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Ologhai Jones

Our Old House - Down In Value

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We're moving house shortly, from one rented place to another. When I mentioned this to someone a few days ago, they asked how come I wasn't a home owner. I briefly outlined my suspicion that, at around the time we sold to rent, the housing market had reached some kind of peak. He asked how much the house we'd sold was worth now--in short, had it been a reasonably good move?

On and off the for the first three or four years, I used to check the Land Registry data to see if the house we'd sold had sold again, to see if in our individual and personal case, we'd sold a house at some kind of a high or not. Having not seen the house sell in that time for those first few years, I'd gradually stopped looking, but as this chap has asked, I looked again.

It turns out that the house we put up for sale in the late summer of 2007 and moved out of in January 2008 has been sold again last December. The selling price then was about 11.82% lower than our selling price in 2007/8. Just an anecdotal really, but interesting. We live in the Staffordshire if it's of any interest.

I was pretty surprised actually. I'd kind of got the feeling that houses around here had been pretty much flat since we sold up. So, we'd not gaffed really, but I wouldn't have thought our selling the house was an especially shrewd move. And yet, taking inflation into account, I would imagine the value of that house is down by, say, 30% in the last eight years.

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When I was booted out of my (rental) one-bed flat in 2005, my ex-landlady got £105k for it.

The two-bed flat next-door (in the same building) managed just £58k in 2012.

This is West Devon, just inside the Dartmoor national park boundary.

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We're moving house shortly, from one rented place to another. When I mentioned this to someone a few days ago, they asked how come I wasn't a home owner. I briefly outlined my suspicion that, at around the time we sold to rent, the housing market had reached some kind of peak. He asked how much the house we'd sold was worth now--in short, had it been a reasonably good move?

On and off the for the first three or four years, I used to check the Land Registry data to see if the house we'd sold had sold again, to see if in our individual and personal case, we'd sold a house at some kind of a high or not. Having not seen the house sell in that time for those first few years, I'd gradually stopped looking, but as this chap has asked, I looked again.

It turns out that the house we put up for sale in the late summer of 2007 and moved out of in January 2008 has been sold again last December. The selling price then was about 11.82% lower than our selling price in 2007/8. Just an anecdotal really, but interesting. We live in the Staffordshire if it's of any interest.

I was pretty surprised actually. I'd kind of got the feeling that houses around here had been pretty much flat since we sold up. So, we'd not gaffed really, but I wouldn't have thought our selling the house was an especially shrewd move. And yet, taking inflation into account, I would imagine the value of that house is down by, say, 30% in the last eight years.

Slightly different but my neighbours (semi almost same house as mine) sold for £129k in 2006.Two this year in my close,both almost carbon copies sold for £110k

Id say most prices in the north east on 3 bed semi's,3 bed detrached and 4 bed detached are down around 15% nominal from 2007 and much more with inflation.30%+.My daughter is looking at the moment but her and her partner are saving like mad and holding off until they have a 40% deposit.Its a bit different up in the north east because although prices are still probably 30% over valued they arent hugely expensive.

The new builds though the young are buying around here with homebuy etc are way overvalued.Tiny and cheaply built,anyone buying will be in negative equity for decades id expect.

Edited by durhamborn

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We're moving house shortly, from one rented place to another. When I mentioned this to someone a few days ago, they asked how come I wasn't a home owner. I briefly outlined my suspicion that, at around the time we sold to rent, the housing market had reached some kind of peak. He asked how much the house we'd sold was worth now--in short, had it been a reasonably good move?

On and off the for the first three or four years, I used to check the Land Registry data to see if the house we'd sold had sold again, to see if in our individual and personal case, we'd sold a house at some kind of a high or not. Having not seen the house sell in that time for those first few years, I'd gradually stopped looking, but as this chap has asked, I looked again.

It turns out that the house we put up for sale in the late summer of 2007 and moved out of in January 2008 has been sold again last December. The selling price then was about 11.82% lower than our selling price in 2007/8. Just an anecdotal really, but interesting. We live in the Staffordshire if it's of any interest.

I was pretty surprised actually. I'd kind of got the feeling that houses around here had been pretty much flat since we sold up. So, we'd not gaffed really, but I wouldn't have thought our selling the house was an especially shrewd move. And yet, taking inflation into account, I would imagine the value of that house is down by, say, 30% in the last eight years.

The poor souls who bought my house in 2007 lost 20%+.

Would I buy it back...not a hope in hell. Northampton is like a polish ghetto now,

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We're moving house shortly, from one rented place to another. When I mentioned this to someone a few days ago, they asked how come I wasn't a home owner. I briefly outlined my suspicion that, at around the time we sold to rent, the housing market had reached some kind of peak. He asked how much the house we'd sold was worth now--in short, had it been a reasonably good move?

On and off the for the first three or four years, I used to check the Land Registry data to see if the house we'd sold had sold again, to see if in our individual and personal case, we'd sold a house at some kind of a high or not. Having not seen the house sell in that time for those first few years, I'd gradually stopped looking, but as this chap has asked, I looked again.

It turns out that the house we put up for sale in the late summer of 2007 and moved out of in January 2008 has been sold again last December. The selling price then was about 11.82% lower than our selling price in 2007/8. Just an anecdotal really, but interesting. We live in the Staffordshire if it's of any interest.

I was pretty surprised actually. I'd kind of got the feeling that houses around here had been pretty much flat since we sold up. So, we'd not gaffed really, but I wouldn't have thought our selling the house was an especially shrewd move. And yet, taking inflation into account, I would imagine the value of that house is down by, say, 30% in the last eight years.

Even more surprising, because you sold when houses were already off the top...by the autumn of 2007 it was obvious the market was imploding. The optimum time for selling in Staffordshire was 2004 for an easy sale and 2005 to achieve top whack. You must have been aware that you were getting a good price, no ? And it wasn't an easy time to sell either.

The one thing that bulls don't mention is that in order to track the indicies (and clearly your buyer failed) you have to at least maintain the condition...well actually slightly improve it because the stock, by its nature, improves over time and that is what the indicies capture. Indeed sales volumes are so low now compared to what they were, even in a distressed autumn 2007 market, that the quality of stock that actually sells in 2015 is probably infinitely superior to back then.

Edited by crashmonitor

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The 2 bed back to back in Huddersfield I sold for £82k in 2007 was on the market a few years ago at £80k but never sold.

On the same street a 3 bed through sold for £70k last year.

Edited by My Name Is ??

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Northampton is like a polish ghetto now

It really really is. Massive influx of Eastern Europeans where the vast majority aren't even in the market to buy (let alone could afford) property. HPI forever in Northampton? Hahahahahaa.....

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Out of interest would you have bought your old house back at an 11% discount?

Probably not. If it was that specific house, with hindsight I'm no longer so keen on the location, and the neighbours were noisy (although I accept they could've moved also in the meantime). If it was a house of that general specification, still probably not. I think if I were to buy a house again now, it'd be a detached, and the old house is a semi.

Possibly my only reason for buying a house again any time soon would be security of tenure, but (in the move we're about to make) I may have that problem somewhat solved anyway. We're moving into a place belonging to a relative of mine who is willing to give us a rolling 12-months' notice arrangement, which kinda solves my main bugbear of renting.

If/when we do finally get our notice at this new place, we may buy again just to achieve security.

Edited by Ologhai Jones

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Even more surprising, because you sold when houses were already off the top...by the autumn of 2007 it was obvious the market was imploding. The optimum time for selling in Staffordshire was 2004 for an easy sale and 2005 to achieve top whack. You must have been aware that you were getting a good price, no ? And it wasn't an easy time to sell either.

We probably spent around a thousand quid sprucing (although maybe half of that was with a few newer bits of furniture to make the place look better which we took with us, so maybe only a £500 loss), and (I like to think) I'm fairly articulate and made a reasonable job of showing people around.

I prepared a little two-sides of A4 hand-out for viewers to take with them with a floorplan (back then, EA floorplans were unheard of, at least by me) and all the selling points listed for the house as bullet points.

I felt quite under pressure (self-imposed) to sell based upon the view (as you say) that it was now obvious that the market was in trouble. All things considered, it went pretty easily--especially as (against the EA's advice) we knocked a couple of grand off the asking price two or three times to begin with until the viewings/interest really started picking up.

In other words, it sold--but I wasn't messing about. I wanted to sell it... I'm not sure that all 'sellers' do!

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In other words, it sold--but I wasn't messing about. I wanted to sell it... I'm not sure that all 'sellers' do!

I think some people really believe all the hype about property values, so are determined to absolutely maximise their sale price - even if it means they'll never achieve it and it takes them 2 or 3 years of on-the-market time to realise it.

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I think some people really believe all the hype about property values, so are determined to absolutely maximise their sale price - even if it means they'll never achieve it and it takes them 2 or 3 years of on-the-market time to realise it.

That's all well-and-fine and 'they have the power' in this market.

In a market turn, when the squeeze or fear is on, other owner-sellers will decide matters for them.

(On TV) I saw big 'important' older individual RBS shareholders go to Edinburgh for the RBS special meeting for a vote on buying ABN-AMRO - with the other 2 banks for a tripartite deal (well buying the bulky main part of it, because the best treasure-unit of it had been sold off to some US firm about a year before).

How many of those long-term holders of RBS shares were holding at £8, down to £5... not willing to sell.. expecting share-price to go up to what it is worth. Other investors kept on selling for lower prices, all the way down to 10p. The stubborn hold and wait, paid a hard price; that money was their pension too. Hard lines.

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