How far will house prices fall [volume 4]

[Dave_ST220]

I'll stick with Shropshire, although not my taste (or price range, oh hold on, this is PH, I spunk £30k a year on holidays).

http://www.rightmove.co.uk/property-for-sale/prope...

[XJ40]

anonymous said:

[redacted]

Decent house with good space but possibly the blandest thing I've ever seen. They're going for the blank-canvas look I guess..

[Justayellowbadge]

Dave_ST220 said:

I'll stick with Shropshire, although not my taste (or price range, oh hold on, this is PH, I spunk £30k a year on holidays).

http://www.rightmove.co.uk/property-for-sale/prope...

A little 'Big Yellow' for me.

Fair bit of house though.

[jonny996]

Dave_ST220 said:

I'll stick with Shropshire, although not my taste (or price range, oh hold on, this is PH, I spunk £30k a year on holidays).

http://www.rightmove.co.uk/property-for-sale/prope...

That is stunning.

[Dave_ST220]

jonny996 said:

Dave_ST220 said:

I'll stick with Shropshire, although not my taste (or price range, oh hold on, this is PH, I spunk £30k a year on holidays).

http://www.rightmove.co.uk/property-for-sale/prope...

That is stunning.

I'm not sure I'd risk it, Condover already has PP for houses. Shrewsbury has LOTS of building work going on, those fields could well be ripe in years to come...

[Targarama]

XJ40 said:

anonymous said:

[redacted]

Decent house with good space but possibly the blandest thing I've ever seen. They're going for the blank-canvas look I guess..

Terrible finish and low kerb appeal IMO. Look at the meter boxes and mismatched bricks. House only lived in by a man too.

[number 46]

A crazy golf course in the garden!!! And what appears to be parking out back for an artic??!!! see front picture!, Is it being sold by Eddie Stobarts estate??!!

[XJ40]

Targarama said:

XJ40 said:

anonymous said:

[redacted]

Decent house with good space but possibly the blandest thing I've ever seen. They're going for the blank-canvas look I guess..

Terrible finish and low kerb appeal IMO. Look at the meter boxes and mismatched bricks. House only lived in by a man too.

Yes some of the details are off for a gaff of that price tag, that white UPVC front door is a disappointment, I'm not really into the sticky-out porch on this type of house either, the extension is a bit too obvious.. It all looks clean and tidy though is fairness, I've no idea about prices in that area and whether it's over-priced of not, but it has potential purely in terms of being a big solid space that you could inject some character into..

[Pork]

p1stonhead said:

Things not changed round my way - hardly anything for sale so prices still rising. A st load of loft extensions going on now presumably because people cant afford to, or are not willing to, pay to move.

That's just astonishing!

I'm assuming the flat has had some investment, but have all been subject to improvements?

By my quick calcs, they've risen by a minimum of just under £2k a month, to up to £11.5k a month (between latest and most current previous sale). The message there is buy now or see the price of your prospective home increase by at least £2k every month you wait.

That's terrifying. I don't want to see properties crash but increases like that are out of control.

[p1stonhead]

Pork said:

p1stonhead said:

Things not changed round my way - hardly anything for sale so prices still rising. A st load of loft extensions going on now presumably because people cant afford to, or are not willing to, pay to move.

That's just astonishing!

I'm assuming the flat has had some investment, but have all been subject to improvements?

By my quick calcs, they've risen by a minimum of just under £2k a month, to up to £11.5k a month (between latest and most current previous sale). The message there is buy now or see the price of your prospective home increase by at least £2k every month you wait.

That's terrifying. I don't want to see properties crash but increases like that are out of control.

I agreed the price for my current house exactly 1 year ago (although only completed this April) and based on a neighbours selling recently, mine has gone up by £50k in that time if I achieved the same price they have just now. Thats £4k a month since agreeing the price or £5500 a month since I actually completed.

Lunacy.

[Dave_ST220]

Yet new builds going up all over the place & seemingly selling well

[Bullett]

So the average house could be bought by 2 people on the average wage.

I also just had a look at Shrewsbury.
Property starts from under 100k, 2 bed victorian terrace from about £120k, 3 and 4 bed semi's for the average £210k.

[Dave_ST220]

Bullett said:

I also just had a look at Shrewsbury.
Property starts from under 100k, 2 bed victorian terrace from about £120k, 3 and 4 bed semi's for the average £210k.

Links?

[TheLordJohn]

Dave_ST220 said:

Links?

Surely you can manage to use Zoopla and Rightmove?
You can even put the area you would like and the price range you can adford!

[Dave_ST220]

TheLordJohn said:

Surely you can manage to use Zoopla and Rightmove?
You can even put the area you would like and the price range you can adford!

Of course I can, but I'd like to see what lovely areas they have found for those prices. Do you not see current prices as a problem? I'm happily now in my house for life. I'm more worried about a ridiculous market that is getting more out of hand by the week.

[turbobloke]

Dave_ST220 said:

TheLordJohn said:

Surely you can manage to use Zoopla and Rightmove?
You can even put the area you would like and the price range you can adford!

Of course I can, but I'd like to see what lovely areas they have found for those prices. Do you not see current prices as a problem? I'm happily now in my house for life. I'm more worried about a ridiculous market that is getting more out of hand by the week.

Stop whining and start MEWing, don't we all need a RRS in white?!

[Dave_ST220]

[joscal]

Dave_ST220 said:

Yet new builds going up all over the place & seemingly selling well

This happened in Northern Ireland and it did not end well! Different market entirely but hard to understand how it's sustainable.

[XJ40]

joscal said:

...hard to understand how it's sustainable.

Well the answer of course is that many people taking out a mortgage have substainial equity, usually made from house prices going up significantly. So property prices of x times income like those mentioned above are mainly an issue to first time buyers with small desposits. Those who've owned for a number of years and benefited from price rises won't need such borrowing multiples...

[walm]

XJ40 said:

Well the answer of course is that many people taking out a mortgage have substainial equity, usually made from house prices going up significantly. So property prices of x times income like those mentioned above are mainly an issue to first time buyers with small desposits. Those who've owned for a number of years and benefited from price rises won't need such borrowing multiples...

Only sort-of true.

To afford to move up the ladder you need one/more of the following:
- Have paid down lots of your mortgage so you can refi back up to the original size.
- Have a larger salary. (Less and less likely these days.)
- Hope the multipliers are more generous. Hint: they aren't.

Having lots of equity with a static mortgage and a static wage means you can afford to say put.
You can't move.

And let's not forget stamp duty here...