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UKguy1979

Your Expert Advice Needed?

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I live in an expensive part of the Cotswolds where prince Charles lives where I could never afford a house. An ex-council house has come on the market for 95k. It is a 3 bed semi detached but it is made out of concrete. These houses were put up well where I live hence why they have lasted so long, but whats the risk of concrete cancer?

I don't want to buy and find it gets knocked down 10 years down the road, or would it see my years out? Do the council buy them back of people? I would have to get a full survey on the house.

I'm sure some of you guys can offer some expert advice for me?

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Its say on right move, cash purchase only. They were put up in the 60' 70's I guess.

Sorry I meant to say unmortgageable (stupid spell checker)!

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Most mortgage lenders will lend on PRC (prefabricated reinforced concrete) houses provided it on a list of acceptable non-traditional housing types. If, as you say, it is completely of concrete it may be what is called a 'Wimpey no-fines' type. If you speak to Building Control at the local planning office they should be able to tell you. Once you know you can ask a main stream lender if it on their list. If you want specialist advice I would use a structural engineer rather than a surveyor as the surveyor will probably recommend an engineer anyway (and you'll probably pay him £300 for telling you this!).

In practice, the lifespan of this type of structure is unpredictable; failure is usually a result of the metal components within it (rust makes the metal expand). Look for cracking which is the best indicator of a problem. Beware of a thing called Mundic although I am not aware of this being used on the Cotswolds.

Hope this helps.

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There were a few big estate made like this in Swansea and in recent years they have had to knock them down as they became unsafe for people to live in. I think the problem is due to the girders inside the concrete which rust, expand and destroy the concrete from within but I am no expert.

http://community.channel4.com/eve/forums/a...41/m/2720054953

Oddly enough, I posted the above link before fully reading the thread and it is, ahem, about Swansea. Good info in that thread though about the whole issue including mortgage and insurance issues.

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I live in an expensive part of the Cotswolds where prince Charles lives where I could never afford a house. An ex-council house has come on the market for 95k. It is a 3 bed semi detached but it is made out of concrete. These houses were put up well where I live hence why they have lasted so long, but whats the risk of concrete cancer?

I don't want to buy and find it gets knocked down 10 years down the road, or would it see my years out? Do the council buy them back of people? I would have to get a full survey on the house.

I'm sure some of you guys can offer some expert advice for me?

I'm sure prices will fall enough so that you can afford to buy a 'proper' house in a year or two, just have patience.

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I don’t know the current position re mortgages, but in the past (where I live) you couldn’t get a mortgage for similar properties without the outer shell being removed and replaced with standard brickwork.

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Some great advice there & the link was full of useful information. I will be very cautious!!! Perhaps wait and see how much prices come down here. At the moment poky 1 bed flats are still at 120k, they are not selling but people are being stubborn here about reducing their asking prices.

Thanks

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Some great advice there & the link was full of useful information. I will be very cautious!!! Perhaps wait and see how much prices come down here. At the moment poky 1 bed flats are still at 120k, they are not selling but people are being stubborn here about reducing their asking prices.

Thanks

As others have said, just have patience and wait a year or so. Prices are just going to continue to come down. You probably will get something much nicer for your money in 12 or 18 months time.

The problem with this bubble is that even the crudiest of houses has risen dramatically in price - even houses that you could not give away 10 years ago. Give it a few more years and you probably will not be able to give them away again either.

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Notwithstanding the construction, jus shows how low prices can go when you cant get a mortgage.

If these places were financeable, then people would have had them repaired and the price would have more than doubled.

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As others have said, just have patience and wait a year or so. Prices are just going to continue to come down. You probably will get something much nicer for your money in 12 or 18 months time.

The problem with this bubble is that even the crudiest of houses has risen dramatically in price - even houses that you could not give away 10 years ago. Give it a few more years and you probably will not be able to give them away again either.

MT speaks sense. You have to remember UKguy1979 that if the crash goes according to what the predictions are you could end up being stuck with this place for a long time.

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As others have said, just have patience and wait a year or so. Prices are just going to continue to come down. You probably will get something much nicer for your money in 12 or 18 months time.

The problem with this bubble is that even the crudiest of houses has risen dramatically in price - even houses that you could not give away 10 years ago. Give it a few more years and you probably will not be able to give them away again either.

Spot on.

Had a conversation with a mate today who has moved abroad.

He bough in 2001 for 42k, and was trying to sell for 120k from December until March, when he thought "f*ck it, i'll rent it out until the market picks up".

5 months on, his tennant has given notice, and he is how trying to sell for 100k.

If only he had listened to me when I told him to just get shot in December.

His loss..

His place is nice, but in a nowhere area, and he'll be lucky to get rid of it for 80k.

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So if it's 95k, and you had the cash, you'd be losing 95K * 0.065 /12 = £514 per calender month in interest (@6.5%) earned on that cash in a savings account, plus whatever purchase costs, maintenance, insurance you'd also have to pay over and above the purchase price.

Could you rent a similar place for roughly the same cost or less in your area? If so, and you believe prices are on their way down then you'd be better off leaving alone.

Bear in mind these places are difficult to sell if (?) they are are un-mortgageable, so may well take a bigger hit in a falling market.

If you can't get a mortgage on it, and don't have the cash, there's not much point worrying about it though!

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  • 399 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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