tahoma Posted June 8, 2011 Report Share Posted June 8, 2011 Two houses. One for £140K The other for £165K. I can tell you that the first is in a far better location than the second (on a cul de sac as opposed to a main road), and looks more nicely done out. The latter has no chance of selling as long as the former is on the market. I am starting to see houses that are sniffing at the top end of being fair value. We need another 25% drop for an actual market to exist (you know, with a range of houses actually selling) but the days of believing houses were marching forever away from first time buyers are over. As an aside... HPC question - what do you think a house bought for £62K in '98 would be worth now, adjusted for inflation? Quote Link to post Share on other sites
Executive Sadman Posted June 8, 2011 Report Share Posted June 8, 2011 Peterborough, a lot like Northampton seems funny in that you can pay twice as much for practically the same house one side of town compared to the other. In Cambridge, there only tends to be terraces in the crappy/average areas, and only detached in the good areas, so its a pretty simple market What are the best and worst areas of Peterborough, i wonder? Inflation adjusted, £62k in todays money would be £80-85k RPI adjusted. Although in 1998 some said the housing market was already overvalued! http://news.bbc.co.uk/1/hi/business/183482.stm Housing market bubble bursts September 30, 1998 Quote Link to post Share on other sites
benzlife Posted June 8, 2011 Report Share Posted June 8, 2011 (edited) Two houses. One for £140K The other for £165K. I can tell you that the first is in a far better location than the second (on a cul de sac as opposed to a main road), and looks more nicely done out. The latter has no chance of selling as long as the former is on the market. I am starting to see houses that are sniffing at the top end of being fair value. We need another 25% drop for an actual market to exist (you know, with a range of houses actually selling) but the days of believing houses were marching forever away from first time buyers are over. As an aside... HPC question - what do you think a house bought for £62K in '98 would be worth now, adjusted for inflation? I'll have a go. £200k in today's money £120k inflation adjusted. Edited June 8, 2011 by benzlife Quote Link to post Share on other sites
Executive Sadman Posted June 8, 2011 Report Share Posted June 8, 2011 I'll have a go. £200k in today's money £120k inflation adjusted. Only in public sector lalaland. http://www.thisismoney.co.uk/historic-inflation-calculator Quote Link to post Share on other sites
KingBingo Posted June 8, 2011 Report Share Posted June 8, 2011 (edited) Two houses. One for £140K As an aside... HPC question - what do you think a house bought for £62K in '98 would be worth now, adjusted for inflation? UK average if you use Q1 1998 would be £160,047. According to: http://www.nationwide.co.uk/hpi/calculator.asp?calculate=true Edited June 8, 2011 by KingBingo Quote Link to post Share on other sites
Number79 Posted June 8, 2011 Report Share Posted June 8, 2011 Two houses. One for £140K The other for £165K. I can tell you that the first is in a far better location than the second (on a cul de sac as opposed to a main road), and looks more nicely done out. The latter has no chance of selling as long as the former is on the market. I am starting to see houses that are sniffing at the top end of being fair value. We need another 25% drop for an actual market to exist (you know, with a range of houses actually selling) but the days of believing houses were marching forever away from first time buyers are over. As an aside... HPC question - what do you think a house bought for £62K in '98 would be worth now, adjusted for inflation? Wow, £140k for that, is it next door to a nuclear dump or something? Quote Link to post Share on other sites
man o' the year Posted June 8, 2011 Report Share Posted June 8, 2011 In both Peterborough and Cambridge schools would be a big factor although I presume both the Peterborough examples would feed to Jack Hunt I guess. The race factor would be a factor for me in Peterborough as some areas v segregated. I would struggle to find anywhere that I would want to live in Peterborough itself and there is only one school I would want my kids to go to. It does not surprise me that Dogsthorpe has low prices. Cambridge has desirable areas but is stupidly pricey. In both those who can have moved out, to new builds or traditional villages if they can afford it. Shelfords v pricey. Better to follow guided bus North, if it ever starts running. Quote Link to post Share on other sites
Democorruptcy Posted June 8, 2011 Report Share Posted June 8, 2011 As an aside... HPC question - what do you think a house bought for £62K in '98 would be worth now, adjusted for inflation? Using the March figure each year £62k cash in March 1998 RPI adjusted would now be £89,615 But a house price is different because wage inflation and credit inflation affected it. Quote Link to post Share on other sites
Self Employed Youth Posted June 8, 2011 Report Share Posted June 8, 2011 In 2010, the relative worth of £62,000.00 from 1998 is: £85,100.00 using the retail price index £82,800.00 using the GDP deflator £96,700.00 using the per capita GDP £103,000.00 using the share of GDP (Measuring worth) Quote Link to post Share on other sites
benzlife Posted June 8, 2011 Report Share Posted June 8, 2011 Using the March figure each year £62k cash in March 1998 RPI adjusted would now be £89,615 But a house price is different because wage inflation and credit inflation affected it. I don't think the question is how much £62k in cash would now be worth, more what a £62k house would now be worth (and then adjusted for inflation) Quote Link to post Share on other sites
Democorruptcy Posted June 8, 2011 Report Share Posted June 8, 2011 I don't think the question is how much £62k in cash would now be worth, more what a £62k house would now be worth (and then adjusted for inflation) You said £200k and £120k inflation adjusted. So your £200k is house price rises per year adjusted? What is the £120k? Quote Link to post Share on other sites
moonriver Posted June 8, 2011 Report Share Posted June 8, 2011 Two houses. One for £140K The other for £165K. I can tell you that the first is in a far better location than the second (on a cul de sac as opposed to a main road), and looks more nicely done out. The latter has no chance of selling as long as the former is on the market. I have noticed recently that houses saying "no chain" like the first one does in your example, are now often priced lower than comparable ones, even more so, if they are empty of furniture, in the estate agents pics. Quote Link to post Share on other sites
tahoma Posted June 8, 2011 Author Report Share Posted June 8, 2011 (edited) re: Schools, it depends on the age of the kids but you within 3 miles of Kings, probably the best school in the city. Many areas are indeed segregated - Millfield feels more like Lahore, dodgy copy-shops-fronts-for-god-knows-what abound. Best areas of Peterborough - Orton Waterville, Longthorpe. Worst - Millfield, anywhere between the centre and Occupation road, Orton Brimbles. These two houses are a stones throw apart, my point was the big difference in price despite the cheaper probably being more desirable - I forgot to mention it is detached, while the other is a semi! Edited June 8, 2011 by tahoma Quote Link to post Share on other sites
exiges Posted June 8, 2011 Report Share Posted June 8, 2011 Wow, £140k for that, is it next door to a nuclear dump or something? No but recent immigration in Peterborough has been so sudden there are primary schools where English isn't the first language to any pupil. Quote Link to post Share on other sites
benzlife Posted June 8, 2011 Report Share Posted June 8, 2011 You said £200k and £120k inflation adjusted. So your £200k is house price rises per year adjusted? What is the £120k? I overestimated inflation so my figures are wrong. However, the £200k was my guess at what it would cost to buy the house today, and the £120k my guess at what it would cost if you were buying today with 1998 pounds. Quote Link to post Share on other sites
cells Posted June 8, 2011 Report Share Posted June 8, 2011 rightmove.co.uk/property-for-sale/property-18454335.html This ones been on now for 4 years Three was a change of family since then so I guess the new ones are renting while the mortgage inner hopes It was at 330k for a lo.g time Then 320k Then 300k Then 270k Now it seems its up by 10k to 280k No way he will sell above 250 and it us still overvalued st 220k imo Either way interest rates dropping like a store meant turns like him could afford to sit & wait & even profit from lower mortgage rates. I'd suggest to anyone thinking prices will go up a lot that there is a tonne of people eating to sell at older prices ni way 2007 prices will be back for mire than a decade Quote Link to post Share on other sites
Number79 Posted June 8, 2011 Report Share Posted June 8, 2011 No but recent immigration in Peterborough has been so sudden there are primary schools where English isn't the first language to any pupil. ah, then I withdraw my previous comment - they are asking twice what it is worth Quote Link to post Share on other sites
DeepLurker Posted June 8, 2011 Report Share Posted June 8, 2011 No but recent immigration in Peterborough has been so sudden there are primary schools where English isn't the first language to any pupil. But isn't that excellent news? A oft-quoted weakness of this country is our lack of mastery of foreign languages. This is a major handicap for industry. But in just a few years from now, these polyglots will be ready to spearhead our international sales teams, clinching deals for British-made products on all 6 continents. Admittedly, it would help if they learnt English as well. Quote Link to post Share on other sites
Number79 Posted June 8, 2011 Report Share Posted June 8, 2011 But isn't that excellent news? A oft-quoted weakness of this country is our lack of mastery of foreign languages. This is a major handicap for industry. But in just a few years from now, these polyglots will be ready to spearhead our international sales teams, clinching deals for British-made products on all 6 continents. Admittedly, it would help if they learnt English as well. It is a bit early for hitting the bong so hard isnt it? Quote Link to post Share on other sites
tahoma Posted June 8, 2011 Author Report Share Posted June 8, 2011 Admittedly, it would help if they learnt English as well. Racist! Quote Link to post Share on other sites
Number79 Posted June 8, 2011 Report Share Posted June 8, 2011 Racist! That isnt racism you daft hippy. Quote Link to post Share on other sites
tahoma Posted June 8, 2011 Author Report Share Posted June 8, 2011 That isnt racism you daft hippy. Hippyist! Quote Link to post Share on other sites
Number79 Posted June 8, 2011 Report Share Posted June 8, 2011 Hippyist! get a haircut Quote Link to post Share on other sites
uptherebels Posted June 8, 2011 Report Share Posted June 8, 2011 Two houses. One for £140K The other for £165K. These agents must spend a fortune on fish eye lenses Quote Link to post Share on other sites
maxdiver Posted June 8, 2011 Report Share Posted June 8, 2011 Two houses. One for £140K The other for £165K. I can tell you that the first is in a far better location than the second (on a cul de sac as opposed to a main road), and looks more nicely done out. The latter has no chance of selling as long as the former is on the market. I am starting to see houses that are sniffing at the top end of being fair value. We need another 25% drop for an actual market to exist (you know, with a range of houses actually selling) but the days of believing houses were marching forever away from first time buyers are over. As an aside... HPC question - what do you think a house bought for £62K in '98 would be worth now, adjusted for inflation? I thought that the two houses would be the same - you know identikit Barratt Box types. I also think that the house for £140k is quite cheap - I know it depends on location - but the place looks nice and has a huge garden, nice rooms and great decor (if not to everyone's taste). The other one on for £170k - who would buy that at that price? Quote Link to post Share on other sites
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