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wsn03

I went to view a sh1thole

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I'm in an unusual situation. I have a home, but I've been camped at my Mother-in-laws for a while for various reasons. She wants us all to live with her permanently, and as she's diamond I'm good with that. She lives in Warwick.

Cut along story short, mainly from her, we have an incredibly high budget, £410,000, of which only 60k would be borrowed. She's stomping up the rest, very lucky for us for sure. So worst case buy a 3 bed, spend 60k extending it to a 4 bed. Rent my own house in the country out or sell it, and become a townie.

After several months I found one place that looks like it might have the space to do that and put up a decent garage. By all accounts we are in this situation very well off. So we should, you would think, be able to manage something pretty substantial. Well no, not enough money. All that gets us is a 3 bedroom, tiny museum of the 1970s. I worked out, including removing the hill that they call a back garden and all the renovations and retaining walls, you're looking at an extra 120k, plus 60k for the extension...so only half a million pounds. Bargain. The place wasn't fit to p1ss in, yet the Estate Agent told me its owned by an elderly couple who need to sell up to fund their new life in Scotland. I wonder where these idiots got their sense of entitlement from, I wouldn't even put that hole up for sale, it was disgusting?

After that, yet another over-priced 1970s sh1t tip, we decided to start looking outside of Warwick, its just too expensive. A friend lives in Leek Wooton, a place that just has lots of houses and nothing else. Ok, its near Warwick, we can look at that. We drive to the address she tells us about that is on the market, a small 1970s ugly little house with a single garage. The estate agent tells me its 4 bedroom. Ok its nothing special but it will probably do if its cheap enough, should be being outside of the expensive Warwick.

The price - £480,000... and she said that without laughing too.

My wife has now agreed we will move into my house. It might not be where she lives now, but I own it, its really nice, big etc etc. My house is in the country and she wants to be in the town, but not at that price. She doesn't want her Mother wasting her hard earned money on something so utterly cr@p. I don't either.

I now believe the market will completely dry up. Even people who can afford to move, who don't need to take on the extortionate amounts of debt, are saying enough is enough. What must everyone else be thinking? This is social train crash waiting to happen of epic proportions.

 

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I'm in a similar boat.  We own a house and wanted something bigger.  Went to see a house that hadn't had a penny spent apart from a cheap conservatory.  Carpets original, lights, doors all original.  House built in 1996 - they paid £120,000 for it in 2002 - its a 4 bed with double garage.  They were retired teachers and wanted £240,000 for it.

Now to my southern brethren this probably sounds like a bargain - however the local wage is 18k.  Teachers locally will be earning between 25k and 35k.  The people selling the house we saw couldn't afford their own house if they had to buy it now.

Apparently they were insulted by my offer - not as insulted as they would have been if I'd delivered it in person to the thieving entitled *****s.

My wife is fully onboard with me now and has a matching tin foil hat and everything :lol:.  For a long time she thought I was potty but the maths have a habit of convincin gpeople eventually.  We'll wait for a crash to come or stay put - but I'll never pay what these clowns want - I'd rather spend it all on holidays.

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42 minutes ago, Bunfight said:

I'm in a similar boat.  We own a house and wanted something bigger.  Went to see a house that hadn't had a penny spent apart from a cheap conservatory.  Carpets original, lights, doors all original.  House built in 1996 - they paid £120,000 for it in 2002 - its a 4 bed with double garage.  They were retired teachers and wanted £240,000 for it.

Now to my southern brethren this probably sounds like a bargain - however the local wage is 18k.  Teachers locally will be earning between 25k and 35k.  The people selling the house we saw couldn't afford their own house if they had to buy it now.

Apparently they were insulted by my offer - not as insulted as they would have been if I'd delivered it in person to the thieving entitled *****s.

My wife is fully onboard with me now and has a matching tin foil hat and everything :lol:.  For a long time she thought I was potty but the maths have a habit of convincin gpeople eventually.  We'll wait for a crash to come or stay put - but I'll never pay what these clowns want - I'd rather spend it all on holidays.

correct I do think that is cheap and if it has only doubled in 15 years even cheaper.

Average wage in reading is 27k and a damp draughty in tatty condition throughout 3 bed victorian terrace with no parking or side entrance will cost you circa 300k.

People still buy them.

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1 hour ago, Bunfight said:

I'm in a similar boat.  We own a house and wanted something bigger.  Went to see a house that hadn't had a penny spent apart from a cheap conservatory.  Carpets original, lights, doors all original.  House built in 1996 - they paid £120,000 for it in 2002 - its a 4 bed with double garage.  They were retired teachers and wanted £240,000 for it.

Now to my southern brethren this probably sounds like a bargain - however the local wage is 18k.  Teachers locally will be earning between 25k and 35k.  The people selling the house we saw couldn't afford their own house if they had to buy it now.

Apparently they were insulted by my offer - not as insulted as they would have been if I'd delivered it in person to the thieving entitled *****s.

My wife is fully onboard with me now and has a matching tin foil hat and everything :lol:.  For a long time she thought I was potty but the maths have a habit of convincin gpeople eventually.  We'll wait for a crash to come or stay put - but I'll never pay what these clowns want - I'd rather spend it all on holidays.

£240k at earning say £30k each makes it 4x joint income. The BoE are happy with no more than 15% of mortgages at greater than 4.5x joint income.

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1 hour ago, Bunfight said:

  The people selling the house we saw couldn't afford their own house if they had to buy it now.
 

Surprisingly few people think that is a bad thing.  My salary is 2.5 times what it was in 2001 but I wouldn't be able to afford the same flat I could then (and it was not cheap then).

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Fellow midlands person here. 

What are complaining about? With only a 4 hour round trip 4 days a week you could have a job in London  (LONDON!). That's got to be worth half a million quid, surely? 

At least that seems to be the logic for most people buying houses in Warwickshire at the moment. Worse still Solihull; a town that was seemingly invented for wealthy people with absolutely no imagination. 

I like Warwick (and Leamington, Stratford, Knowle etc) it's a nice place but you're right, prices are out of hand. 

There are other parts of the Midlands where that money will get you a lot more though without having to live in a shit hole (house or town). Depends on where you need to be for work I guess but I would go West; have a look at Shropshire. 

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Ello, mods, can I ask why this was moved? Was it the title? It's good stuff, not particularly anecdotal - OOs who have decided not to move because prices are so insane - think this is a really good thing to be discussed on the main prices and the economy board, important factor in market? Probably lots of lurkers out there who might chip in.

OPs, if this doesn't get moved back, could you start another thread with a less generic/anecdotal looking title and put it o n the main board?

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Similar position, sold to rent to upsize few Years ago, and prices have ramped over the period. Every new instruction is higher priced the last, just about given up now, not interested to take on a load more debt, looking at other options move up north abroad etc. Mrs almost on board now.

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17 hours ago, North London Rent Girl said:

Ello, mods, can I ask why this was moved? Was it the title? It's good stuff, not particularly anecdotal - OOs who have decided not to move because prices are so insane - think this is a really good thing to be discussed on the main prices and the economy board, important factor in market? Probably lots of lurkers out there who might chip in.

OPs, if this doesn't get moved back, could you start another thread with a less generic/anecdotal looking title and put it o n the main board?

Same question from me. This is a big story - couple being gifted the chance of an almost free house, decline the chance because they don't see the value. Even im struggling to believe the luck im walking away from.

If we won't buy in our situation who will?

Maybe i need to start another threat just on that particular topic?

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On ‎17‎/‎03‎/‎2017 at 2:47 PM, Hullabaloo82 said:

Fellow midlands person here. 

What are complaining about? With only a 4 hour round trip 4 days a week you could have a job in London  (LONDON!). That's got to be worth half a million quid, surely? 

At least that seems to be the logic for most people buying houses in Warwickshire at the moment. Worse still Solihull; a town that was seemingly invented for wealthy people with absolutely no imagination. 

I like Warwick (and Leamington, Stratford, Knowle etc) it's a nice place but you're right, prices are out of hand. 

There are other parts of the Midlands where that money will get you a lot more though without having to live in a shit hole (house or town). Depends on where you need to be for work I guess but I would go West; have a look at Shropshire. 

I don't get the obsession with Warwick, or Solihull. I think there's a lot of snob value keeping these prices insane.

I know a guy who has just bought a house in Solihull. He said to me "for God's sake don't ever call it Shirley. I looked up his address, it is actually Shirley! No snob value in that. Yet his wife marks her address as Solihull, hilarious. Shirley is more like Rugby prices, yet its got as much to offer as Solihull. Its the snob value surely.

Warwick has 2 big estates just outside of Warwick / Leamington - Heathcote and something Gates. Both a fraction of the towns prices, again its a snob value thing. Its really ridiculous.

Yet I was in Hinckley the other day, and I have friends in Rugby. Basically half the price of the west side of the Midlands, with no real reason for such a massive discrepancy. Warwick is nice, just the town and the Castle. The rest of it is just crappy 1960s houses. So why the premium? I'm lost.

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On 18/03/2017 at 11:53 AM, wsn03 said:

Same question from me. This is a big story - couple being gifted the chance of an almost free house, decline the chance because they don't see the value. Even im struggling to believe the luck im walking away from.

If we won't buy in our situation who will?

Maybe i need to start another threat just on that particular topic?

wsn03 looks like you're going to have to do it - at least a few more people will read it and it is definitely something

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I complete on a sale on Thurs this week and am in a rented flat.  I moved because of neighbours but I may carry on renting for a while.  I want prices to drop like a stone.:D More likely they'll just drift down a bit.........here's hoping for a mega HPC:D

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On ‎21‎/‎03‎/‎2017 at 8:31 AM, North London Rent Girl said:

wsn03 looks like you're going to have to do it - at least a few more people will read it and it is definitely something

I did it - see the "I'm going to look a gift horse in the mouth" thread, and they moved it to Anecdotals too. I guess it is, but its a big alarm bell that should be of interest to a lot of people on here who don't come into Anecdotals - so bit disappointing. Never mind, nothing I say will affect the market, it will all start to unravel in good time.

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5 hours ago, wsn03 said:

I did it - see the "I'm going to look a gift horse in the mouth" thread, and they moved it to Anecdotals too. I guess it is, but its a big alarm bell that should be of interest to a lot of people on here who don't come into Anecdotals - so bit disappointing. Never mind, nothing I say will affect the market, it will all start to unravel in good time.

Huh, what is going on? I do not understand this at all, it's a really interesting corner of what's happening and seems to me very relevant. Well, look, anyway, good decision on the house, that's the main thing. Better luck with future posts.

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On ‎22‎/‎03‎/‎2017 at 4:27 PM, North London Rent Girl said:

Huh, what is going on? I do not understand this at all, it's a really interesting corner of what's happening and seems to me very relevant. Well, look, anyway, good decision on the house, that's the main thing. Better luck with future posts.

I don't know, doesn't really seem to make sense that all of my posts have recently been moved, they are more than anecdotals. That said I also cannot upload relevant news articles, and nobody responded when I asked why (a while ago). I'll just stick to reading the forum from now on. A crash will eventually come regardless of what anyone on here says, the trigger will be interest rates. I have a home but this situation is dangerous and wrong, so the crash for me cannot come soon enough!

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On 21/03/2017 at 3:00 PM, janch said:

I complete on a sale on Thurs this week and am in a rented flat.  I moved because of neighbours but I may carry on renting for a while.  I want prices to drop like a stone.:D More likely they'll just drift down a bit.........here's hoping for a mega HPC:D

I sold to rent in August 2010 (iffy work situation). Still waiting for property prices to drop... :(

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On 24/03/2017 at 1:34 PM, wsn03 said:

I don't know, doesn't really seem to make sense that all of my posts have recently been moved, they are more than anecdotals. That said I also cannot upload relevant news articles, and nobody responded when I asked why (a while ago). I'll just stick to reading the forum from now on. A crash will eventually come regardless of what anyone on here says, the trigger will be interest rates. I have a home but this situation is dangerous and wrong, so the crash for me cannot come soon enough!

Yes I must say I don't understand it, seemed super-relevant to me. Anyway, chin up, don't stop posting - it's a funny old site but definitely worth persisting with. And do listen to Archive on 4 I just posted a link to, it's fascinating.

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26 minutes ago, North London Rent Girl said:

Yes I must say I don't understand it, seemed super-relevant to me. Anyway, chin up, don't stop posting - it's a funny old site but definitely worth persisting with. And do listen to Archive on 4 I just posted a link to, it's fascinating.

I liked the NIMBY term alternative "BANANA" for "Build Absolutely Nothing Anywhere Near Anything".

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On ‎25‎/‎03‎/‎2017 at 8:15 PM, North London Rent Girl said:

Yes I must say I don't understand it, seemed super-relevant to me. Anyway, chin up, don't stop posting - it's a funny old site but definitely worth persisting with. And do listen to Archive on 4 I just posted a link to, it's fascinating.

Ok, if I hear anything relevant I'll post it, if nothing else to spread a little bit of hope / realisation that whilst this must appear to be the nut house to the outside world, the real nutters are the ones on the outside of it.

Edited by wsn03
Typo

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On 25/03/2017 at 11:23 AM, MattW said:

I sold to rent in August 2010 (iffy work situation). Still waiting for property prices to drop... :(

Sorry to hear that. I did the same in 2015, right before PRices jumped 20%?

Gutted :(

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19 minutes ago, GreenDevil said:

Sorry to hear that. I did the same in 2015, right before PRices jumped 20%?

Gutted :(

Thanks. I thought the market was on the downward slide then. In the first few months of the coalition government never did I expect Cameron and his fag Osborne to prop up the housing market with 'Help To Buy Mortgage' . <_<

I sold my flat for £76k, they guy I sold it to later sold it on for £80k (fair enough) but then it was sold again for £100k in 2015 I think. Although it was much improved, no way was it worth that much.

Did house prices really go up by 20% in 2015-16? :blink:

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