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guitarman001

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Friend of a friend 'bought' a new-build 2-bed flat a couple years ago (at peak) for £160k, single-income with family. Has been talking of moving near Fife area for a while but went quiet the last few weeks just as he was meant to get the valuers etc round... suddenly he's against high property prices and tells me that the same flat across the road is on the market for £30k less and still hasn't sold!! Methinks maybe that was his valuation but is not owning up to it. I remember a year ago a banner across the road from him offering the same flats for £20k less (builder's banner)....

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Friend of a friend 'bought' a new-build 2-bed flat a couple years ago (at peak) for £160k, single-income with family. Has been talking of moving near Fife area for a while but went quiet the last few weeks just as he was meant to get the valuers etc round... suddenly he's against high property prices and tells me that the same flat across the road is on the market for £30k less and still hasn't sold!! Methinks maybe that was his valuation but is not owning up to it. I remember a year ago a banner across the road from him offering the same flats for £20k less (builder's banner)....

£20k here, £30k there, doesn't sound a lot related to house prices until you have to knuckle down earn and save it, even worse when it's wiped off the value of the house you haven't yet paid for.

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A few years ago when all the properties we were interested in were going to closing dates the final selling prices were usually £30k to £40k over the O/O prices. Now we are making offers of those amounts below the O/O prices. Hopefully someone will accept our cash soon.

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£20k here, £30k there, doesn't sound a lot related to house prices until you have to knuckle down earn and save it, even worse when it's wiped off the value of the house you haven't yet paid for.

I remember during the mad years of 2004-2008 listening to colleagues engaging in bidding wars to secure the already overpriced house of their dreams. They would blithely add 1k here and then another 2k there or if they really wanted a place, multiples of 10k (all already over the initial asking price). It seemed like monopoly money on the way up, but with the market on the way down it's dawning on many people that they've made frighteningly big financial commitments.

If they'd consider how difficult it is for the average joe to save £20k in a cash savings account they may have had pause for thought before spending an extra £20k on a house.

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  • 330 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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