How far will house prices fall [volume 5]

How far will house prices fall [volume 5]

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Dindoit

1,645 posts

94 months

Tuesday 18th September 2018
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How long have you been renting tonker?

FocusRS3

3,411 posts

91 months

Tuesday 18th September 2018
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As much as my wife tries to convince me about this house she wants all that's going round my head-
Brexit
Getting a bad deal
Transaction costs
A labour government
Wealth Tax
Land Tax
A weaker currency
and no doubt more I just cant remember at present.

It's not adding up to me.....

p1stonhead

25,545 posts

167 months

Tuesday 18th September 2018
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anonymous said:
[redacted]
To be honest Tonker, I dont think you will ever find something at an acceptable price.

If you want to move, just get it done. There is only so much time you can spend looking around and deciding the entire world is too expensive.

I am going to see a house tonight for top money. If I want it enough to justify (to me) the price, I will put an offer in. Simple as.

No one wants to lose money, but I would have never bought otherwise and im now 5 houses down the line. Has it potentially cost me more than the absolute minimum it could have? Probably.

gibbon

2,182 posts

207 months

Tuesday 18th September 2018
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p1stonhead said:
To be honest Tonker, I dont think you will ever find something at an acceptable price.

If you want to move, just get it done. There is only so much time you can spend looking around and deciding the entire world is too expensive.

I am going to see a house tonight for top money. If I want it enough to justify (to me) the price, I will put an offer in. Simple as.

No one wants to lose money, but I would have never bought otherwise and im now 5 houses down the line. Has it potentially cost me more than the absolute minimum it could have? Probably.
A wise post.

I've always paid slightly more than i thought i should do when purchasing property, but thats more down to my nature than the property markets i think. With hindsight, I'm hugely glad i did force myself to buy.

Find somewhere you love, pay as little as you can for it but just enough to secure it, and move on with your life.

gibbon

2,182 posts

207 months

Tuesday 18th September 2018
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anonymous said:
[redacted]
To be fair Tonker, that is also true, and having recently ish bought and sold at broadly the value you seem to be looking at, I feel your pain, my primary concern was not 'getting it wrong' in terms of the property we bought.

citizensm1th

8,371 posts

137 months

Tuesday 18th September 2018
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Looking to sell my house soon in a nice little village to the west of Leicester and was pleasantly supprised to find out property values have gone up just under 5% in the last year here. And according to zoopla our house has increased by 233% since we bought it

FocusRS3

3,411 posts

91 months

Tuesday 18th September 2018
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citizensm1th said:
Looking to sell my house soon in a nice little village to the west of Leicester and was pleasantly supprised to find out property values have gone up just under 5% in the last year here. And according to zoopla our house has increased by 233% since we bought it
I hate Zoopla its such a crock of inaccurate cr4p.

The valuation on my house and what ive just sold it for is miles apart.

I wish i'd not looked at it when I decided to sell up, cost me a lot of cash

citizensm1th

8,371 posts

137 months

Tuesday 18th September 2018
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FocusRS3 said:
I hate Zoopla its such a crock of inaccurate cr4p.

The valuation on my house and what ive just sold it for is miles apart.

I wish i'd not looked at it when I decided to sell up, cost me a lot of cash
Not just going on zoopla, land registry sales records near my house are tending to show the same kind of price increases for simular properties

Dindoit

1,645 posts

94 months

Tuesday 18th September 2018
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anonymous said:
[redacted]
My fag packet maths from the 5-bed you describe puts that at around £60k? aka half the SDLT you'd spend on a £1.75m house (and will still have to).

mike74

3,687 posts

132 months

Tuesday 18th September 2018
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citizensm1th said:
Looking to sell my house soon in a nice little village to the west of Leicester and was pleasantly supprised to find out property values have gone up just under 5% in the last year here. And according to zoopla our house has increased by 233% since we bought it
Are you downsizing? And to a much cheaper part of the country?

If not I'm struggling to understand why you think rampant house price inflation in your area is such a great thing?

(Although the fact you've quoted Zoopla figures is enough evidence to suggest that you're not really very clued up as far as property prices and values are concerned)

FocusRS3

3,411 posts

91 months

Tuesday 18th September 2018
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citizensm1th said:
Not just going on zoopla, land registry sales records near my house are tending to show the same kind of price increases for simular properties
Good news for you .

I missed the top by believing Zoopla .
Hey ho we move on

jjlynn27

7,935 posts

109 months

Tuesday 18th September 2018
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mike74 said:
citizensm1th said:
Looking to sell my house soon in a nice little village to the west of Leicester and was pleasantly supprised to find out property values have gone up just under 5% in the last year here. And according to zoopla our house has increased by 233% since we bought it
Are you downsizing? And to a much cheaper part of the country?

If not I'm struggling to understand why you think rampant house price inflation in your area is such a great thing?

(Although the fact you've quoted Zoopla figures is enough evidence to suggest that you're not really very clued up as far as property prices and values are concerned)
Zoopla figures are for entertainment purposes only, and to me, it doesn't read that citizen is putting too much actual value on Zoopla. I remember changing some info about one of the flats that we own and subsequent, rather drastic, change in Zoopla valuation. What I do find fascinating with the UK market is that in some areas prices didn't change from 2004-2014 (range for the last house we bought, and how much previous owner paid for it).

NickCQ

5,392 posts

96 months

Tuesday 18th September 2018
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anonymous said:
[redacted]
But only a little more than the interest saved (3.2% rental yield is roughly equivalent to 2% mortgage at 65% LTV)

citizensm1th

8,371 posts

137 months

Tuesday 18th September 2018
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mike74 said:
Are you downsizing? And to a much cheaper part of the country?
Cheaper part of the world and i happened to pay a pittance (comparatively) for my house compared with what houses with the same amount of space in the village are selling for in the last 12 months.

Having kept an eye on what properties are going for (on the LR) over the past several years i think i have a pretty good idea on what houses are selling for around here( for some reason it is seen as an aspirational village) . there has not been a drop in prices here that is for sure.

hyphen

26,262 posts

90 months

Tuesday 18th September 2018
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Was in Knightsbridge earlier, that large development near Harvey nicks looks an impressive feat.

Russian and Arabs will snap up the flats? Or struggle like one Hyde park appeared to.

Zonergem

1,368 posts

92 months

Tuesday 18th September 2018
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FWIW I sold my London house for a reasonable amount back in March and have finally found an off-market unicorn in the cathedral city where I want to raise my family. All being well it will be two hours from the Marylebone Road to my front door (ECML) and a four minute walk to school when Child 1 starts next year. We are opening the veins to pay for it but we'll live there for 20 years, crash or no crash, and we are totally in cash for the lot, one point serious.

dom9

8,078 posts

209 months

Tuesday 18th September 2018
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I've got a mate with 2 flats in 1 Hyde Park... not the sort to worry!

Our purchase is progressing thanks to Sarnie.... Mortgage valuation tomorrow, wish us luck!

Tonks - never got to your last email... life getting in the way!

Shnozz

27,473 posts

271 months

Tuesday 18th September 2018
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FocusRS3 said:
As much as my wife tries to convince me about this house she wants all that's going round my head-
Brexit
Getting a bad deal
Transaction costs
A labour government
Wealth Tax
Land Tax
A weaker currency
and no doubt more I just cant remember at present.

It's not adding up to me.....
Nor me.

Thankfully I do not have a wife.

alfaman

6,416 posts

234 months

Wednesday 19th September 2018
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p1stonhead said:
To be honest Tonker, I dont think you will ever find something at an acceptable price.

If you want to move, just get it done. There is only so much time you can spend looking around and deciding the entire world is too expensive.

I am going to see a house tonight for top money. If I want it enough to justify (to me) the price, I will put an offer in. Simple as.

No one wants to lose money, but I would have never bought otherwise and im now 5 houses down the line. Has it potentially cost me more than the absolute minimum it could have? Probably.
This ^^^^

very pragmatic post.

From a practical POV - Very hard to absolutely minimise the purchase price on a prime, scarce house that has a seventy-twelve point list of selection criteria.

Reasons being that when and if that house (for Tonker) ever comes onto the market .. it will be sought after by other purchasers who are less perfectionist or don’t look at the purchase from the perspective of a cautious accountant.

... and the sellers will realise they have a ‘scarce’ house for sale.... and can ‘sell the dream’ to someone.

a lot of purchasers will accept either that a house isn’t perfect or that for the unicorn dream house that meets the long list of selection criteria - they will pay a premium ... and then be happy living in the house.


Edited by alfaman on Wednesday 19th September 04:21

wisbech

2,977 posts

121 months

Wednesday 19th September 2018
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Shnozz said:
Nor me.

Thankfully I do not have a wife.
Husbands, while arguably better at interior design, can be just as difficult
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