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Well an update on our situation.

Earlier this year we decided to respond to the 'rapidly rising' market by putting our house up for sale. The thinking was the downside risks looked pretty massive, but we had pretty much paid off our mortgage on our existing place, and the flip side of the coin was if things carry on the way they are we might have never been able to afford the big family home we wanted. So basically we were driven by classic fear mentality!

Sold it pretty quick but then got messed around by a number of vendors so fell through. Sold it again (again pretty quick) although it was noticeable the second time round that the market had cooled down substantially. By this time it was late summer.

We then set our eyes on a nice detached in Gatley which we exchanged on recently. Main motivations were more space and a big garden for the kids, and both those boxes were ticked.

We now have our family home (although only the one child at the moment - more planned!). The mortgage is larger than I would like at about £250k but we do have a five year fix with unlimited overpayment capability to help us make that a bit more manageable over the next five years. We'll aim to trim it down by about a third in that time....

I'm still expecting housing market Armageddon at some point in the future, and fully expect to never make any money, or lose money on the current house, but that's ok - its a house to enjoy with the family and not an investment. Exactly as a house should be.

I'll still be lurking on here fairly regularly, and I wish all the fellow Stockport residents out there good luck in finding their dream house. I'm working down in London at the moment fairly regularly, and we've certainly got it a lot better than people down there....

Cred

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Well an update on our situation.

[..]I'll still be lurking on here fairly regularly, and I wish all the fellow Stockport residents out there good luck in finding their dream house. I'm working down in London at the moment fairly regularly, and we've certainly got it a lot better than people down there....

Cred

Hi Credulous - wow; thanks for the update; a very interesting read.

I really enjoyed your posts on another thread where you joined and set out how you had approached them market, and your future planing for whether prices rose or fell. Your CH purchase proved (in my view) to have been the correct decision, with timing, debt level, and because of all the reflation that has followed.. even today ever higher prices being set. Allowing you to have your own home and not be subject to all that comes with renting.

You sure stuck to your plan paying down the starter home mortgage in rapid time (the house you bought cheap and spent money updating). And I enjoyed our exchange of views, where I put some real thought into whether buying a home in that part of CH would still work as a saving/upsize strategy in early 2013 at the prices then (vs rent continuation costs) to upsize at later point - I could not fully decide; close call though, and only came down against it because we have a below full market value rental arrangement at the moment.

Yes; we do have it better than London (for the most part). You have track record of meeting your targets (mortgage repayments - I hope you get well paid for your work down in London vs locals here to reducing that mortgage in some good time, with the unlimited overpayment facility it allows - whilst also enough to have a comfortable family life) and so I hope this upsize goes very well for you and your family for the long term (family home with everything you need) - given it has the extra space for a growing family and garden.

Good luck with everything Cred. Happy for you. Something comes through in your posts that makes you a really nice person, and I wish you and your family well for the future.

[..] All being well we should have offset the entire mortgage balance within 2 years. This should hopefully be before interest rates go anywhere and we will then be living in a fully paid for house, which we can hopefully sell for £150-160k (we spent 20-30k doing it up) and use that as a 50% deposit on a 4 bed detached in Cheadle Hulme, Gatley, Bramhall, Cheadle or similar. Alternatively houseprices tank (most likely due to rising interest rates) we sell ours for 80k and buy a 4 bed detached for 150k (I'd much prefer this option).

We've had to live a fairly frugal life as a result to put the vast majority of our income into the mortgage, but we did still manage to get married (which wasn't cheap!) and a couple of foreign holidays including our honeymoon to Thailand during that period. We are now also expecting a baby.

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Well an update on our situation.

Earlier this year we decided to respond to the 'rapidly rising' market by putting our house up for sale. The thinking was the downside risks looked pretty massive, but we had pretty much paid off our mortgage on our existing place, and the flip side of the coin was if things carry on the way they are we might have never been able to afford the big family home we wanted. So basically we were driven by classic fear mentality!

Sold it pretty quick but then got messed around by a number of vendors so fell through. Sold it again (again pretty quick) although it was noticeable the second time round that the market had cooled down substantially. By this time it was late summer.

We then set our eyes on a nice detached in Gatley which we exchanged on recently. Main motivations were more space and a big garden for the kids, and both those boxes were ticked.

We now have our family home (although only the one child at the moment - more planned!). The mortgage is larger than I would like at about £250k but we do have a five year fix with unlimited overpayment capability to help us make that a bit more manageable over the next five years. We'll aim to trim it down by about a third in that time....

I'm still expecting housing market Armageddon at some point in the future, and fully expect to never make any money, or lose money on the current house, but that's ok - its a house to enjoy with the family and not an investment. Exactly as a house should be.

I'll still be lurking on here fairly regularly, and I wish all the fellow Stockport residents out there good luck in finding their dream house. I'm working down in London at the moment fairly regularly, and we've certainly got it a lot better than people down there....

Cred

I don't know that area at all, what's the school situation like? Are you aiming for selective or private when the time comes?
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I don't know that area at all, what's the school situation like? Are you aiming for selective or private when the time comes?

I live in Cheadle Hulme and will be sending my kids to Cheadle Hulme High School. Not selective or private but a very good school nonetheless.

I think where Credulous has bought will be in the catchment for the Kingsway School which is also a decent option.

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I live in Cheadle Hulme and will be sending my kids to Cheadle Hulme High School. Not selective or private but a very good school nonetheless.

I think where Credulous has bought will be in the catchment for the Kingsway School which is also a decent option.

Yes, I know the schools in Cheadle are good but I was not sure where Gatley ends and Cheadle begins.
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Hi Credulous - wow; thanks for the update; a very interesting read.

I really enjoyed your posts on another thread where you joined and set out how you had approached them market, and your future planing for whether prices rose or fell. Your CH purchase proved (in my view) to have been the correct decision, with timing, debt level, and because of all the reflation that has followed.. even today ever higher prices being set. Allowing you to have your own home and not be subject to all that comes with renting.

You sure stuck to your plan paying down the starter home mortgage in rapid time (the house you bought cheap and spent money updating). And I enjoyed our exchange of views, where I put some real thought into whether buying a home in that part of CH would still work as a saving/upsize strategy in early 2013 at the prices then (vs rent continuation costs) to upsize at later point - I could not fully decide; close call though, and only came down against it because we have a below full market value rental arrangement at the moment.

Yes; we do have it better than London (for the most part). You have track record of meeting your targets (mortgage repayments - I hope you get well paid for your work down in London vs locals here to reducing that mortgage in some good time, with the unlimited overpayment facility it allows - whilst also enough to have a comfortable family life) and so I hope this upsize goes very well for you and your family for the long term (family home with everything you need) - given it has the extra space for a growing family and garden.

Good luck with everything Cred. Happy for you. Something comes through in your posts that makes you a really nice person, and I wish you and your family well for the future.

Thanks Venger. We shall do our best to continue to meet targets although a growing family might kybosh that! Best of luck with your plans for the future too.

On the London point I genuinely believe that the quality of life in London is now significantly lower than elsewhere in the country. Sure you earn more, but ultimately you are still much worse off. It makes me quite angry and sickened to see the young people down there at the company I work for who have done everything right, are working their a***s off, but have zero to show for it, despite being in very good jobs. They still don't believe you when you try and shake them by the shoulders though (metaphorically speaking of course!) so its partly their own fault.

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I don't know that area at all, what's the school situation like? Are you aiming for selective or private when the time comes?

Primary school catchment area is Gatley Primary which is an Outstanding school and I believe very much as good as Hursthead in Cheadle Hulme. It is one of the reasons we were attracted to the area.

High School is Kingsway as another poster suggests which is a 'Good' school I believe in current Ofsted rating. Cheadle Hulme High is 'Outstanding' I believe by comparison. Hence probably the main reason Cheadle Hulme seems to be about £100k more expensive or so for an equivalent house (although there are other reasons as well I'm sure).

Our little boy is 14 months so we have a good ten years before high school is a consideration anyway.

Other things that attracted us to Gatley were the centre has a more villagey feel and isn't as dominated by big brand shops (or Estate Agents!) as Cheadle Hulme. Less under the flight path compared to Cheadle Hulme. The whole area around Styal Road is also very nice and semi-rural. The big negative is of course the traffic with the bottleneck at Gatley lights being much worse for Gatley and Cheadle than Cheadle Hulme. All in all they're both nice areas in our view.

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  • 9 months later...

Had my eye on this since the day it was listed.

http://www.rightmove.co.uk/property-for-sale/property-36788002.html

Especially because the auction house's own entry for it initially said 'Offers around £125,000'. Within 3 days they'd changed it to offers around same price as the Rightmove entry.

http://www.pugh-auctions.com/Agency/Property/28792

Had my eye on this myself but didn't want to run the risk of not completing within the 28 days. Appears to have sold today. Need to wait for the site to update to see the sold price.

http://www.theauctionpeople.co/Lot/Manchester/20130228/261

Hmmm.... interesting. The auction site is now stating a sold price of £256,000 (which would be silly money for that house!!). I smell a rat.

It has come back to market. Sold STC £400,000

http://www.rightmove.co.uk/property-for-sale/property-34845606.html

Just need to read another victim story now to top my day off.

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  • 2 weeks later...

It has come back to market. Sold STC £400,000

http://www.rightmove.co.uk/property-for-sale/property-34845606.html

Just need to read another victim story now to top my day off.

That's awful, a 400K 3 bed semi :huh:. Somebody's going to be laughing all the way to the bank though.

I have to wonder who's buying at those prices, it's certainly not the people I grew up with. People moving up from down south?

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That's awful, a 400K 3 bed semi :huh:. Somebody's going to be laughing all the way to the bank though.

I have to wonder who's buying at those prices, it's certainly not the people I grew up with. People moving up from down south?

Terrible value, and small for an old house at that price. Probably could find something twice the size for similar money in nice parts of south manc or Trafford.

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  • 4 weeks later...

Cheadle Hulme has gone a bit bonkers recently. We offered on a place in early 2013 that went for £147,000. I was driving passed the other day and noticed a for sale sign up and found it was listed for £280,000. Judging by the pictures they've done a bit of minor work but no more than £10,000 worth. It's now gone SSTC.

http://www.rightmove.co.uk/property-for-sale/property-51422650.html

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That's one of the craziest things I've ever seen (asking price).

I seem to recall when that house was last up for sale, and it came with the land, where they've now built the newbuilds to the side.

Yes

http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=34041889&sale=49132010&country=england

(Had a tenant paying £550pm.)

http://www.zoopla.co.uk/property-history/157-ladybridge-road/cheadle-hulme/cheadle/sk8-5pl/4467089

http://www.zoopla.co.uk/property-history/157-ladybridge-road/cheadle-hulme/cheadle/sk8-5pl/25362487

And then they offered it as just the house, and land as a separate listing.

House selling for £147,000 in 2013. Now that asking price, and sold stc ???

Also I don't consider it CH, even though it probably technically is. At the junction and turning left onto Councillor Lane I've got a pal who lives in apartment next to the Lidl, which runs on into Cheadle village. At the junction turning right you've got Adswood rubbish dump just up the road. Straight ahead it's road into Stockport. Oh and you've got a very busy road outside the house. It's an non-spot area for me. Although I seem to recall a house a few doors up which was once run as a business... tropical fish, and it had a very large basement. I see this house also has basement.

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Agreed, I wouldn't call it Cheadle Hulme proper either, which is part of the reason we didn't proceed when it was up for sale last time. We also didn't like the uncertainty of the adjacent building project and parking arrangements etc.

The house was in good condition when we viewed it. The current occupants have decorated a couple of rooms, installed a projector and put some decking down. Some mug appears to be prepared to pay £130,000 for these extensive renovations.

Much better value can be found elsewhere in Cheadle Hulme.

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I've got a pal who is thinking of selling his flat on the edge of Manchester City Centre who likes these houses. Upper Cheadle Hulme / edge Bramhall. Far better area than that house near Councillor Lane, imo. However they don't really do anything for me. They way the market has gone though (up and up) they don't seem that bad value comparatively vs other many other houses (well if sellers would accept around £200K). I have lost my bearings a bit in current market.

http://www.rightmove.co.uk/property-for-sale/property-35488362.html
http://www.rightmove.co.uk/property-for-sale/property-34125621.html
http://www.rightmove.co.uk/property-for-sale/property-53865146.html

I had this bookmarked - think it's sold....

http://www.rightmove.co.uk/property-for-sale/property-33429612.html

This one sold at £220K in May 2015

http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=47224339&sale=1416454&country=england

Okay little pocket of an area - and far superior to the junction with Councillor Lane part of 'CH' - with CH train station just stroll down the road and all the shops (inc Waitrose, good fish and chip shop etc), and good primary school catchment when I quickly looked into it - but I can't get my head past £175K-£200K (max) for such houses. Although given how rest of the market has gone.. £200K would look value-ish vs other asking prices in this crazy market.

My pal used to live with his parents on this road, in a very similar house to this one. Hit market at fairly competitive asking price recently - and went Sold STC quite quickly. That's towards fair-ish value in this market imo, if it sold for around that price - although I prefer location of houses above.

http://www.rightmove.co.uk/property-for-sale/property-34788876.html

Especially so vs this house on same road currently on market http://www.rightmove.co.uk/property-for-sale/property-43405489.html

I did a drive-by of this house, but there were a few cars outside, and guy outside looking at it. Looked like builders there giving it the once over. Don't know what it sold for but okish value at that original asking price, in fairly okish pocket of CH.

http://www.rightmove.co.uk/property-for-sale/property-33587013.html

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There's another flip that's recently come on the market around the corner from me. Sold for £190,000 last year.

http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=45490588&sale=1416394&country=england&referrer=soldPriceResults

Refurbished and back on the market for £300,000 six months later. Speculative but I wouldn't be at all surprised to see it go for close to that.

http://www.rightmove.co.uk/property-for-sale/property-36038856.html

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Hah urgh.

Yes I recall that one when it came to market.

Offers in region of £200,000

http://www.zoopla.co.uk/property-history/18-east-downs-road/cheadle-hulme/cheadle/sk8-5es/33948793

Durgh, another flip job. They do appear to have spent a bit on modernising though.. but near £300K. We'll see.

It's not a bad location that house at all (far superior to junction of Councillor Lane) - and nicely on the Mcr bus route.. and even bus route to Cheadle Hulme High School (I recall your earlier post) if kids can't be bothered to walk the direct route as they get older. Not so bad location (at pre-flip price that is). Personally in those circumstances I would prefer a house slightly closer to the school, but as we both know, high prices in the nicer parts, but perhaps some averaging value sort of off Grove Lane way.

I can only wait it out until market changes. After all, some seller accepted £180,000 for the house just short time ago... down from asking price £200K. Suggests to me there wasn't loads of flippers competing for it. So whilst we both suspect that maybe they'll find some want-it-shiny buyer who'll pay flip price, perhaps market will change again in time. We have changes for BTLers coming in (which may see some BTLers look to sell pre 2017), and everything else I'm sure you're aware of.. MMR, Basel III.

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Yes, it's a nice little spot around here. Close enough to walk to either Cheadle Hulme or Cheadle village and the little promenade of shops (chippy, chinese etc.) Even nearer. Bruntwood Park is also just a short walk over the college fields.

The £180,000 paid for that house pre-refurb seems fairly reasonable and it has been nicely updated. The current asking price is ridiculous though!

I think the current frenzy in Cheadle Hulme is partly down to the success of Cheadle Hulme High School, coinciding with the relative demise of Bramhall High School. People moving into the area with young families are now opting for Cheadle Hulme over Bramhall where as a couple of year's ago the opposite was the case. These things change over time though.

All the best Venger, hope a decent opportunity (at a sendible price) comes along for you soon.

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Yes, it's a nice little spot around here. Close enough to walk to either Cheadle Hulme or Cheadle village and the little promenade of shops (chippy, chinese etc.) Even nearer. Bruntwood Park is also just a short walk over the college fields.

The £180,000 paid for that house pre-refurb seems fairly reasonable and it has been nicely updated. The current asking price is ridiculous though!

I think the current frenzy in Cheadle Hulme is partly down to the success of Cheadle Hulme High School, coinciding with the relative demise of Bramhall High School. People moving into the area with young families are now opting for Cheadle Hulme over Bramhall where as a couple of year's ago the opposite was the case. These things change over time though.

All the best Venger, hope a decent opportunity (at a sendible price) comes along for you soon.

Sharpey, I enjoy discussing Cheadle Hulme, so

Still can't get over asking price of that house, and it apparently Sold STC.

CH is one of my main target areas for buying a house (although I'm eyes and ears of hpc for my brothers and sister who are also looking at areas such as Bramhall and Wilmslow too) - so I'm always keen to discuss anything about local market.

CH has the edge for me over B-Hall because better rail links, shops.. I just prefer it. CH school has improved so much over the years. I'm not totally up-to-date with everything re the school, but noticed the new sixth form building being built. I have hired a powerful little carpet cleaner from Snape & Sons across the road. Great family run DIY store. £12-£15 a day as I recall it, and I think they let me off putting a deposit down last time.

Yes I like Bruntwood Park too. It's good the the pitch n putt seems to have been saved, after council cut-backs

http://www.manchestereveningnews.co.uk/news/greater-manchester-news/bruntwood-park-pitch-putt-saved-6854416

I return the sentiment directly back to you Sharpey - keep the hope and the focus, and I so would like you to find the home you want that meets all your family requirements in good location of CH, at a value price.

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Not anything house related, but was shocked at this. Txt I received last night, then confirmed it via news.

---------- sent me a msg this evening she heard that a woman was dragged from her car & raped in the John Lewis car park in Cheadle. Unbelievable. It happened at 7pm on Friday in the far bit of the car park.

https://uk.news.yahoo.com/woman-raped-john-lewis-car-park-cheadle-190432296.html#sqg7Fgc

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There's another flip that's recently come on the market around the corner from me. Sold for £190,000 last year.

http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=45490588&sale=1416394&country=england&referrer=soldPriceResults

Refurbished and back on the market for £300,000 six months later. Speculative but I wouldn't be at all surprised to see it go for close to that.

http://www.rightmove.co.uk/property-for-sale/property-36038856.html

Lovely looking place but is it not slap bang under the flight path?

Edited by Bootsox
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Lovely looking place but is it not slap bang under the flight path?

Not right under the flight path but not far off. The flight path is a touch further down towards Cheadle village (over the golf course and Bruntwood Park)

I live on the same road as that house and can honestly say that the planes don't bother me at all.

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