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Boom'n'Bust

A Clear Example Of House Prices Slowly Declining?

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Well at least I've noticed some difference in my area, where house prices are slowly coming down. This road is extremely popular road where house prices have been rocketing. I did a check on this using both nethouseprices.co.uk and ourproperty.co.uk and I came up with these results:

street: REDBURN ROAD

postcode: BD18 3BD

profile of neighbourhood: These are established suburbs, housing larger professional families, with some empty nesters and retired. Children tend to be older, including some home-based students. Homes are typically semi-detached and family incomes are high.

People are well educated, to A-Level or degree level. They usually have managerial and professional jobs. They are PC-literate, finding a variety of uses for the Internet. In addition to the usual purchasing of books or CDs they may well book holidays, research purchases and plan their careers online. It might not only be the children playing games online.

These families are financially secure. They may have a mix of savings plans, unit trusts or ISAs. Some will also have investments in stocks and shares. Those who are charitably minded extend this financial awareness to their giving, using tax-efficient covenants.

No.10 property was bought for £80,000 in dec 2003 and sold for an whopping £184,500 in may 2004. Thats a rise of over 130% in just under 6 months!! The seller must have been laughing all the way to the bank with such a ridiculous profit. But the bad news is that the buyer sold it again in july 2005, but at a loss for £176,000, 5% wiped off its value.

So I say to those bulls who think its not happening...IT IS! Prices are dropping and those who especially bought back in 2003/4 will be suffering the greatest as prices decline. Lets not forget that according to halifax yorkshire & northern regions were one of the highest risers this year, but hey, hold on a minute! I live in yorkshire and this is where the decline is happening!!!

Edited by Boom'n'Bust

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This is actually the first time I have sat down and systematically checked sold prices where I live. Found some really scary examples, should become more clear as data comes out but there has definitely been a drop where I live. Some people who bought in the lasy year would probably be lucky to get their money back. Some people who have sold have lost about 10%.

Seen one example of a 6 month development, originally bought for £375k in March 04, sold for £395k in September 04. Add in cost and fees there's no way they turned a profit over that period. Many similar stories with the developers.

This is in North Yorkshire btw.

Much encouraged!

:)

Edit: A few seem to have risen to be fair, but it should be more clear as we get more data.

Edited by Golden Shower

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This is actually the first time I have sat down and systematically checked sold prices where I live. Found some really scary examples, should become more clear as data comes out but there has definitely been a drop where I live. Some people who bought in the lasy year would probably be lucky to get their money back. Some people who have sold have lost about 10%.

Seen one example of a 6 month development, originally bought for £375k in March 04, sold for £395k in September 04. Add in cost and fees there's no way they turned a profit over that period. Many similar stories with the developers.

This is in North Yorkshire btw.

Much encouraged!

:)

Edit: A few seem to have risen to be fair, but it should be more clear as we get more data.

I have been following a group of 16 identical flats near my house for price falls:

http://www.housepricecrash.co.uk/forum/ind...showtopic=13253

They peaked in March 04 at £64,000 according to nethouseprices, although 4 have gone on the market at £68k-£72k since then but not sold.

At the moment there are 5 for sale at £60-62k.

The cheapest has been on for several months and the advert in the local paper now says:

Any serious offer considered

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West Yorkshire - http://www.rightmove.co.uk/viewdetails-957...pa_n=1&tr_t=buy

On sale for £230,000 and up £32,000 from it's sale price in January 2005 of £198,000 (with no extra work done).

Mind you this Estate Agent is notorious for overpricing.

Or rent similar for £650 pm

http://www.rightmove.co.uk/viewdetails-470...a_n=1&tr_t=rent

Edited by ILBB

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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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