Q: The last time I tried to buy was 4 to 5 years ago.
I tackled in a war for a rather shabby in Shepherds Bush 1 bed (woodchiped wallpaper throughout, new kitchen and bathroom needed etc etc.) My last bid was 185K to spend, so someone paid the best part of 190K, and it was about 10 – 15K more up-to speed.
I have recently looked at the prices for apartments in west London and the prices seem no different!
There same number of apartments priced between 170K to 190K.
The only difference I can see is that more apartments where they painted the walls and some stones thrown near the fireplace and then added 40K: confused:
Anyone differently stagnation or decreases?
A:*groan*
This is fast becoming a "I bought my house for 10p and now it's worth £500,000!" thread.
Funny how these people know exactly what their house is worth today, but of course wouldn't pay that now, and "oh no it's a home not an investment".
One thing a correction will stop is this house price bragging. It's like being in a playground.
I've missed these little rants guy…
A:I totally agree with the last post. I think the rise in prices in NI are a shambles. Investors/ developers are laughing but poor fools like me have been priced out of moving. Yes, I am relieved we already have a house but I don't feel like boasting about it! It's just luck that we missed the boom, nothing more.
A:*groan*
This is fast becoming a "I bought my house for 10p and now it's worth ￡500,000!" thread.
Funny how these people know exactly what their house is worth today, but of course wouldn't pay that now, and "oh no it's a home not an investment".
One thing a correction will stop is this house price bragging. It's like being in a playground.
I'm not sure it's bragging. I'd probably be happier if my house hadn't gone up in value at all, or at least only in line with inflation. It would make selling and moving much easier.
My house may be worth ￡100k more than when I bought it, but the next-step-up house is also more so any gain has gone.
I guess the only people who benefit are people who are selling and leavnig the country for somewhere cheaper!
A:It seems like the property market is not 'the sum of it parts'.
Each part/area/street/property type is a market in and of its own right.
Would agree with that. Sold a property in SE England in 2002 for ￡250k, bought one in NW for ￡200k.
At the end of 2004 the house I sold in SE England sold again, for ￡260k (i.e. no movement in market 2003/4) and I had mine in the NW valued – by a surveyor for various reasons, not an estate agent seeking to inflate price – at ￡300k (i.e. 20%+ annual growth 2003/4).
Now in 2007, the same houses in the SE are selling for ￡340k (i.e. approx annual 15% growth 2005/6) whereas going off the local estate agencies I don't think mine would go for much more than ￡300k (i.e. no movement in market 2005-6).
Go figure…
A:*groan*
This is fast becoming a "I bought my house for 10p and now it's worth ￡500,000!" thread.
Funny how these people know exactly what their house is worth today, but of course wouldn't pay that now, and "oh no it's a home not an investment".
One thing a correction will stop is this house price bragging. It's like being in a playground.
A:It seems like the property market is not 'the sum of it parts'.
Each part/area/street/property type is a market in and of its own right.
The impression I get is that we are in a soft landing. I've seen other posts on here that say the market goes one way or the other, but could this be the first time we have seen stagnation in the market after a rise in the price to earnings ratio surpassing that of the previous crash in the UK ? There seems to be so much pent up demand that as long as rates don't go much above 5.5% then the BOE may well pull it off (or have they just been lucky)…. the first 'soft landing' ever ?
A:Some areas have been flat for the last few years but other areas have been catching up. We bought a year ago — the neighbours bought for £10k less a year before us but have just sold for £70k more than we paid for an almost identical flat…
A:A house near us sold in Jan 2005 for ca 119k (last known offer – sale prices aren't recorded in NI). The same house, which had been a rental property since its last sale, sold yesterday for ca 220k (again, last known offer.)
A:20K in 18 months! Presumably they are not planning to move so aren't worried? Maybe the speculative valuation of property is just returning to trend.
Luckily they're quite happy where they are, though as they paid ￡5500 for theirs initially, and will buy somewhere smaller and cheaper when they do move it won't matter.
Two bed semi, the same street in which I live Bletchingley Surrey very close to J6 M25
May 2000 – ￡105,500
Jan 2007 – ￡247,000 – Has just sold after being advertised at ￡248,000
In May 2000 houses like my parents were going for about 90k. Now they're selling at about 165k. Great what a price rise you might think.
But less than 18 months ago the same houses were selling for 185k+. Their neighbours bought their house for 200k last year (it was extended quite a bit) and now it's worth less than what they paid.
Another similar example, my friends have just purchased their first house for 110k. The previous owners bought it for about 50k in 2000. However the exact same houses were selling for 120k a year ago.
You have to look at the rises in the last couple of years as guy says.
A:looking at a nearby house in cambridgeshire 2 bed semi very nice area
2002 – ￡153k
2006 – ￡160k
not much difference at all.
A:I bought in 2001 for £42,500 now would sell for around £130,000.
Most of the rise happened in 2001-2005, the last 18 months has seen a very modest gain.
A:Where did you buy ? London ? Flat or house ?
South London/Surrey (Sutton, to be exact!). 4-bed terraced house (3-bed plus a loft conversion).
A:Prices in London between 2001-4 were very flat. Only in recent times have the posher areas picked up markedly.
I'd say that 180K for a one bedder in Shepherd's Bush was astronomical at the time. (I still wouldn't pay it now).
In my area prices fell 10% in 2005 and rose 10% in 2006, so we're evens.
A:I think the period to really look at it is 2004-2007. A lot of growth occured from 2000-2004 but it has been light or even non existent in some areas from 2004 onwards.
A:Two bed semi, the same street in which I live Bletchingley Surrey very close to J6 M25
May 2000 – £105,500
Jan 2007 – £247,000 – Has just sold after being advertised at £248,000
A:In the city where I bought 3 years ago, house prices seem a lot higher in a few select areas. But overall they have not gone up in price much at all. We could afford very similar things now with the money we had then. In fact probably better as we'd have had an extra 3 years to save a much better deposit.
In my parents area 130 miles away house prices are falling. They've decreased in price by approximately 20k in the last 18 months.
Yeh, the media headlines over the passed few years report on huge price rises in certain areas … kensigton and chelsea for example where all the city financial types with more money than they know what to do with have invested in … but this isn't representative of the majority of property and average wage based people.
20K in 18 months! Presumably they are not planning to move so aren't worried? Maybe the speculative valuation of property is just returning to trend.
My house was ￡170k when I bought it in 2001. Valued last week at ￡285k. No way could I afford it now.
Where did you buy ? London ? Flat or house ?
A:My house was £170k when I bought it in 2001. Valued last week at £285k. No way could I afford it now.
A:In the city where I bought 3 years ago, house prices seem a lot higher in a few select areas. But overall they have not gone up in price much at all. We could afford very similar things now with the money we had then. In fact probably better as we'd have had an extra 3 years to save a much better deposit.
In my parents area 130 miles away house prices are falling. They've decreased in price by approximately 20k in the last 18 months.
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- Looking for land to build in West London [west london] [bright ideas] (0)
- FTB-wanna help on survey [victorian cottage] [west london] (0)
- Frustrating landlord (0)
- Does this make sense-help (0)