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texan katie

Slowly But Surely It's Happening

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Sold my last house in UK June 04, 220k.

Buyers put up for sale spring 05, forget how much but was around 230k.

Couldn't sell it so rented it out until now.

Just up for sale again 214,950.

They should expect offers in 184-190 region (thats a conservative 10%ish off).

Ouch that means surely negative equity on their 'safe' mortgage or theyv'e just lost a huge chunk of their deposit.

This is in Gillingham, Dorset, not exactly the centre of the universe...... but its reached little towns like these.

Goes to show what a loada 'cods-wallop' (my mum use to say that !) the spin on house-prices-going-up is.

Just thought I'd divulge this to keep your ''peckers'' up.

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Sold my last house in UK June 04, 220k.

Buyers put up for sale spring 05, forget how much but was around 230k.

Couldn't sell it so rented it out until now.

Just up for sale again 214,950.

They should expect offers in 184-190 region (thats a conservative 10%ish off).

Ouch that means surely negative equity on their 'safe' mortgage or theyv'e just lost a huge chunk of their deposit.

This is in Gillingham, Dorset, not exactly the centre of the universe...... but its reached little towns like these.

Goes to show what a loada 'cods-wallop' (my mum use to say that !) the spin on house-prices-going-up is.

Just thought I'd divulge this to keep your ''peckers'' up.

I know Gillingham, its not a bad place at all!

A few more like this in the Land Registry data and who can refute house prices falling?

Assuming it sells for £190k, that's a fair hit in 18 months. Long may it continue........

Xil.

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or theyv'e just lost a huge chunk of their deposit.

When a price goes down: Does it really come out of the DEPOSIT first?

I don't think so.

I think it should be measured by considering the amount you wouldn't have to have borrowed from the lender. Consider it this way and work out how much of your future earnings you have really lost.

Anyone wanna buy a house?

:P

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Isn't it worse than that?

buy for £100k deposit £5k mortgage £95k

House ends up being worth £85k when they need to sell.

so they owe £10k more than the mortgage was for, plus they no longer have a deposit, plus they're having to pay legal fees and estate agency stuff for selling (plus don't forget it'll be £600 for a sellers pack minimum)

Yes they will have paid *some* of the mortgage off whilst living in it, but will they have saved a replacement deposit?

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yeah I was going to be clever and do some %s so was picking easy numbers but decided even in my fragile state yesterday that I wasn't up to it.

(I have been poisoned by 3 pints of lager from loyds in chorlton on friday night - double something or other and I'd never heard of it but it went down very easily ... but gave me a masive headache and the pukes)

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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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