So nosey, but what's it worth?

[slavetothemall]

Ok I know IABU. I have been watching a thread about people's savings. What I would like to know, for those of you who are property owners, how much is yours worth? what's the average, how much equity is the norm? I doubt there is an average though...I am nosey, but also thinking about taking out another mortgage.

Velvetsnow, have no idea what you are talking about??? A have never heard of the term Power Tampon, Expain!
TrillianAstra I didn't know there was a property section.
LadyOftheManor, Maybe it is, but you must be vulgar too. by reading the threads, and bothering to be part of it!

Honey you'll have to join us on the norfolk threads. I'm about to move up county again

Just sold in negative equity , but had to move. Hoping that never happens again.

Bought in 1996 for £28,000 now worth £200,000. Have spent about £40,000 on it. £40,000 mortgage left to pay.

But...wouldnt be able to afford this house now.

As much as anyone's prepared to pay for it should we want to sell it. I refuse to see house "price" as a saving as it could theoretically all be wiped off tomorrow. It's just somewhere to live afaic. It's nice, but it's not savings (quite the reverse in fact, bloody old houses grumble grumble).

You haven't answered your own question OP!

My DH and I have two 2 bedroom flats (rented out) and a 4 bedroom home (live in)

They cost

£150,000
£250,000
£700,000

But goodness knows what they are actually WORTH now or if anyone would even buy them in this market :D Sure we would lose money if we sold them now but hopefully will hang onto them until market goes up if we decided to sell

We don't have a mortgage on any of them but appreciate this is highly unusual (very fortunate with our businesses and we are very grateful)

Bought in 2007, about 6 months before the crash at £85k. We had a 90% mortgage. Remortgaged a year later after our lender offered a £3k incentive and were lucky to get a higher valuation of £90k. We owe £78240 (currently remortgaging!) and are hoping they valuation will go well, we need £92500 otherwise we will not be able to do it

Won't be too bad though, we are only doing it to save money on the monthly payment - should drop from £430 to £330.

On sale for 320k in 2006 -bought for 300k.
Mortgage of 130k now down to 110k.
Prob get 300-310k for it now.

We benefited from London house price rises in the 90s. Very lucky.

I paid £525k for mine in 2006, with a £375k mortgage. Just sold it for £670k.

rental house bought for £50k last valued at £80k - less now though, just under £30k mortgage.

Family house bought June 08 paid £195k. House behind us (same) up for £150k with no takers. Just got the morgage down to £150K.

Some you win some you loose!

Heidihole
have one property mortgage free about 400k
Have inherited a lump sum, and deciding if I should invest in a another property, or blow the lot on nice holidays & a new car.

slave depends if you want to get an income from the money! I think it's totally personal in that you have to weigh up what is important for your family.

For my DH and I we know that the nature of business is you could be up one day and down the next, markets can change etc etc but people will always need somewhere to live. So we really really value that bit of security from our rental income.

Yes the rental income could go down but we will always have it... even if the market dropped and we had to take £250pcm instead of £450pcm it's better than nothing! However if you have really solid secure jobs and are confident that they'll continue (doctor or something!) then i'd love to blow money on a holiday and fancy car!! Sadly being self emplyed you need to have abit more security around you

My house is worth £140,000. I don't own it, though, I rent so no equity.

Having your house valued is one thing, actually selling it for that price, or for anywhere near it, is something entirely different.

Many house 'owners' / sellers have little idea how bad the housing market is currently and how few houses are actually selling for anywhere near their asking prices. Offers of 20% below asking price are common now and the market is only continuing to fall.

The banks are simply not lending. Several estate agents I know tell me that the banks are under-valuing every offer that a buyer makes and also finding any excuse - damp, electrics, plumbing, knotweed 2 miles away - to turn down a mortgage application.

I think £500k, maybe more. Bought for £7k in 1977 (cheap even then. A little seaside cottage with a 90yr old sitting tenant). No mortgage.

Yellowstone - WOW!

Just finished paying off £18 1/2k mortgage (100%) taken out in 1986.Apparantly now worth £130k.Large, 3 bed end terrace 2 minutes from large city centre in W. Midlands.