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PulpFiction

On The Street Anecdotal

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I STR'd in January of this year and was very lucky to catch a buyer who was new to the area and desperate to buy. My house which I'd bought 8 years ago for £39k had increased to the whopping sum of £140k. I'd spent about £25k on it over the years, new kitchen, bathroom, flooring, fully re-decorated, back garden landscaped etc. etc. BUT, there was no way on earth we thought it was worth £140k... it was in Halifax (albeit the rural side with views front and back - Ripponden for those who know the area), but it was a mid terraced, pebble-dashed, horrific looking house !!! As my sale was going through, next door decided to put his on the market (identical house externally, identical layout internally, identical size gardens, but not as much spent on the interior decor). His For Sale sign went up and I asked him how much he'd put it on for... £155k !!!!! About two weeks later on my way back from the pub I bumped into him and asked him how his viewings were going... he told me that he had two people fighting over it and the highest offer so far was £160k, this was in March of this year.... Did I believe him ? Did I f***. Did it get a sold sign up ? Did it f***. Instead it sat for two months at £155k, then he reduced it to £149,950.... then he reduced it to £145k, and today it appeared on the estate agents website who sold my house... for £137,500.... I'll re-post as and when it gets reduced further, because I was B***** lucky to sell mine for £140k and I know it, so his certainly has a fair way to go before it's valued correctly. Oh, and he paid £42k for it about 5 years ago.

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If he has any sense he'll cut his price to £100k and cut and run. If he doesn't there is a good chance he'll just chase the market all the way down.

My guess, from your description, is it will be the latter. :huh:

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If he has any sense he'll cut his price to £100k and cut and run. If he doesn't there is a good chance he'll just chase the market all the way down.

My guess, from your description, is it will be the latter. :huh:

Bit extreme, but maybe cut down to £119,995 to get people who do not want to pay stamp duty interested.

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Bit extreme, but maybe cut down to £119,995 to get people who do not want to pay stamp duty interested.

May be. But if things are starting to accelerate (downwards) then you need to get ahead of the market to sell. It all depends on his plans / needs. Me, if I was going the STR, for example, I would cut it quite sharply. After all his profit is still ~ £50k. I could live with that!

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Bit extreme, but maybe cut down to £119,995 to get people who do not want to pay stamp duty interested.

Yep, I agree with you. I was just chatting to Mrs Fiction about it and she agrees how lucky we are... we reckon that if we hadn't hit lucky with our buyer, we would have reduced ours to about £125k by now.

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May be. But if things are starting to accelerate (downwards) then you need to get ahead of the market to sell. It all depends on his plans / needs. Me, if I was going the STR, for example, I would cut it quite sharply. After all his profit is still ~ £50k. I could live with that!

I kinda agree. When me and the ex split up, we sold the house (although not too bad % drop) for less

than any house had sold in 2 years in our street. I bet the neighbours were cursing ;)

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Isn't it infuriating how prices go UP at an astronomical rate but go DOWN in tiny tiny increments..

It makes me so CROSS!!!!

Its all down to maths, a 100% rise followed by a 50% fall = back to square one. put into the equation inflation and its a 36% fall = square one, assume inflation at 5% and drop over 2 years.

Edited by Dicky

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  • 302 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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