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What happened to the STR folk from 2007?


rockerboy

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HOLA441
 

£100k in bitcoin now you could be retired by 2025. If £1mish will last you?

 

 

Yeah or broke

 

 

Fly to Vegas....all on red. Sorted 😆😆 

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HOLA442
 

Completely agree with this sentiment. It's even more pronounced when renting--the marginal comfort/material differential is basically zero but the rent can be 100% more. Buy/rent cheap and minimise working.

That’s an interesting angle re also calling out rental price differences.

I see superb, well located, large flats with stunning views for £700 pcm....but to be fair they might be slightly dated ie 2005 refurb. But with 25 foot living rooms embossed wallpaper is part of the charm. 

Then I see a ‘minted’ flat with a stiff key blue and Cornforth white shaker kitchen and chrome handles....and it’s all surface stuff but I do understand that makes a difference. However when the flat is half the size and on at £1495 above a shop in Yorkshire....it beggars belief. 

Interestingly (I might challenge my own preconceptions of some tenants poor decisions) because those ‘premium priced’ places are often empty...so I guess many tenants use them as a 6 month luxury between places rather than a long term let...which is probably fair enough. 

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HOLA443
 

Interesting post, and fair play for being able to retire at 40 - i'm that age and cant see myself retiring until 70!

To be fair.... whilst I wasn’t lucky as such, I avoided the bad luck that befalls many regardless of them making all the right decisions. I don’t mean things like ‘timing a market’ or ‘poor investment returns’ but I mean more a question of the big things Eg health and divorce.

For my ‘good fortune’ I am grateful.😉

Edited by Pop321
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HOLA444
 

STRd in 2007 and bought again in 2009. Still in the same place.

Still hoping for a HPC though as have 3 children and still wish for a HPC for their sakes. 

Mirrors me - STR'd Oct 2007 - bought back in Dec 2009 - sold that June 2017 primarily to downsize a bit. Rented for a year but was rubbish to be fair compared to before. Bought back in 2018 - seemed to have been the right decision 

Edited by GregBowman
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HOLA445
 

For what it's worth, not a lot!

HPC was my housing 'authority' (still is), so we STR in Jan 2008, and to downsize.

Initially in 2008, and 2009 the interest on our 'house' pot paid the rent, then the financial crisis killed interest rates!

Struggled on until 2014, then bit the bullet again, and bought a small 3 (2&1/2!) bed, new build.

Very pleased with the first 6 years, no DIY, no maintenance bills so far, very energy efficient, only down side is parking spaces for visitors.

But after 3 previous houses from 1972 to 2008, new kitchens, new bathrooms, rewires, and 100's of other projects, this new build ticks all our needs, especially regarding it's economy of ownership. 

Still regard HPC as a necessary site for varied and valuable views. Retired, we both look at 'Rightmove' and 'Zoopla' most days, now following the price drops, occasionally dream about a bigger home (more bedroom space), then consider how little this one costs to heat, and the dream is no more.

 

I do miss the BIG, BOLD, script of a certain contributor of the 2006-2008 years, still respect his views of all those years ago.

We did the same lucky that nice Mr darling had a word with the Vikings...

We are the same re house its not a new build but feels a bit small - but then we look at the modest cost of running it and think this will do for now

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HOLA446
 

Pretty much but the new house bought was 250k less after the crash.

Took 4 years to sell 🤣
From 2002 initially asking 1.1m

Her gain is a loss for me so bitter sweet really. Honestly probably best just staying where we were.

 

I think  a lot of people who believe that their house is their pension and bet it all on £1 million house will have a rude awakening

The house we sold in 2017 was a million+ 4 serious viewings, 1 proper offer 

There are very few transactions at that level

 

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HOLA447
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HOLA448
 

It sound like from the responses many bought a few years later and likely at some discount from the 2007 prices  

It also sounds in some places (eg spy guy confirms) 2007 prices are very achievable. I concur absolutely and in my area whilst prices have increased I can still see houses selling at 2007 prices albeit the ‘average’ price may have increased 15/20%. 

My son is looking and I have been surprised how little prices had gone up over the past 13 years....and indeed factor in a little bau inflation then there are deals to be done. 

The key is ‘the average’ price. In 2007 a houses we are looking at traded for £170/£245k. Now they are £190k/£285k...they have gone up. However the reality is that some people this summer bought houses worth £200k (ie unextended, uneven and angled plots, poorly renovated but nice fireplace, nice wallpaper, nice blinds and nice light fitting) and paid £280k because of the Mini Boom. 

So my son is buying and the formula is simple....he pays £200k for a scruffy but poorly extended house or maybe £245k for a great house, extended, super plot and fully refurbished (new wiring, plumbing, new boiler, new quality kitchen and bath etc) but maybe empty, unloved and a bit soulless.

Houses aren’t investments but let’s not pretend making a bad decision and a good decision doesn’t make a huge difference to the rest of your life. 

Nice post

My other observation is the top end houses don't fluctuate as much. I live in an area with a fair few £1 million houses but they have been £850k - £1.1 million for years

Many of these were bought for £700k ten years ago they certainly haven't doubled - the market isn't liquid enough to drive transactions 

'In 2018, there were 14,638 properties which went for a seven figure sum, according to Lloyds Bank. The number of houses sold for more than £2 million was down slightly, from 2,530 in 2017 to 2,501 in 2018' 

 

 

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HOLA449
 

Nice post

My other observation is the top end houses don't fluctuate as much. I live in an area with a fair few £1 million houses but they have been £850k - £1.1 million for years

Many of these were bought for £700k ten years ago they certainly haven't doubled - the market isn't liquid enough to drive transactions 

'In 2018, there were 14,638 properties which went for a seven figure sum, according to Lloyds Bank. The number of houses sold for more than £2 million was down slightly, from 2,530 in 2017 to 2,501 in 2018' 

 

 

Have to say I don't agree. Perhaps NI is different but when prices crashed, the top end was hit more than the bottom. 

Here's an example, 

Sold in 2007 for £3.5 million, dropped to 825k in 2013. This is probably the most expensive street in NI but there are countless of examples of the same happening throughout the city. My own street is an expensive street. I bought after 60% falls, along with several others. 

https://www.bbc.co.uk/news/uk-northern-ireland-21277512

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HOLA4410
 

Have to say I don't agree. Perhaps NI is different but when prices crashed, the top end was hit more than the bottom. 

Here's an example, 

Sold in 2007 for £3.5 million, dropped to 825k in 2013. This is probably the most expensive street in NI but there are countless of examples of the same happening throughout the city. My own street is an expensive street. I bought after 60% falls, along with several others. 

https://www.bbc.co.uk/news/uk-northern-ireland-21277512

I think its a different market and even in the South East houses at £3.5 million would be at the extremes so probably would fluctuate all over the place. 

I am not saying they won't go down but as I said they haven't gone up in percentage terms as much as the mid market

Much as I would love to your not picking this up for sub a £1 million at £2 million there would be a queue around the block

https://www.rightmove.co.uk/properties/96949529#/

 

 

 

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HOLA4411
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HOLA4412
 

I think its a different market and even in the South East houses at £3.5 million would be at the extremes so probably would fluctuate all over the place. 

I am not saying they won't go down but as I said they haven't gone up in percentage terms as much as the mid market

Much as I would love to your not picking this up for sub a £1 million at £2 million there would be a queue around the block

https://www.rightmove.co.uk/properties/96949529#/

 

 

 

I see NI as a case study. The same could be said about not picking houses up on my street and the ones around for less than a couple of mill from 2005 > 2009. People would be queueing once they dropped 20%. But that's not what happened. Once the falls started people with the money to spend sat back. Plenty could afford the price 10% off, but why buy when you could save 200k when they dropped another 10%. Transactions fell off a cliff, surveyor's valuations were reflecting the new market. 

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HOLA4413
  • 2 weeks later...
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HOLA4414

I was here around 2007, I can't even remember my username.

I didn't STR but I was about to buy a poxy studio in London, this site put me off.

I put the money into starting a business instead, which did well. I've now got about 700k cash to spend and I didn't live in a poxy studio in London at any point

The money I made out of my business feels good, the money I made out of my hosue which I recenly sold irks me, because it's a disincentive to get on and go through the hassle of doing anything challenging and productive. That's not good for anyone.

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HOLA4415
11 hours ago, sta100 said:

I was here around 2007, I can't even remember my username.

I didn't STR but I was about to buy a poxy studio in London, this site put me off.

I put the money into starting a business instead, which did well. I've now got about 700k cash to spend and I didn't live in a poxy studio in London at any point

The money I made out of my business feels good, the money I made out of my hosue which I recenly sold irks me, because it's a disincentive to get on and go through the hassle of doing anything challenging and productive. That's not good for anyone.

Great story - started my business in 1990 and even by the late 90’s was saying word for word what you just said 

How many careers not started, idea breakthroughs that didn’t happen and kids from the wrong side of the tracks not given a chance because of this

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