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TheCountOfNowhere

2007 +50%

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Spotted this today

http://www.rightmove.co.uk/property-for-sale/property-40824651.html

Last sold...2007 for 530k...

Yours for a post 2007, 20% price collapse' 675.

Shoulda been selling for around 400k.

Help to buy...has got to end

Probably looks like a bargain to a Londoner ;lol:

Browns hubblw has nothing on gideons ...he's done a proper ponzi.

Edited by TheCountOfNowhere

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Event taking inflation on top of the crazy 2007 bubble price, these sort of prices are sickening.

Its like the 2008, never really happened and all is well in the UK

Maybe we were wrong after all

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Plus...I can rent till retirement for less than the amount they want to make since they were savvy enough to buy at the peak of a bank collapsing housing bubble.

Crazy...sick..

Insane

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I'm just thankful the north is looking better. Where we are in Walthamstow the highest sold prices are around 2007 + 75% and asking prices on rightmove above 2007 +100%. £600k for a two bed house in Walthamstow, absolutely barking mad.

I showed my wife that at the current rent we pay we can buy a place where we want to live up north within five years. Even those prices are too high but at least just stupid rather than Mr Fwibble.

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I'm just thankful the north is looking better. Where we are in Walthamstow the highest sold prices are around 2007 + 75% and asking prices on rightmove above 2007 +100%. £600k for a two bed house in Walthamstow, absolutely barking mad.

I showed my wife that at the current rent we pay we can buy a place where we want to live up north within five years. Even those prices are too high but at least just stupid rather than Mr Fwibble.

Malk, I'm just down the road from you and round Leyton/Leytonstone/Wanstead it's low volume but high high prices.

Typical 3 bed terrace 550k I'm living in. Flats 1 bed 300k+ 2 beds pushing 380-400k.

Be interesting to go to one of those mass viewings to see the demand; When I called up the estate agents they were talking about high demand but low sales. I wonder why?

- Viewing Walthamstow is what convinced me finally. Before I moved East, I'd heard how up and coming it was, good transport links etc. 300+ for a 1 bedder? You must be out your flipping mind Mr. Estate Agent when the place, no offence Malk, is not worth that much for that area.

Patience.

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IMO people buying are

1)BTL hoovering up everything which reduces supply forces people into renting from them in area's they need for work

2)BOMAD using the equity increases in their properties to fund the kids , its a viscous circle BOMAD house increase in value they pass this on to kids

they see prices only going up to overpay for their place and so it goes on.

3)Combination of both BTL buying stock charging crazy rents , BOMAD come to rescure to get kids into own place sure its costing them a crazy amount but monthly wise it will be less than rent (this is my exp in my area ,Luton where rents are quickly going towards London prices)

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IMO people buying are

1)BTL hoovering up everything which reduces supply forces people into renting from them in area's they need for work

2)BOMAD using the equity increases in their properties to fund the kids , its a viscous circle BOMAD house increase in value they pass this on to kids

they see prices only going up to overpay for their place and so it goes on.

3)Combination of both BTL buying stock charging crazy rents , BOMAD come to rescure to get kids into own place sure its costing them a crazy amount but monthly wise it will be less than rent (this is my exp in my area ,Luton where rents are quickly going towards London prices)

Bang on!

Had not 1 but 4 work colleagues (2 of which helped by BOMAD, 1 was loaned a relatively large amount for a deposit from a friend and the other just "bought" a £350k terrace with the bare minimum (with 12% deposit) of what they needed with extensive refurbishment needed, in his words "nothing's perfect" :rolleyes: ) warn me yesterday to buy before it's too late, and it makes sense for them as they are paying the same a month for their 5 year fixed mortgage as they were paying in rent but now own a house instead of rent a flat, win win!

Many were house hunting in Twyford/Maidenhead surroundings but now buying in High Wycombe through desperation as it's the only area left which seems to have 3 bed housing under £350k which is just crazy. Most houses they are managing to get are the ones that stay on the market for more than a day, the "projects". HPI on steroids everywhere now spreading like a virus along train tracks, some modest 2 bed houses close to the GW mainline going up 5k a month! Try saving that up a month after deductions...

If I did have a big enough deposit I still wouldn't buy right now (especially with BTL crowd rushing to beat the April stamp duty hike) like everyone around me seems to be. Will just have to see if the BTL tax changes cause a flatlining or a reversal of prices, most think the former. Still looks like we're heading for a big bang in the global economy despite MSM saying things are much calmer now *everyone breathe a sigh of relief yay!*, starting to see worrying info from China resurfacing. I'll give at a couple of years and then perhaps jump in but not in the SE or anywhere else bubbly.

There's always the slight chance of Brexit too which could really cause a shock!

Edited by Barnsey

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IMO people buying are

1)BTL hoovering up everything which reduces supply forces people into renting from them in area's they need for work

2)BOMAD using the equity increases in their properties to fund the kids , its a viscous circle BOMAD house increase in value they pass this on to kids

they see prices only going up to overpay for their place and so it goes on.

3)Combination of both BTL buying stock charging crazy rents , BOMAD come to rescure to get kids into own place sure its costing them a crazy amount but monthly wise it will be less than rent (this is my exp in my area ,Luton where rents are quickly going towards London prices)

4) No one. The agents/banks/government are telling porkies.

Who in their right mind pay's 100's of 1000's of £ too much for something so s**t

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Like many, I could buy, but have no urge to sponsor an East European Wrinkly Sychronised ****-wiping team. I am happy for the Hand Cart to be wheeled out in the next 12 - 24 months before wasting my money. Hurry up Recession - I wish, so badly, to see Cameron out and a proper "normal" market.

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Plus...I can rent till retirement for less than the amount they want to make since they were savvy enough to buy at the peak of a bank collapsing housing bubble.

Seriously, it's got to that point some years ago. Forget rent being dead money, it actually gives you more spending power each month as rents are a lot cheaper ("brick for brick") than mortgages these days - at least in Northampton. See, rents are capped by salaries. Nobody borrows money to rent. Landlords have a ceiling price.

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Seriously, it's got to that point some years ago. Forget rent being dead money, it actually gives you more spending power each month as rents are a lot cheaper ("brick for brick") than mortgages these days - at least in Northampton. See, rents are capped by salaries. Nobody borrows money to rent. Landlords have a ceiling price.

What does my original listing cost to buy if you say you have a £75K depost and can get the 600K morgage,

Probably 3K a month ?

You can rent something like that for half.

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Malk, I'm just down the road from you and round Leyton/Leytonstone/Wanstead it's low volume but high high prices.

Typical 3 bed terrace 550k I'm living in. Flats 1 bed 300k+ 2 beds pushing 380-400k.

Be interesting to go to one of those mass viewings to see the demand; When I called up the estate agents they were talking about high demand but low sales. I wonder why?

- Viewing Walthamstow is what convinced me finally. Before I moved East, I'd heard how up and coming it was, good transport links etc. 300+ for a 1 bedder? You must be out your flipping mind Mr. Estate Agent when the place, no offence Malk, is not worth that much for that area.

Patience.

I'm totally with you Tapori, very little is moving and it's really no wonder at the crazy prices. I remember running the numbers a little while back, £550k house, 10% deposit, 3% mortgage = the entire salary of someone just creeping into the higher tax band (ok I'm assuming still paying back student loan and making pension contributions but still!). Plus that isn't taking into account transaction costs for purchasing, any work that needs immediately doing etc...

So no offence taken at all! You'll notice I judiciously avoided using "worth" in my post, just sold prices and asking prices ;)

My rough calculations show that if my wife gets the same salary up north (and she will) then I'd need to earn about £600 per month for us to break even on what we have after essentials down here. Factor in the cost of non essentials and our break even is lower than that.

But even if we stayed down here. A £500k mortgage is about £2400 per month at 3%. That's about £800 per month above rental prices. £800 a month at 5% interest compounds up to £478,392.80. Sure there's 25 years of inflation to account for but there's also the massive risk of paying an insane amount for a deeply average house! Oh, and maintenance costs too...

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IMO people buying are

1)BTL hoovering up everything which reduces supply forces people into renting from them in area's they need for work

2)BOMAD using the equity increases in their properties to fund the kids , its a viscous circle BOMAD house increase in value they pass this on to kids

they see prices only going up to overpay for their place and so it goes on.

3)Combination of both BTL buying stock charging crazy rents , BOMAD come to rescure to get kids into own place sure its costing them a crazy amount but monthly wise it will be less than rent (this is my exp in my area ,Luton where rents are quickly going towards London prices)

There's another factor which is people selling in London and moving out with their gains and buying the equivalent or better property for less. This has the effect of pushing up prices further out ie the "ripple effect". This can easily reverse though so in a few months we may see asking prices come down quite substantially :) especially with the changes in the BTL in the pipeline :):):)

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Well talking for the N Midlands I've got an actual sale.....mine today....exchanged at noon.

Bought Q1 2012......242,500 (gross after costs (246,680)

Sold two hours ago...275,000 (projected net sale proceeds 270,000)

Zoopla valuation February 2016 based on purchase at point of SSTC...271,000

Zoopla valuation March 2016 279,000

Actually all very accurate. Propety has bounced in Nottingham but tbh the 30k upgrade all came in the first few weeks of 2016, before that we would have been lucky to break even. Property we are viewing north of Nottingham is sub 2010 levels. It's a tsunami ripple period and from about Yorkshire upwards they've seen nothing.

Currently propertyless, and we were mainly in cash before today in any case, feels absolutely wonderful if only those prices would stop going up.

Edited by crashmonitor

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Well talking for the N Midlands I've got an actual sale.....mine today....exchanged at noon.

Bought Q1 2012......242,500 (gross after costs (246,680)

Sold two hours ago...275,000 (projected net sale proceeds 270,000)

Zoopla valuation February 2016 based on purchase at point of SSTC...271,000

Zoopla valuation March 2016 279,000

Actually all very accurate. Propety has bounced in Nottingham but tbh the 30k upgrade all came in the first few weeks of 2016, before that we would have been lucky to break even. Property we are viewing north of Nottingham is sub 2010 levels. It's a tsunami ripple period and from about Yorkshire upwards they've seen nothing.

Currently propertyless, and we were mainly in cash before today in any case, feels absolutely wonderful if only those prices would stop going up.

Nice. You bought just before HtB was introduced. A recession this year and some sustained falls and you'll have timed the market to perfection. B)

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