Deep Singh

Flat in Docklands built by St James (high end quality builder) sold in 2005 for £460k. Sold last week at auction for £360K



Now that is a proper butt spanking if ever I saw one

TopBanana

You ain't seen nothing yet

mrtheedge2u2

To quote Dylan - the times they are a changing

mrtheedge2u2

this could turn into a song title thread hahahaha

sti-04!!

10% interest rates are slowly creeping up on the UK economy.

Midlife......

iTrader: (2)

House 2 doors down from me was up for sale at £365k....they have now dropped the price to £299k to try and sell.

Still no takers. Bit of a nuisance as we are trying to sell as well, we just can't afford to knock £66k off the price of our house !!

Shaun

Dracoro

If that's the going rate then you're gonna have to.

or not sell.

check this out to find out what properties near you REALLY sell for, not what you saw them advertised at!
Free UK Sold House Prices - Nethouseprices.com

WRX_Dazza

i've not heard that one.... whos it by ??


sounds like Billy Bragg

Mitchy260

That's an indication that your house was way overpriced to begin with surely, that £66k or so was never really real.

If you are moving up the ladder, then buying when there is a crash is more beneficial for you.

Just as an example.....

£300k loses 20% = £60k, new price £240k
£400k loses 20% = £80k, new price £320k

Without the crash, you will have needed to fork out £100k for your next house, even though you've ''lost'' say £60k, you've just ''gained'' £20k as the £100k price difference is now only £80k.

Crashes are not bad, everyone should be wanting property to plummet as we will all gain from it moving up the ladder, higher end properties fall more than lower end properties

It's all a mental thing, my house is worth £xxx amount that people cant get away from.

Jerome

At the risk of sounding like a gloating "I told you so" nobber, I have no sympathy for those that bought houses at over inflated prices and are now have to pay the penalty.

unclebuck

Much worse then that around. For example the idiots that bought new build apartments in Leeds as 'buy to let investments' two years ago for 'discounted' £180K. Can't let them - can't afford the repayments.

Tried to sell at auction but failed to even reach the reserve of £80K

Now that's a spanking.

Midlife......

iTrader: (2)

Mitchy

They (the neighbours) have knocked off so much money as they are very keen to sell as they have retired to Spain / Florida and want rid of their property. Even at the knockdown price it's having no takers.

I'm not moving up the ladder I just want a similar house nearer to my lad's school to stop him having to travel so much. The problem is that property prices nearer to his school are staying static or in some cases rising !!

Shaun

Deep Singh

Are you trying to compare the size of your spanking?

Seriously though, the difference is that the flat I quoted is in a 'desirable' part of London (not to me though) with excellent transport links and loads of jobs on the door step.

The ones in Leeds probably don't have these attributes.

Just shows how over priced the new builds were, I could never figure out why you would pay half a million £ for a 2 bed flat in a place thats right next to one of the poorest, most deprived areas in the UK ie Tower Hamlets. High crime, schools where 80% don't have english as their first language

I can see the City boys taking it right up the Gary Glitter ie jobs gone or bonuses wiped out and their Docklands flats losing 100s of £k

billythekid

If you think thats bad you want to see some business properties, they are getting dire now - I saw a place recently reduced from over a million to 400k. And its still not selling!!

unclebuck

The best news of all though is that the large city house that Blair and his horrible wife bought (boasting in her book that they had a mortgage 'the size of Krakatoa') is plummeting in value.

They paid £3.6 million for it a couple of years ago. Another house in the same terrace recent sold for just £2.1 million leaving them with potential negative equity of around £1.5 million to go with their huge mortgage.

There's a silver lining to every cloud.

Deep Singh

Since he was part architect of this 'crash' you would have thought he would have seen it coming and stayed in cash and then picked up the bargains. Shows just how bad Labour are with money

GC8WRX

With you on that one mate, i HATE the blairs, they deserve everything they get!

Snazy

Love it
Im sure TB will just ask for a pay rise or claim it back somehow lol

Now all I wanna hear is the cowboy developers near me are losing hand over fist and I will be real happy

StickyMicky

to be honest, the whole house price economy compleatly baffles me, but i was very nearly suckered into the SN massifs "if you dont buy now the prices will never come down" bull**** from last year, i nearly jumped on the bandwagon and bought the place next door to me, but held off.

soooooooooooooo glad i did, word of advice, what ever the "SN Massif" says, do the opposite and you will probably be ok

lozgti

We moved house last year.Put down a £50k deposit.

Reckon we have lost that £50k but we never really had it in the first place....if you know what I mean (nice when you can smile about things like that)

Suppose as to the thread,interesting that the mythical land of £350,000 ex council houses (London) is having a kick in the nuts.

(Scots will be along soon to say 'its skyrocketing still where we are though')

Shark Man

I was always a property doomsayer. I predicted it would reach saturation point a good number of years ago, saying it would happen in x number of years....

I'm just going to have a quick search to see how many years I stated in my predictions, just so that I can be extra smug if I got the number of years in my forcasts right

al4x1

auction prices at the moment aren't anything to go by, there simply aren't buyers out there willing or able to commit to buying hence some very low headline prices. Its hard if you have to sell as the vultures are circling but the sensible people are sitting tight. First positive move was the nationwide dropping rates the banks depend on new mortgage business, so when they want to lend which it appears the Nationwide is showing signs of then we may see a kick start. I'd love to be buying now and may buy another if it keeps going a little longer and I can get the current renovation a bit closer to being finished.

One thing confuses me though, no one is buying and allegedly no one is renting as buy to lets are sitting empty so why do we need the 100's of thousands of new build houses the government are trying to build

Dracoro

Lots of people (esp <30yrs) are sharing with friends/family/parents etc.

richardg

don;t believe all you read on there...

richardg

any chance you c ould let me know where that is by pm please billythekid? obviously money will change hands if i benefit from that knowledge

Gav

Well the last two properties i've bought and sold, the prices on that site are bob on

al4x1

same here, its taken from the actual sold figures so is the only accurate source.

All the rest are estate agent figures plucked from somewhere that appears to be fresh air, the sold prices always have tended to be pretty different depending how optimistic the agent was