA=true

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....

Craziest thing is £47k would have probably bought that place in 1996.

Yup. And I bet the average buyer there is a retired person that never earned more than 30k in their life. 230 is still way off the planet. Can you see the new sewage plant from there RB?

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  • 312 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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