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nevajism

Ive Just Str!

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Hi all

ive been looking at this site for over a year now but only posted a few times, last summer after seeing a flat in my block go up for sale for around 270,000 (and then go sold subject to contract)

which seemed well overpriced we decided to try and sell our place so we spent a couple of busy months

making the flat look nice, in the meantime we heard through the grape vine that the flat sale of the 270,000 flat had fallen through and he'd put it back on the market for 260,000, looking at the nethousepric.com site the highest a flat had sold for was 240,000 so we thought 260,000 was still overpriced but we got a couple of estate agents in to advise us, one seemed a bit of a bullshitter- said she wouldnt hesitate to put it of for 275,000 - her company had had a flat advertised a few months before but she wouldnt tell us what happened to it, said it wasnt their policy to reveal the prices they sold at. The other estate agent said that she would advise putting it on for 250k in the hope of getting 240, we thought this sounded more realistic but we didnt sell with them - we used halfapercent.com and advertised for 249,950 - got an offer of 242,000 within a couple of viewings and accepted and we have moved into rented and the money is in the bank - the rented flat is much more spacious than the flat and more concenient for work. In the meantime the guy who was originally trying to sell for 270,000 has now given up, has moved on and is renting the flat out. Two other flats have been put up for sale- one for 280,000 a month and a half ago, which has just been dropped to 263,000, the other for 265,000 - I think they will be lucky...

the flats are all identical and are 3 bedroom ex council in wandsworth

Ive learned alot from this site and I think i owe a few people a drink- may come to the pub meeting tomorrow night as i work in london bridge

nevajism

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Congratulations--the most intelligent financial decision you will make for years! I also STR'd and am renting a nicer property for less than the mortgage I was paying off and watching the market drop around me by more than the rent I am paying--and....getting a nice return on the proceeds of sale from our house.

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Any chance of letting us know the address? (road name)

More than 250k sounds a lot for ex LA in wandsworth - is it SW18 or sw19?

I think ther is an interesting ceiling around the 250k range - to do with stamp duty - it takes a while for those properties to achieve more than 250k - & they sort of hop up.

Also, when did you buy? Hope you made a healthy profit.

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Any chance of letting us know the address? (road name)

More than 250k sounds a lot for ex LA in wandsworth - is it SW18 or sw19?

I think ther is an interesting ceiling around the 250k range - to do with stamp duty - it takes a while for those properties to achieve more than 250k - & they sort of hop up.

Also, when did you buy? Hope you made a healthy profit.

Isn't the use of the verb 'to achieve' in reference to house prices a ridiculous estate-agentism - don't tell me it has spread to the general populace? Horror. Ditto 'boasts', 'benefits from' and 'extends to'. Someone get a tazer.

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Now stop it: you're just being bearish... :P

Not really - it's just I'm looking at properties at the moment so I'm quite aware of the prices round here and am interested as (don't shout) I think we are now at the bottom and (boring boring I know) winter is a great time to buy.

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Whereabouts in SW18? which road?

The rent out now must be a lot higher than the mortgage was?

Interesting though.

I'd prefer £190,000 in the bank rather than £1,000 a month provided no work needs to be done. Just my personal opinion but I won't be moving back into property until the "mythical" 12% return reappears. 2008/9 is looking like a possibility.

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Not really - it's just I'm looking at properties at the moment so I'm quite aware of the prices round here and am interested as (don't shout) I think we are now at the bottom and (boring boring I know) winter is a great time to buy.

Bottom of what? House prices are higher today than they have been at any time in 2000 years!

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Not really - it's just I'm looking at properties at the moment so I'm quite aware of the prices round here and am interested as (don't shout) I think we are now at the bottom and (boring boring I know) winter is a great time to buy.

A friend of mine has just bought an Edwardian mansion garden flat in Mortlake, saying he's got his timing perfect and it's going to soar. He's an intelligent guy, but when I said it was a false bottom, on the way down to more substantial falls, he just became abusive and started raving. This bubble really will rank alongside the South Sea and Tulipmania.

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Hi all

ive been looking at this site for over a year now but only posted a few times, last summer after seeing a flat in my block go up for sale for around 270,000 (and then go sold subject to contract)

which seemed well overpriced we decided to try and sell our place so we spent a couple of busy months

making the flat look nice, in the meantime we heard through the grape vine that the flat sale of the 270,000 flat had fallen through and he'd put it back on the market for 260,000, looking at the nethousepric.com site the highest a flat had sold for was 240,000 so we thought 260,000 was still overpriced but we got a couple of estate agents in to advise us, one seemed a bit of a bullshitter- said she wouldnt hesitate to put it of for 275,000 - her company had had a flat advertised a few months before but she wouldnt tell us what happened to it, said it wasnt their policy to reveal the prices they sold at. The other estate agent said that she would advise putting it on for 250k in the hope of getting 240, we thought this sounded more realistic but we didnt sell with them - we used halfapercent.com and advertised for 249,950 - got an offer of 242,000 within a couple of viewings and accepted and we have moved into rented and the money is in the bank - the rented flat is much more spacious than the flat and more concenient for work. In the meantime the guy who was originally trying to sell for 270,000 has now given up, has moved on and is renting the flat out. Two other flats have been put up for sale- one for 280,000 a month and a half ago, which has just been dropped to 263,000, the other for 265,000 - I think they will be lucky...

the flats are all identical and are 3 bedroom ex council in wandsworth

Ive learned alot from this site and I think i owe a few people a drink- may come to the pub meeting tomorrow night as i work in london bridge

nevajism

congrats nevajism,and don't worry about the drink just yet.once we mop up all the carnage from this lot then I'm sure we can organise some great little soiree's,just the same as the BTL dinner parties of yesteryear,where we can all gloat at the obscene profits we have made.

the big difference being we have made ours through skill and timing.not luck.

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youve managed to totally rip someone off - well done.

Are you saying that he did well to sell and make the best money he could or is this your extreme socalism coming back in, that he should have sold it for less than he could?

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youve managed to totally rip someone off - well done.

More fool them for allowing themselves to be ripped off. Silly sheeple!!

Nice one OP!!

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I STR'd last month. Sold my 3 bed mid terrace at a tidy profit. Now living in a 4 bed detached bungalow and paying a lot less per month. No regrets so far. This is the biggest financial gamble of my life and I'm confident (rightly or not) that it will pay off in a couple of years. House prices in West Cornwall are ridiculously over priced and wages are stupidly low. Something has to give.

My capital is sitting in a First Direct esavings account earning 5%. I'm too scared to try anything risky.

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Are you saying that he did well to sell and make the best money he could or is this your extreme socalism coming back in, that he should have sold it for less than he could?

erm....extreme socialism sir...dont know sir.....

he should have sold it for the same, but then handed half the cash back to the buyer and gave the rest to the canine defence league. if he had ANY morals that is.

for every 'winner' theres always a loser. here our man is clearly the winner - but who speaks for the loser ?

who is the loser ? the loser is probably some family guy who believes the nightly news and anything trevor mcdonald says and just got bamboozled into the whole 'smell of fresh baked bread' deal..

unless he sold to a BTL, in which case i will bust out yet another party popper..

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As he bought in 93, what he could have done was to MEW in 96, use the equity as a deposit on another property & bought a BTL - he would have then had an income from 96- now and then he could have sold one now and chosen to keep or sell the other.

He was in a position to do that but chose not to.

I think that he should have sold earlier this year in the spring or waited till next spring. Just my view.

I would also be interested to learn where these other flats are up for sale.

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As he bought in 93, what he could have done was to MEW in 96, use the equity as a deposit on another property & bought a BTL - he would have then had an income from 96- now and then he could have sold one now and chosen to keep or sell the other.

He was in a position to do that but chose not to.

I think that he should have sold earlier this year in the spring or waited till next spring. Just my view.

I would also be interested to learn where these other flats are up for sale.

How intuitive of you :rolleyes: to say what he could have done after the event....hey I've just looked at the stock market charts from 1993 to 2005 and you know what, if I had.......... :rolleyes:

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Not really - it's just I'm looking at properties at the moment so I'm quite aware of the prices round here and am interested as (don't shout) I think we are now at the bottom and (boring boring I know) winter is a great time to buy.

I'd be really interested to know where you think the money is going to come from to support house prices at the current level if you really think we are at the bottom of the market. And what is going to drive prices higher? I notice from a few other threads that these are questions you try and avoid answering. Out of interest do you still believe that the world is flat?

The fundamentals for the housing market are so bad that if prices don't come down in the short term, in the long term prices will have to come down. Average age of FTBs is 34, these guys are stretching to buy 1-bed flats so how are they ever going to afford the average sized properties, 3-4 bed houses at current prices.

There is no way that at today's prices the majority of the FTB generation will ever be able to afford family sized 3-4 bed houses. Where I live 3-bed houses cost £350K+.

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I'd be really interested to know where you think the money is going to come from to support house prices at the current level if you really think we are at the bottom of the market. And what is going to drive prices higher? I notice from a few other threads that these are questions you try and avoid answering. Out of interest do you still believe that the world is flat?

The fundamentals for the housing market are so bad that if prices don't come down in the short term, in the long term prices will have to come down. Average age of FTBs is 34, these guys are stretching to buy 1-bed flats so how are they ever going to afford the average sized properties, 3-4 bed houses at current prices.

There is no way that at today's prices the majority of the FTB generation will ever be able to afford family sized 3-4 bed houses. Where I live 3-bed houses cost £350K+.

I keep answering this quetstion - but I will do it again.

SIPPS & city bonuses & renewed confidence + spring.

All we are talking about really is timing. When is the best time to buy? I advocate buying in a buyers market - that is all.

The argument about FTB's does not really hold water. This thread is about a guy who sold a 3 bed place in London for 240k. A 1 or 2 bed place would be cheaper and therefore, in one of the most expensive parts of the country there are properties available. If an FTB lives in London he/she will be on a London wage (or 2 London wages) - so buying a place for 150-200k would seem to be achievable.

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How intuitive of you :rolleyes: to say what he could have done after the event....hey I've just looked at the stock market charts from 1993 to 2005 and you know what, if I had.......... :rolleyes:

I'm only making the point that it was an option. That is what I did (not in 93 & 96 but in 96,97 and 99)

The point was - he could have, but he did not. So when people get all upset about wicked BTL landlords - some more could have chosen to be BTL's - but chose not to or did not consider it.

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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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