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Original poster

Has anyones house held its value in this downturn?

34 replies

noddyholder · 04/03/2009 18:10

Just that really has anyone found that their house has just stagnated but not fallen?Also has anyone sold at a close to asking price or are we all discounting hugely?And 3rdly do you think certain properties will always be desirable eg family houses near good schools?TIA xx

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Original poster
noddyholder · 04/03/2009 22:02

bump

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Owls · 04/03/2009 22:27

Don't think our house has fallen in value. Bought June '06, re-mortgaged July '08(for a tracker thankfully) and the valuation had gone up then. But obviously wouldn't know for definite unless we tried to sell which we have no intention of doing for a good few years yet.

Looking at the Land Registry sold prices for this area I honestly can't see that much difference from previous years. Volume wise yes definitely fewer sales going through but price wise there has been absolutely nothing to make me think "wow that's a real drop".

I think family homes near good schools will always be desirable. Whether people will be able to raise the mortgages to buy them is another matter entirely!

KatyMac · 04/03/2009 22:31

Well according to Zoopla my house is worth more than it was 2 years ago

I don't believe it myself - I think it's a load of crap

I think my house will not make the zoopla price due to it's area & it being an ex LA house

Carmenere · 04/03/2009 22:32

Ours has dropped by about 5k I'd say but still well up on what we paid for it in 2006. But it has good schools and good links to london and wasn't over-priced in the first place. There is a house accross the road that sold for 270k last year and I'd say they would be hard pushed to get 230k today. But that was ridiculously over priced at last years price iyswim, it is only worth about 230.

Original poster
noddyholder · 04/03/2009 22:32

Thank you I have been looking at the land registry too and certain areas and houses are still selling at quite high prices but just not in the same numbers

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NotAnOtter · 04/03/2009 22:35

according to some bod at RBS Inverclyde is the only place

NotAnOtter · 04/03/2009 22:35

according to zoopla i think we are down about 16%

edam · 04/03/2009 22:37

Estate agent selling a neighbouring house tells me our road is holding up well as we are in a peaceful corner but walking distance to station/shops and v. good schools (am the London commuter belt). Says houses further out are struggling.

Of course, he's an agent, he would talk the market up, but that house has just gone to sealed bids with eight potential buyers, so looks as if there are plenty of people still out there, just not enough for them to buy.

(I asked as would have been interested in buying it myself so he had no vested interest in putting me off... unless he's being very sneaky and saving it for a contact of his own.)

A few of my local friends have managed to sell their houses for a decent price, too.

Original poster
noddyholder · 04/03/2009 22:38

We bought a wreck last year and an agent recently valued it and it had gone up and we have done a fair bit to it but still.

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Sorrento · 04/03/2009 22:48

Your property may be in demand but the problem will be that when lending criteria is 3 times the local salary and the bank requires 20% can people still afford to buy it, do the maths, could you buy your house right now ?

NotAnOtter · 04/03/2009 22:51

i have not been calculating what we have added in value into our valuation

i estimate it to be low... just got to ride the storm

Original poster
noddyholder · 04/03/2009 22:52

Absolutely.i have been developing for 12 years and had actually stopped and this was to be my family home.I wasn't expecting it at all and am very much of the view prices still have a way to fall.I am tempted obviously to sell it as I bought it in october but finished renovations a week before xmas and am not attached to it at all.

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LaDiDaDi · 04/03/2009 22:57

Just had some friends around and we were talking about this. One friend, who lives in a v similar area and house to my parents, had viewed a larger house near there and had been told by the agents that yes, houses were still definitely selling. My friends however did their sums and worked out that even though the could afford the bigger repayments on a larger house they wouldn't be able to get a mortage because they would then only have 82% equity and to get a deal they needed to have 75% so they can't move.

Both my parents neighbours have their, identical houses up for sale. One has just accepted an offer after being for sale for over a year and having had 3 viewings. The other neighbour has just but their's up for sale at over 30k more than the first neighbour has just accepted and if anything the second house is not as nice as the first.

Another set of friends have just sold their house for 20% down from peak 2006 values, just under 200k rather than just under 250k.

Sorrento · 04/03/2009 23:02

If it was me noddy I would get it sold in the bull trap spring bounce, if it's going to happen and then buy something cheaper in the Autum when the unemployment factor kicks in, but then on the other hand if a mumsnetter comes on and says she's found your house i'd be advising her to knock you down 20% to protect herself from the down turn.
Not being funny but if you've been developing for 12 years surely your mortgage free and just want a home now ?

Original poster
noddyholder · 04/03/2009 23:03

I'm not sure what to think really.A house sold 5 doors down from us in May 08 for 340k.We bought this for 220 in october and totally re did it and we were told we should expect 10% off the last sale which was 340 so about 300.It is near very good schools but not sure if that would be enough to shift it.

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Original poster
noddyholder · 04/03/2009 23:04

Sorrento I have been mortgage free for ages but I am not going to turn down a 50k profit in 3 months as i may not make another penny for years.I will rent again wouldn't buy

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Sorrento · 04/03/2009 23:09

As I said do the maths what's the average family in your area earning times 3 and add 20% for the deposit and if the figures stack up you might get lucky in the spring.

Original poster
noddyholder · 04/03/2009 23:12

I don't think it would be someone buying for the 1st time.300k in this area is not high so I do think I can sell it but am just surprised.Will put it on and if nothing after a month will stay put but it is a biggish family house and i have one teenager who is never in!

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lalalonglegs · 05/03/2009 10:37

I think good schools are going to be key with family houses - there is going to be so much pressure to get into them as the number of people who can afford fees dwindles.

Original poster
noddyholder · 05/03/2009 13:43

Well if they abolish the lottery system here in Brighton the whole house price thing will kick off again as houses in the old catchment areas have just strted falling but will soon increase if they once again become the only option for good schools. i am going to try and sell now and see what happens.

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brettgirl2 · 05/03/2009 14:15

I think my house is worth more because the gap between it and bigger, nicer houses in better areas is less than it was. 160-300K last year, now more like 140-260K. Value is not just about the money that you can get for your property, it's what you can do with it. I'm hoping that it will go to 130-249999 in the next year to avoid 3% stamp duty...

Original poster
noddyholder · 05/03/2009 14:19

Thats true you can defintely benefit if you are trading up

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JimmyMcNulty · 05/03/2009 14:30

The 'nice area and good schools' thing doesn't always mean an area is cushioned from price falls, IME. We moved (to rent) just before Xmas to a new area, largely because of the great schools among other things. Our plan is to buy at some point in the next year or two.

We have been watching the 'poshest' bit of the new area (which we can't afford atm), where looking at price history on the net back to 2001 it seems there wasn't so much of a bubble as in other areas, it's always been pricey. However in the last 18 months almost all of the houses I've saved on Rightmove have come down 10-20% (in one case 30%) according to property-bee. Quite a few have gone 'sold' at that level but then come on again later.

I've no idea why this should be, except that our new area is fairly awash with City commuters so prices may be suffering as a result. I'm quite happy as those houses are starting to come within our reach.

ForeverOptimistic · 05/03/2009 14:31

Surely all houses have fallen in value unless you have made massive improvements. We live in a very sought after area and the fall in value around here is huge! Our modest terrace was worth around £310k it is now about £220k if we are lucky. Top of the range houses that were selling for close a million are now going for £650k. 3 bed family houses have not dropped as much because they are in short supply but they have still fallen, a friend sold her 3 bed semi for £475k, a better version of her house is now on the market for £375k.

Original poster
noddyholder · 05/03/2009 14:36

I would think so.But because we bought with cash our seller accepted very low and would have got about 285 otherwise.We have hugely improved it and 3 agents have said the same If we had paid 285 and spent what we have then we would lose so we have gained from being a cash buyer I think.It is a 3/4 bed family house so that may help.I have been told that if you are good at renovation you should be able to profit in a down turn because i have to admit that the rising market helped us a lot and now it is down to the design and the finish.

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