Who's actually lost out to the housing market 'crash'

28 replies
Found 6th Nov 2008
I am loving it, just playing the waiting game as houses slowly become more affordable as their price comes down and my savings go up.

Apparently houses on average are £30,000 cheaper than this time last year.

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28 Comments

Mine Cost £28,000 Now Worth £115,000

Banned

I would like to sell mine but I'm going to wait until spring.

In my postcode area the prices have dropped by a whopping 0.8% in the last year, i'm trying to buy but really struggling, news of the rate cut is bad for me because my savings will lose out and i don't feel i'll benefit much on the mortgage side of it, the banks won't lend me the amount i need for this area, even though i can pay the repayments no problem.

I don't think it's 30% in the last year, 13% iirc. but like i say, it's not everywhere!!

Bought when I was 18 - still have equity It'll only affect us if we need to sell and there's negative equity - otherwise we live on an island and there are only so many houses...

Original Poster

My bad, meant £30,000 not 30%

Only people with big deposits will "win".

Anyone else that thinks that they are going to buy up theie street in the advent of a crash is living in a dream world.

raptorcigs;3386772

Mine Cost £28,000 Now Worth £115,000



which doesn't mean anything in real terms

thesaint;3386879

Only people with big deposits will "win". Anyone else that thinks that … Only people with big deposits will "win". Anyone else that thinks that they are going to buy up theie street in the advent of a crash is living in a dream world.which doesn't mean anything in real terms



do you recall the last one? what makes you think it wont again?

ours cost £38000 and would be worth £200000 if we hadnt had it extended

louloo;3386895

do you recall the last one? what makes you think it wont again?



The global economy is a very different environment...

louloo;3386895

do you recall the last one? what makes you think it wont again?



Yes, I remember the last one.

I did not say that there won't be one, but I am saying that there are lots of people that think that they will get a house or two on the cheap if it does happen(Which I don't think it will).

Only people with a big cash deposit will be able to buy up property. I bought my house for just over 40k 7 years ago, why didn't everyone buy then? It's because they couldn't afford to, then, and they wouldn't be able to if those sorts of prices returned.

thesaint;3386879

Only people with big deposits will "win". Anyone else that thinks that … Only people with big deposits will "win". Anyone else that thinks that they are going to buy up theie street in the advent of a crash is living in a dream world.TRUE ITS ONLY USEFUL IF YOU GET A HOUSE LEFT YOU IN A WILL OR GO RENTINGwhich doesn't mean anything in real terms

Banned

raptorcigs;3386772

Mine Cost £28,000 Now Worth £115,000



Hey Raptor do you think i should move near to the east lancs? :-D

Even with a relatively big deposit it's pretty hard, where i live a basic 3 bed ex-council semi is going for £140,000, a large deposit of say 50k and that's still 90,000 mortgage, which is ludicrous

[email protected];3386923

The global economy is a very different environment...



i appreciate that-and i dont think it will be like that was-but i do think they will fall steadily(more in some areas than others. Seems to be ok round here when they sell price-wise but selling is taking longer just cos people are having difficulty getting mortgages-eventually surely it will have a knock-on effect? prices will drop. Anyway we aint moving-love my house and neighbours:)

bought a heap 5 yrs ago, fixed it up, recently valued at 80% more than I paid.....

got a tracker last November.........on a winning streak :-D

sancho1983;3386956

Even with a relatively big deposit it's pretty hard, where i live a basic … Even with a relatively big deposit it's pretty hard, where i live a basic 3 bed ex-council semi is going for £140,000, a large deposit of say 50k and that's still 90,000 mortgage, which is ludicrous



That's nothing! I have a much larger mortgage than that and it's at 5.5x JOINT income...

:cry:

sancho1983;3386956

Even with a relatively big deposit it's pretty hard, where i live a basic … Even with a relatively big deposit it's pretty hard, where i live a basic 3 bed ex-council semi is going for £140,000, a large deposit of say 50k and that's still 90,000 mortgage, which is ludicrous



yeh but we still have ex-council houses or terraced cheap

findaproperty.com/dis…466

Supermod

Currently buying a house and I can vouch that we have benefitted from this downturn in the market.

magicjay1986;3387007

Currently buying a house and I can vouch that we have benefitted from … Currently buying a house and I can vouch that we have benefitted from this downturn in the market.



Only because you have a large deposit.

Supermod

thesaint;3387047

Only because you have a large deposit.



Yes and no. The value of the property was initially marketed £35,000 more than our offer was accepted for.

I've been wanting to sell mine for about 2 years now. I've been looking at a few places, but currently looking in to Bulgaria. Visited earlier this year and I liked the place and the people. Currently watching the prices and they look like they are still going up! Just waiting for the market to level out and will probably sell it next spring. Scotland prices are still going up ever so slightly, but people are just waiting to see the outcomes of the wwfu before buying...If anyone is looking for a 1bed flat in Glasgow, give me a shout :thumbsup:

Original Poster

My friend was saying that the problem is where she works that the customers come in to get their houses sold but still want to get the value that the house had 6 months ago. People seem to think their houses are an exception and are still worth the same

i pulled out of buying the house in the end because of the downturn (i had £ 50,000 cash and a mortgage for £ 125,000) - the property i wanted has now gone down £ 25,000 and still on the market - I'm now renting for a year and keeping an eye on the market - depends on what happens in the market over the next year will then help me make my decision to continue to rent a bit longer of buy

My Wife is Bulgarian. You had better buy quick if you want a place in Bulgaria, the prices will rocket in the next year as they become firmly part of the EU. you can still prob buy somewhere nice and expect a return of about 200% profit in the next 5 years, in my humble opinion anyway.

Nl. do you still have a place in BG? If so, where abouts? The prices are going up every month in BG. I know I will kick myself if I don't buy a place soon. Missed out on Margarita Island a few years ago before it became more popular. Prices in BG have doubled in the 2 yrs I been looking, £5000 property now £10000 etc. As soon as they start using the Euro it will be over for a bargain. Will still be affordable, but not like the bargains to currently still be had.

My wifes family are in Sofia, but it is too expensive even now to buy there.
If you want a bargain, look to the black sea area like Sozopol and surrounding areas, but go inland about 10 minutes from the sea,.
You can pick up a 2/3 bedroomed house with water and electric for about £20,000.
I recon in 3/4 years time, they will be worth in excess of £100,000.
Wish I could get one myself to be honest.

the only people selling are those who have to really.

bought my home this summer - fairly pricey, but it was the house i wanted. if it hadn't sold for the price it did, the vendor wouldn't have bothered selling.

the net result is i have the HOME i want, which i hope to live in till i die, and the seller is happy too.

i don't care what my house is worth - i'm just happy to be able to afford to pay the mortgage and wake up to look at the sea from one side of the house and horses grazing from the other.
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