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porca misèria

My Old Flat Sold Again

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Just spotted.

The flat I used to rent before I was booted out in 2005 so my landlady could sell has re-sold. The price had fallen a long, long way (as indicated by the mirror-image flat in the same building), but in 2014 was back up to not far off the 2005 price.


£98,000 Flat, Leasehold 18 Aug 2014
£105,000 Flat, Leasehold 05 Aug 2005


(West Devon, within the Dartmoor National Park).

Edited by porca misèria

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How much was the rent when you lived there?

About £360/month. I forget the exact amount.

Big profit for my landlady, who can't've paid more than £40k back in the 1990s.

[edit to add] BTW, this was the place where the wind would whistle right through any time it blew. And where I found the heating didn't work in February 2005 when a bout of 'flu incapacitated my natural temperature regulation and I could've done with a bit of warmth above the cold snap (puddles frozen 24-hours/day) outside.

Edited by porca misèria

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Good yield on her purchase price, not bad on her selling price

Wonder what she did with the money instead?

Not such good yields at the time (though the purchase price could've been lower still). Cash in the bank could've got around twice that 2005 yield.

She was disposing of UK assets to move back to her native Switzerland after divorcing her English husband.

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That could equally be the case in most of the country, that sort of drop over a decade would be about right for Nottingham too. The only commentary we ever get on here is about a boom in a few hot spots. The boom occurred 1997-2004 when prices tripled. Arguing as to whether prices have gone up at all over ten years in nominal terms is no boom, period. Believe you me when prices triple every decade like they did 1964-2004 you bloody well know about it and there is no debate.

No doubts property is still too high and the trend will continue down, be it the odd rally like we have seen recently.

Edited by crashmonitor

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Looking at Devon and Cornwall I would say prices have been mostly flat since 2004.

there was a HTB bubble which started end of 2013 and has only just burst about 6-4 months ago.

now a few cheap properties are coming on for a realistic price which all appear to be BTLers selling up.

There is nothing acting to push prices up, no loose credit. And looks like a fresh recession is forming. I'm holding off buying for at least another year, if not 2 years. May be another bubble prior to the 2020 elections perhaps starting end of 2017, especially as the HTB ISA reaches full impact in 2020.

So between now and autum 2017 we should see falling prices. At which point I may actually buy with a 20-30% deposit at 3 or less times my income.

Happy days!

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That could equally be the case in most of the country, that sort of drop over a decade would be about right for Nottingham too. The only commentary we ever get on here is about a boom in a few hot spots. The boom occurred 1997-2004 when prices tripled. Arguing as to whether prices have gone up at all over ten years in nominal terms is no boom, period. Believe you me when prices triple every decade like they did 1964-2004 you bloody well know about it and there is no debate.

No doubts property is still too high and the trend will continue down, be it the odd rally like we have seen recently.

We're been here best part of that 10 years waiting for the HPC.

Anyway not your bungalow eh. I'm not so much interested in the lower end stock (including BTL gash) selling at lower end of market for 2005 prices (that trebled in value 1997-2004) and are still overvalued. They also need the HPC.

The boom has supported prices at the 2005 level at this lower end. Your 'no boom for 10 years' overlooks the need for HPC here, not longing for a ripple to embrace. And £370,000 bungalows.. ? 'No boom mate' - "Where's the ripple at - ahh is this it?'

I note a small bungalow has just gone under offer a couple of doors down from where I live, the asking was 370k and it has been on for about a year. I do think this suggests the ripple is finally reaching the North Midlands. I didn't expect it to sell, but actually there isn't that much left for sale at the moment in my village near Nottingham.

Yet the real culprits, those that borrowed up to the hilt, lied about income to get on the 'property ladder;' have been left totally unscathed. I suppose these are the so called 'strivers?.' Indeed they have suffered no 'austerity' at all, as thanks to QE and ZIRP their borrowing costs were slashed, and they were further rewarded by more house price inflation, to help inflate away the debt (despite apparent deflation in the real economy). If you were a landlord, you will have had benefited from the windfall of lower borrowing costs, none of which was passed onto tenants (and onto the State, if the tenants are on housing benefit).

Otherwise known as 'They didn't know what they were doing' in 2008, 'They only wanted a home' / 'Media' / 'Banks misold them into it'. The excuse fest lobbying for bailouts for no stomach for hpc.

PM's owners saved on rent during all those years of protected HPI at the 2005, even if it dipped into 2008 and reflated back to 2005 level in 2014. £100,000 is still a lot of money vs local wage.

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Noticed similar in Edinburgh in a few flats near me I noticed up for sale - had a look on ourproperty and found they are both being sold at similar to 2005 prices.

Yes - 2005 prices were still too high - but it puts an interesting slant on the 'you can never go wrong with property' mantra in this country.

Even in a 'hotspot' like Edinburgh.

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There's a woman in my hom villga still trying to get her 10kk overspend back on a house she advisedly bought in 2005.

I only investigated this as its a few houses down from where my Nan lived. I was going up the road a while ago to see my Nans old neighbour whne this old, bossy bag came out of her house and started having a go me - Its a deadend you know? Er, do I look like a p-word - (I do actually because I am am, partially, well Romany not traveller. And I had a sort of wife-beater on - Im not dressing up to have a couple of beers with an slightly incontinent 75 yo man).

Any how, I asked my Mum and she says thats so and so.

Story - moved to the village as she'd always liked it. Overpaid by 100k (paid 240k) in 2005. FFS the place sold for 140k a couple of years earlier, and prices were already well stuck.

I notice her on the village FB page - misc. bitching with the odd comment about 'cannot sell my house' 'want to go and live near my family again'

I think she's 70 now.

The place is on for 260k - the dumb logic is transparent - she wants her money back, so is expecting offers at 10% off asking.

Dumb bitch. The sticker is just putting people off, just like whne she was trying to sell in two years ago. Except now with MMR and the new mortgage regulation now younger person can afford it and no older person will get a mortgage.

She's not going to give it away of course.

She'll be leaving it in a box.

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take London out the equation the UK house market world ad down 30% nominally now.

pumping London up gap guarantee a big collapse.

soon.

sadly a combination of benefits and foreign money is keeping London expensive. Prices are up 30% since 2007 (I don't think this is a good thing).

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