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Annie

Will Period/character Properties Hold Some Value?

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We're returning to UK from Middle East in 6 weeks time. Our plan has always been to rent until we find a reasonably priced house. Unfortunately there are no rental properties in the area we want to live (apart from one rather grim looking place) and so we thought we'd throw in the towel and buy a place. We've just offered asking price (210,000) for a 2 bed semi in a sought after semi rural location. It's a Victorian house and apparently there are lots of people viewing and our offer hasn't yet been accepted. Do you think a house such as this might not fall too much in value if there's a crash? Or do you think all properties and areas will be affected?

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Guest grumpy-old-man

We're returning to UK from Middle East in 6 weeks time. Our plan has always been to rent until we find a reasonably priced house. Unfortunately there are no rental properties in the area we want to live (apart from one rather grim looking place) and so we thought we'd throw in the towel and buy a place. We've just offered asking price (210,000) for a 2 bed semi in a sought after semi rural location. It's a Victorian house and apparently there are lots of people viewing and our offer hasn't yet been accepted. Do you think a house such as this might not fall too much in value if there's a crash? Or do you think all properties and areas will be affected?

Hi Annie,

I would say that you are always safer with a period style property, larger gardens, room sizes, solid build etc......

BUT you also pay more to buy these properties, so unless you also get a reasonable deal, you still end up with the best of a bad bunch, if you get what I mean.

correct me if I'm wrong anyone :rolleyes:

personally I really, really wouldn't buy right now unless your loaded & can afford to chuck your money away. I think after spending 2 years watching this site as a lurker, in the last 3 months, there is a very significant change in the air. There is a big adjustment heading our way, starting early next year. All just my opinion of course :)

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Hi Annie,

I would say that you are always safer with a period style property, larger gardens, room sizes, solid build etc......

BUT you also pay more to buy these properties, so unless you also get a reasonable deal, you still end up with the best of a bad bunch, if you get what I mean.

correct me if I'm wrong anyone :rolleyes:

personally I really, really wouldn't buy right now unless your loaded & can afford to chuck your money away. I think after spending 2 years watching this site as a lurker, in the last 3 months, there is a very significant change in the air. There is a big adjustment heading our way, starting early next year. All just my opinion of course :)

Thanks for your comments. Our offer was accepted - we're not loaded - still have to get a 40,000 mortgage - and will have to borrow more to do an extention to accommodate our family. But we need a home and although we know we're buying at the top we've decided it's best for our family.

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Thanks for your comments. Our offer was accepted - we're not loaded - still have to get a 40,000 mortgage - and will have to borrow more to do an extention to accommodate our family. But we need a home and although we know we're buying at the top we've decided it's best for our family.

Hope it all works out for you Annie. And a £40K mortgage isn't that bad, eh?

Being nosey (as usual!). How long was it before your offer was accepted? I would have offered lower and worked up - but that's just my personal opinion. If you've found the house you want in an ideal area - you don't want to upset the seller.

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Guest grumpy-old-man

Thanks for your comments. Our offer was accepted - we're not loaded - still have to get a 40,000 mortgage - and will have to borrow more to do an extention to accommodate our family. But we need a home and although we know we're buying at the top we've decided it's best for our family.

ok, so a 40k mortgage isn't too bad.....

what's important is what's best for your situation & if you feel it's the best solution then go for it....

BUT remember, when the value dips 20% in the next 2 years (& it will) you will be sitting there wishing you had waited.

The problem is women view houses totally different to men, my wife wants to buy now even when I have spent the last 3 months explaining the situation :rolleyes::blink: ......but she does understand now & will wait for 1-2 years. What makes it worse is the fact that she has found a house she loves :o

we are in a similar position to you, we have just returned from abroad & my wife wanted to sell our house & use the cash to buy the house in the UK...luckily I managed to talk her into renting it out & therefore we don't have the cash in the bank ;)B)

Also it depends on your purchase price, 20% of 120k is totally different to, say, 20% of 240k (depends on how much, where it is)......that's a lot of extra monthly repayments to make. If you wait 1-2 years from now you will get a detached instead of a semi, or an extra bedroom, or a much smaller mortgage.....etc..etc....

good luck anyway

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The golden rule in buying any kind of propert is to set three criterea in order of importance:

1. Location.

2. Location.

3. Location.

Then you can look at the other criterea. A period house on a main road will suffer as much as a modern "architect designed" monstrosity (has anyone ever seen a nice "architect designed" property?).

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Hope it all works out for you Annie. And a £40K mortgage isn't that bad, eh?

Being nosey (as usual!). How long was it before your offer was accepted? I would have offered lower and worked up - but that's just my personal opinion. If you've found the house you want in an ideal area - you don't want to upset the seller.

We did offer lower but it was rejected as there were other offers coming in. They accepted our offer as there's no chain, although they had one higher offer (apparently!).

The golden rule in buying any kind of propert is to set three criterea in order of importance:

1. Location.

2. Location.

3. Location.

Then you can look at the other criterea. A period house on a main road will suffer as much as a modern "architect designed" monstrosity (has anyone ever seen a nice "architect designed" property?).

I hadn't really thought of it this way. The house is in a great location - walking distance to a village shop and country pub, close to an A road (but not too close). The village also has a very good primary school. I don't really expect these things to help too much when the house price crash comes but hopefully we might not be hit as hard as if we'd bought an undesirable property in an undesirable area.

The problem is women view houses totally different to men, my wife wants to buy now even when I have spent the last 3 months explaining the situation :rolleyes::blink: ......but she does understand now & will wait for 1-2 years. What makes it worse is the fact that she has found a house she loves :o

It's me who's been looking for reasons not to buy and passing info to my husband, and we've always agreed not to buy until after the HPC. I don't really know what's happened but we've just suddenly decided we've waited long enough. More than anything we want to make a home for our boys.

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Guest grumpy-old-man

We did offer lower but it was rejected as there were other offers coming in. They accepted our offer as there's no chain, although they had one higher offer (apparently!).

I hadn't really thought of it this way. The house is in a great location - walking distance to a village shop and country pub, close to an A road (but not too close). The village also has a very good primary school. I don't really expect these things to help too much when the house price crash comes but hopefully we might not be hit as hard as if we'd bought an undesirable property in an undesirable area.

It's me who's been looking for reasons not to buy and passing info to my husband, and we've always agreed not to buy until after the HPC. I don't really know what's happened but we've just suddenly decided we've waited long enough. More than anything we want to make a home for our boys.

I understand completly, there are a lot of people on here that are single & trade in houses as a commercial living, that's totally different to a family looking to purchase a home.

After listening to some of the knowlegable people on here (as I know nothing about economics, learning week-by-week though), I think that the bottom of the trough will be 2010, we (the wife :rolleyes: ) can't wait that long, so we will buy in 2008 ish, or before if the hpc happens a bit more quickly. This is not the best financial decision but if I leave it any longer I will see a headline in the local paper " HPC husband found dead in homeware section department clutching unsigned 6 month lease renewal" :o:D

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After listening to some of the knowlegable people on here (as I know nothing about economics, learning week-by-week though), I think that the bottom of the trough will be 2010, we (the wife :rolleyes: ) can't wait that long, so we will buy in 2008 ish, or before if the hpc happens a bit more quickly. This is not the best financial decision but if I leave it any longer I will see a headline in the local paper " HPC husband found dead in homeware section department clutching unsigned 6 month lease renewal" :o:D

:D:D You really should be cast for the next series of Grumpy Old Men.

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Guest mattsta1964

We're returning to UK from Middle East in 6 weeks time. Our plan has always been to rent until we find a reasonably priced house. Unfortunately there are no rental properties in the area we want to live (apart from one rather grim looking place) and so we thought we'd throw in the towel and buy a place. We've just offered asking price (210,000) for a 2 bed semi in a sought after semi rural location. It's a Victorian house and apparently there are lots of people viewing and our offer hasn't yet been accepted. Do you think a house such as this might not fall too much in value if there's a crash? Or do you think all properties and areas will be affected?

I'd never buy a property built after about 1930. The quality of building went downhill duing the great depression and deteriorated further in the postwar period. You may have to modernise an older property property but the underlying structure and particularly the timber is so much better in old buildings. The old lime mortar doesn't crack like modern cement either.I'm amazed how many victorian properties still have their original softwood windows and doors. The softwood joinery builders use today will be rotten within 20 years no matter how well it's maintained. Compare the brickwork of an old building with todays efforts too. If you're buying a home to live in, a Victorian property sounds fine to me and they do have a character so lacking in modern houses.

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BUT remember, when the value dips 20% in the next 2 years (& it will) you will be sitting there wishing you had waited.

....and when it rises 20% in the next two years (& it will) you'll be glad you bought

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We bought a georgian town house in an excellent location that did go up between 2001 and 2004, not as much as we hoped but similar new builds trying to copy the style are falling by £10,000's. The only thing I would say is listed building are a nightmare if you want to do anything inside or out, but very beautiful.

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Hi Annie,

I would say that you are always safer with a period style property, larger gardens, room sizes, solid build etc......

BUT you also pay more to buy these properties, so unless you also get a reasonable deal, you still end up with the best of a bad bunch, if you get what I mean.

correct me if I'm wrong anyone :rolleyes:

personally I really, really wouldn't buy right now unless your loaded & can afford to chuck your money away. I think after spending 2 years watching this site as a lurker, in the last 3 months, there is a very significant change in the air. There is a big adjustment heading our way, starting early next year. All just my opinion of course :)

To be fair, people have been saying major changes are afoot for as long as I have been on this board (a couple of years).

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Where I come from,East Midlands;there is a mini-boom on for the first time since 2004.I am a renter and I think with some competition amongst buyers this is the worst possible time to be buying.I would not be surprised if like July 1989,when that boom finally peaked;July 2006 could prove the peak before the bust.The catalyst could be a rise in borrowing costs next month.

I know renting isn't ideal and I keep getting tempted to buy back into the market be it the peak.

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I think that decent houses in sought-after locations will withstand any crash. It's the BTL newbuilds, ex-council houses, and properties in poor locations that are most over-inflated and will crash the most. The effect will be greater the further away from London and other big commercial centres.

Sounds like you'll be OK.

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  • 302 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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