laughing_goat Posted June 1, 2007 Share Posted June 1, 2007 Does anyone remember this, this, this? Yes, it’s been over two years since Barbara Goldsmith was allowed free advertising space on the BBC at the expense of the licence payer. Anyway, I seem to remember the delightful Ms Goldsmith telling the very young couple from Yorkshire that a 2 bed terrace house (costing £92,500) they were looking at would "more than double in value over a short period of time." It was, of course, very clever Ms Goldsmith to avoid putting a specific timescale on her prediction. However, lets for arguments sake say 2 years could, possibly, at a rough guess constitute a “very short period of time”. So, maybe it’s time to see if 2 bed terraces in that area have ‘more than doubled in value’. The house they bought was a 2 bed terrace in Eccleshill, near Bradford. Here’s what I’ve found... Example 1 Example 2 Hmmm... I'm very tempted to send this to the Beeb, but the rather ambiguous 'very short period of time' will almost certainly be the get out clause they use. What do you lot think? LG Quote Link to comment Share on other sites More sharing options...
crash2006 Posted June 1, 2007 Share Posted June 1, 2007 who would what to live in bradford Quote Link to comment Share on other sites More sharing options...
dude wheres my house Posted June 1, 2007 Share Posted June 1, 2007 "I would emphasise that they should not over-borrow, making sure they can make their repayments even if interest rates go up by 1%" Hope they budgeted for more than that in 2005 Quote Link to comment Share on other sites More sharing options...
Ah-so Posted June 1, 2007 Share Posted June 1, 2007 who would what to live in bradford And even worse, they sold their car to afford the deposit, so they cannot leave. Quote Link to comment Share on other sites More sharing options...
oracle Posted June 1, 2007 Share Posted June 1, 2007 OK so let me get this straight. the place was on offer at 92k in 2005(at the height of irrational exuberance) the place would have probably sold for more,given the amount of gazumping. lets call it £100k realistic price in 2005. fast forward 2 years to april '07. on offer at £103,995........NOW IN A SELLERS MARKET.....avg sale now 93% of asking price. Realistic sale price of £95k. ....by my reckoning that's a 5k loss,net of inflation.......so £5.5k down in 2 years. Nice one Babs. p.s keep an eye on this little baby on nethouseprices and see how much it REALLY fetches!!!! Quote Link to comment Share on other sites More sharing options...
PropertyGuru Posted June 1, 2007 Share Posted June 1, 2007 I wouldnt even let my CAT live in THAT (although NOHPC, Clitoris Van Dongle etc would be welcome to it) Quote Link to comment Share on other sites More sharing options...
laughing_goat Posted June 1, 2007 Author Share Posted June 1, 2007 Looking at nethouse prices the ceiling price is just under £100,000. Bearing in mind, alot of the houses for sale in that area (on rightmove) are 3 bedrooms. I just hope the two youngsters who bought in this area can afford the mortgage and don't plan to have kids anytime soon. Quote Link to comment Share on other sites More sharing options...
backtoparents Posted June 1, 2007 Share Posted June 1, 2007 "I would emphasise that they should not over-borrow, making sure they can make their repayments even if interest rates go up by 1%"Hope they budgeted for more than that in 2005 I was thinking the same btp Quote Link to comment Share on other sites More sharing options...
Fool's Gold Posted June 1, 2007 Share Posted June 1, 2007 Trust The Snake : The Snake Quote Link to comment Share on other sites More sharing options...
b0rk Posted June 2, 2007 Share Posted June 2, 2007 "I would emphasise that they should not over-borrow, making sure they can make their repayments even if interest rates go up by 1%"Hope they budgeted for more than that in 2005 You mean like 7% SVR or possibly 6% fixes... 2005 would have been typical 2 year fixes at 4.6% to 5.2% would it not. IMHO the normal wisdom of current rate +/-1% really isn't appropriate to periods of very low rates (or high rates). Trust The Snake :The Snake That's just blatant bear porn Quote Link to comment Share on other sites More sharing options...
nohpc Posted June 2, 2007 Share Posted June 2, 2007 I wouldnt even let my CAT live in THAT(although NOHPC, Clitoris Van Dongle etc would be welcome to it) I am shocked to hear that you have a pet cat. You really don't seem the type. Quote Link to comment Share on other sites More sharing options...
DrBob Posted June 2, 2007 Share Posted June 2, 2007 the place was on offer at 92k in 2005(at the height of irrational exuberance) the place would have probably sold for more,given the amount of gazumping. lets call it £100k realistic price in 2005. fast forward 2 years to april '07. on offer at £103,995........NOW IN A SELLERS MARKET.....avg sale now 93% of asking price. Realistic sale price of £95k. ....by my reckoning that's a 5k loss,net of inflation.......so £5.5k down in 2 years. Oracle, you forgot to factor in the following: - mortgage arrangement fee £500 - survey/legal costs £1500 - estate agent fee (for selling) £3000 (approx 3%) So that's a 10k loss before inflation, and not including any money they spent on the property, garden or furniture. Quote Link to comment Share on other sites More sharing options...
laughing_goat Posted June 2, 2007 Author Share Posted June 2, 2007 Oracle, you forgot to factor in the following:- mortgage arrangement fee £500 - survey/legal costs £1500 - estate agent fee (for selling) £3000 (approx 3%) So that's a 10k loss before inflation, and not including any money they spent on the property, garden or furniture. 10K, dear god! Is there anyone here good at putting together reports? Maybe it is worth sending to the real story production team. Quote Link to comment Share on other sites More sharing options...
bomberbrown Posted June 2, 2007 Share Posted June 2, 2007 (edited) I wouldnt even let my CAT live in THAT You're not an earl or a duke are you? Edited June 2, 2007 by bomberbrown Quote Link to comment Share on other sites More sharing options...
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