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interestrateripoff

Since 2006 An Approx 37% Increase In Value

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Bought the current house just before the crisis, the neighbours are selling theirs. Sold once and then fell through and quickly been snapped up again a few weeks after the previous sale fell through, this time for slightly more than the previous sale price. Utter insanity and then doing some quick maths on paper, I've done nothing and "made" £60k. Not as much as the first house made between 2000-2006 but considering the blip of a global financial crisis it's not an insignificant sum in fantasy money terms. Especially as it's not in the magic London area.

Whilst I'm sure other areas of the country have seen bigger increases in theory the house has made 37%ish in 10 years. Disappointing compared to the boom years and I thought prices were holding steady in the area, not that I've really took any notice as it hasn't really interested me. We certainly couldn't afford to buy this house on our current wages, although having said that we couldn't afford to buy our first house now either.

Even better there's a house which is up for sale across the road which is smaller and the asking price is even higher than next door. They have done a magnificent job of propping up the ponzi.

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Thing is unless you cash-out you have probably not made anything, replacing your accomodation like for like, ignoring any money spent on maintaining/improving it would in all probability result in a net loss after costs have been factored in.

Just going to pay mine off asap then I don't have to get up at stupid o'clock to jockey with the Audi/Merc/X-Series driving morons every weekday.

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Likewise, paying mine off at 1.99% as fast as possible, and the house would not cost me £239,000 rather than the £209,000 we paid 12 months ago. What a difference a year makes as we wouldn't be able to afford it now.

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There's a house near me that sold in 2007 for 600k. It's just come on the market this week at 1.2m. Can't see what they've changed... seems to be very little.

How do people knowingly buy a house that has doubled (apparently) in price in a decade and not get worried?

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There's been ~30% inflation of the currency in 10 years, it's my wages and conditions that have been crushed in real terms (IT sector).

You know, one day people will realise that as a nation we should be making progress year on year (housing, wages, pensions, education costs, care homes, infrastructure etc...), sadly our living standards are in steep decline.

Edited by DarkHorseWaits-NoMore

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There's a house near me that sold in 2007 for 600k. It's just come on the market this week at 1.2m. Can't see what they've changed... seems to be very little.

How do people knowingly buy a house that has doubled (apparently) in price in a decade and not get worried?

Because they think it'll double again?

The imbeciles.

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There's a house near me that sold in 2007 for 600k. It's just come on the market this week at 1.2m. Can't see what they've changed... seems to be very little.

How do people knowingly buy a house that has doubled (apparently) in price in a decade and not get worried?

That's not that bad really. I have seen examples where the price has tripled or quadrupled within a decade. There are quite few parts of the country (e.g. lots of west yorkshire and parts of north wales) where an entry level house was around £30-40K in the late 90s, and by 2006-7 they were £100-£120K. I felt lucky/disgusted to pay 2003 prices for ours in 2012 - while bearing in mind that prices had roughly doubled between 2000 and 2003.

In London, the problem can be even more acute. Locals told me that in the mid 90s flats in the Bow Quarter were basically unsellable and went for as low as £40K. Now a typical asking price is £340K.

As others have noted any gains are notional unless you are downsizing/moving to a cheaper area.

Edited by StainlessSteelCat

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The reality is that large swaths of the country are not for sale to millions of the now priced out.....who will pay the rents? ;)

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There's a house near me that sold in 2007 for 600k. It's just come on the market this week at 1.2m. Can't see what they've changed... seems to be very little.

How do people knowingly buy a house that has doubled (apparently) in price in a decade and not get worried?

I just knew there would be bigger and much more insane stories. London area?

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