I thought that even in this markett any property would sell if at thw right price.

[twinsetandpearls]

We have just phoned the estate agent to drop our price again to lower than we paid for it but I thought if that is what has to be done that is what we will do and just tighten our belts a bit further to save whatever we loose. {although the belt is pinching already.

We were advised to put the house on at 155 ( up north) we put it on at 145 to sell, we have dropped anad dropped and were at 129,500 and wanted to go down to 124.500.

The estate agent has done it but his parting words were
"Your house is worth more than that, we sold an identical one recently for 150K, you are pricing yourself too low for your target market and the problem, isnt the price but that no one wants to buy"

I am sure there is some truth in that as we know other people trying to sell who are not even getting viewings, we are getting those at least but the feedback is lovely house but we are unsure of buying or we need to sell ours.

So what do we do? Our savings have all gone, we tried renting it out but
1 it wont cover the mortgage anyway,
2 last time we did this we were rippped of big style and had top redecorate top repair the damage
3 The renting market is flooded
4All that means is delaying while prices drop further
5 we need to buy in a falling market as we are buying up.

A first house is usually just whatever you can afford

And not in my opinion. That would probably give 12% rent yield. I'll give my dad a ring and he'll send the cheque now. A couple of those would give him a nice little pension income.

Of course it is what you can afford but coming out of uni with £20k of debt, what they can afford will be virtually nothing for the next generation especially when unemployment hits 3 million, plus the public sector pay freezes kick in.

I do find the denial and the fact that anyone other than developers/btl people would want high house prices odd.
Interest rates are historically low, doesn't mean they'll stay that way over 25 years and a roof over somebody's head should not cost more than a third otherwise the rest of the economy goes down, is that really so hard to see ?

Brettgirl you genuiningly make me want to vomit, you have your house/home now and fuck anyone else who wants the same security, your dad's pension pot should be full of shares but he hasn't the intelligence to manage a portfolio so chooses to take the roof from over somebody elses head instead.

i agree prices should and will fall but there have always been those who can't afford to buy.Prices at 3x salary will not happen but 3x salary mortgages will imo so people will just need deposits.Good property in good areas though will always be in demand though and will not fall as far.i bought a house in october renovated it and it is in profit which I find unbelievable but I bought with cash so got a low price and there are many like me

The charm school phoned, Sorrento; they want you back.

Brettgirl, what do you mean you can still wash in a bathroom with an avocado suite?

Sorrento - I think that is a disgusting remark to make to brettgirl and I think you should apologise. As I have explained to you before, most pension schemes have large property portfolios as do most investment funds. The bank in which you are keeping your £100k deposit will be lending that money to BTLers - I believe you are choosing to live in rented accommodation yourself at the moment. You cannot stop people investing in the property market - the only thing that will put them off is lack of return.

You obviously have very strong feelings about buy to let but I don't imagine it would take long to find one or two ethical blots on your copybook. You really should be ashamed of being so crass all the time.

Just ignoring the row, T&P. Keep looking at the new builds - I feel the same about many of them, but I have friends who found a lovely one with a good garden. I know that new builds can be hard to fall in love with, but it might get you out of a hole.

Yes Florence I can remember seeing something on Richard and Judy about new builds and some of them were lovely.

I have lived in new builds before , mainly apartments in London.

We saw a new build house we liked bu the garden was a tiny box which put us off.

I live in a new build Twinset and the garden is huge. We also have 5 bedrooms set over 3 floors and are in a village location. (we didn't do part exchange though).

When we looked at new builds we were not even looking at part exchange tbh just looking and they were not great. Do they only offer the cardboard box type ones on part exchange

Things have changed so much, developers used to call the shots especially if you were eager to sell your own property. But even they are desperate nowadays. You need to go round a few sites and see what the deals are and even push them a bit.

We have looked and the only one we would consider is on at 350K but we could get something much nicer for that money. Although of course we would need to sell. The woman in the office was very reluctant to offer any deals or be pushed.

There are some new builds in the village next to my school but 1 they are small and 2 they were very badly recieved by the locals, many of whom educate their children where I teach. I would feel very akward buying one.

Sorrento...if your dh is earning 3 times the national income and the national income is at 22k...than buying a 4 bedroom house up north can't be that much of a problem...unless you are very specific on the area and the area being super posh...

well, we bought a good sized semi-detached, 4 bed-house with a massive garden in Corby, in 2005, and we paid just under £91.000....and we also looked Derby and Nottingham nd surrounding areas....there was plentysome about..not posh areas...but we decided it was more important to stay in our comfortable mortgage-zone...

I think for around 350 k it shouldn't be that difficult

twinset...hope you can sell your house asap at a good prize....

lol @ Sorrento - in the smug 'I'm alright Jack stakes' you are a professional and me a mere amateur. You are constantly boasting about your financial position across lots of threads started by people who have due to timing only have been less fortunate.

You are the one who said that the OP's house was going to reduce ridiculously in value, not me. How depressing is that for people? I was making the point that in fact the real value cannot be as low as you suggest.

FWIW I don't personally believe in buy to let at all. My point was purely about monetary value of property because whatever you or I think about it there are people who feel differently and will do differently.

Yes, and TS good luck to you - I've got everything crossed that it sells for you really soon.

I'm sure you won't mind me putting you straight on a few thing Brett, suggesting your father could just write a cheque and make 12% profit on something causing the OP a great deal of stress and anxiety takes some beating in my book for arrogance.

As for us being in a better position due to timing you really couldn't be any further from the truth, we were first time buyers in 2007 due to DH's first marriage break up and relocating around the world, so we're about 10 years behind most people our age in terms of property ownership.

My sympathy lies with people on AST's with "amateur landlords" who think that a buy to let property is a case of pay your mortgage with the profits and that's the end of their obligations, or those in too deep who now can't pay the mortgage at and are giving tenants 2 months notice, at great financial and emotional cost.
These people are kept off the property ladder and security of owning their own home by these twits out bidding them in the first place and then treated like shit whilst financing their pensions.

Well, good luck, T&P. I have noticed in the last week or so that houses have started selling aorund here (oop North) and hope that the same applies to your old area. I do sympathise as my brother is caught in the same way.

TSAP: I know it may sound counter-intuitive but I would ask the agent not to show anyone around until your partner has been able to tidy it up significantly. With a little luck, there will be two or three enquiries and your agent will be able to show them all around on the same day creating a bit of a buzz about it. He can be perfectly truthful and say that you had a tenant in who hasn't left it in the best state and you wish to smarten it up first - that way the viewers will be more prepared for any lack of furniture etc and, human nature being what it is, more interested in seeing something that is being denied to them.

Good luck with it all.

Once your dp has tidied it up, could you try an open day? It seems to be catching on quite a bit round our way. Ok you will get the nosey parkers but you never know. Even drop the price a tiny bit more for that weekend only?

What did you dp say about auction?

"I'm sure you won't mind me putting you straight on a few thing Brett, suggesting your father could just write a cheque and make 12% profit on something causing the OP a great deal of stress and anxiety takes some beating in my book for arrogance."

If anyone had made this point apart from the person who sensitively told the OP that the house would be worth 60 grand in two years I would accept it. The point I am making is merely that with returns that high the house is highly unlikely to ever be that cheap. Having been stuffed by equitable life and unable to find any return what so ever on the money saved since that debacle hasn't left the retired rolling in it either.

"As for us being in a better position due to timing you really couldn't be any further from the truth, we were first time buyers in 2007 due to DH's first marriage break up and relocating around the world, so we're about 10 years behind most people our age in terms of property ownership."

So in that case why should houses be cheaper if most people are in a better position than you? I don't know how old you are, so it's impossible to comment really.

"My sympathy lies with people on AST's with "amateur landlords" who think that a buy to let property is a case of pay your mortgage with the profits and that's the end of their obligations, or those in too deep who now can't pay the mortgage at and are giving tenants 2 months notice, at great financial and emotional cost.
These people are kept off the property ladder and security of owning their own home by these twits out bidding them in the first place and then treated like shit whilst financing their pensions."

I couldn't agree more. Apart from a further problem is that they assumed that prices were always going to go up and therefore they wouldn't need to pay off the mortgage. I've been ranting about this to all who would listen for ages!

I think if house prices halve then the problems will be greater than just for the people living in them. The government can only guarantee to bail banks out for so long and the possible implications of that are just mind blowing. My garden isn't big enough to grow that many potatoes!

Ah so it's your reading ability letting you down is it ?

"I do think things will get worse but what do you want me say your house will end up going for £60k if you hang on much longer ?"

I didn't tell the OP her house would be worth £60k, she implied I was contradicting previous advice and my reply to that was what do you want to hear the truth or fluffy nonsense.

I suggest that in order this thread comes to a wonderfully happy conclusion your father sends a cheque for the full asking price straight away and then he can put the OP out of her misery, I'd much rather he lost 50% than her.

"You are right that this isn't helping the OP but telling her in 2 years time that her house will be worth 60K wasn't exactly a supportive post.

By Sorrento on Tue 24-Mar-09 08:49:33

But accurate"

I suggest you two calm down, this is Twinsets thread not yours. If you have grievances with each other then CAT each other. The points on the thread are getting lost with you two arguing.

I'm really sorry for your predicament twinset as you're really trying hard. We are looking in Oxford now and everybody has put their prices up, there was a house for sale 70K over what they paid last year. Many sellers are trying it on and I'm sorry to say that the worst belong to the older generation. They have no qualms about saying it either, my partner was quite shocked at the brazeness of some OAPs when looking at their houses. They expected to make huge profits on houses that needed complete updating and wouldn't budge from unrealistic asking prices, they even refused a legitimate 10 per cent of the asking price. Their house is still for sale, a year on. Another couple is hanging on as they want to realise as how much they can (they said that to DP). They are 80 and have generous pension. My parents are selling too but accepted a huge cut to sell. I have no sympathy for grabbing people.