Housing Market

Anything that doesn't fit anywhere else, and is NON CH related - chat about the weather, or anything else that takes your fancy.

Moderator: Moderators

kerrensimmonds
Button Grecian
Posts: 9395
Joined: Mon Apr 11, 2005 8:34 pm
Real Name: Kerren Simmonds
Location: West Sussex

Housing Market

Post by kerrensimmonds » Sat Oct 09, 2010 6:15 pm

Have posted about this on Facebook, but thought Forum members might also be interested... or whatever. Log off if you are not trying to buy or sell a property at the moment.
My experience this week provides evidence that the property market is plummeting.
After 16 weeks on the market, my house sold last Saturday at a crashing reduction in the asking price. The Agent advised that if I really wanted to sell (and I need to, for physical reasons) then I would be advised to accept. I started on the market at £190,00 and accepted £177,000. I spent a day of misery researching properties on the internet, believing that I would have to lower my sights and not liking anything that I saw - then in a fraught 48 hours Monday/Tuesday a Really Really silly offer from me was accepted on a perfect retirement property, locally. Again it started on the market a year ago at £190,000 and they - an executor's sale, I would guess - have accepted my offer of £165,000. Whilst there were a few hours angst about whether or not I could take the dog (another story), it is all now going through. Given that this 2-bed independent retirement cottage, in a 40-or so development of cottages and apartments, is already adapted for disabled living, has a small private courtyard garden and a garage, I am quids in and will not need to spend my savings on e.g. a stairlift or a walk in shower. The development boasts communal facilities, panic buttons in every room (useful if you are like me and fall sometimes), beautiful gardens, a resident manager, etc. etc. The quarterly maintenance charge covers buildings insurance and maintenance, TV licence, water, the alarm system, the services of the manager, access to all communal facilities, maintenance of external grounds, access to all communal facilities. Don't get me wrong... I am not joining the 'blue rinse brigade' as my sister has dubbed them. This is just a property which allows me to maintain my independence, is already adapted to my needs and where I can now live for the rest of my life. For the time being, I am not into Bridge in the Conservatory on a Wednesday, as I shall be out at work in the normal way. Let's just pray there is not some rabid anti-dog resident who complains about my dog (who you would not know is there... she is so little and so quiet) who fabricates a complaint which would necessitate my removing her.
I know that Matt is looking to sell and buy.. and I wish him and everyone else the good fortune which I think has come my way this week... even if there were a couple of days of anxiety!
Kerren Simmonds
5's and 2's Hertford, 1957-1966

User avatar
J.R.
Forum Moderator
Posts: 14817
Joined: Wed Mar 09, 2005 4:53 pm
Real Name: John Rutley
Location: Dorking, Surrey

Re: Housing Market

Post by J.R. » Sat Oct 09, 2010 7:55 pm

A 'drinking-pal' of mine is involved in Estate Aency work, and tells me that things are going to get a lot worse over the next 12 months !
John Rutley. Prep B & Coleridge B. 1958-1963.

kerrensimmonds
Button Grecian
Posts: 9395
Joined: Mon Apr 11, 2005 8:34 pm
Real Name: Kerren Simmonds
Location: West Sussex

Re: Housing Market

Post by kerrensimmonds » Sat Oct 09, 2010 8:27 pm

I suspected as much, which is why I am really pleased to have sold and bought so quickly (despite the drop in the assumed value of my current house), and before things get worse...... Good luck to others like Matt, Angie and Josh, who are now trying to move on. If you end up selling at a silly price, make sure you also buy at a silly price. It's the differential that matters.
Kerren Simmonds
5's and 2's Hertford, 1957-1966

midget
Button Grecian
Posts: 3186
Joined: Tue Nov 01, 2005 3:49 pm
Real Name: Margaret O`Riordan
Location: Barnstaple Devon

Re: Housing Market

Post by midget » Sat Oct 09, 2010 8:44 pm

Well done Kerren! How nice to read of a good luck house purchase for once.
Thou shalt not sit with statisticians nor commit a social science.

Katharine
Button Grecian
Posts: 2937
Joined: Mon Dec 26, 2005 10:44 pm
Real Name: Katharine Dobson
Location: Gwynedd

Re: Housing Market

Post by Katharine » Sat Oct 09, 2010 9:11 pm

How far will you be moving, Kerren? I am very glad that you will now have a walk in shower etc. You mention the dog, have you still got any cats?

I hope you will be very happy in your new home
Katharine Dobson (Hills) 6.14, 1959 - 1965
Don't worry about the world coming to an end today. It's already tomorrow in Australia!

kerrensimmonds
Button Grecian
Posts: 9395
Joined: Mon Apr 11, 2005 8:34 pm
Real Name: Kerren Simmonds
Location: West Sussex

Re: Housing Market

Post by kerrensimmonds » Sat Oct 09, 2010 9:47 pm

Hello Katharine.. yes, still got both cats and they are not a problem because they are indoor cats. No-one else in the retirement complex has a dog, but after 9 months of information to the contrary, researches show that there is no reason in law why I should not take Willow. I just have to give a written assurance that if she causes problems, or another resident complains, I shall remove her immediately. I know that she is little, quiet, and very loving and in no way will cause difficulties, so let's hope there is not some batty neighbour in this development who is anti dog per se, regardless of whether or not Willow causes a nuisance. Fingers crossed! The development (circa 1990) is about a mile from here, in fact about 500 yards from where we had lunch in that pub garden when you were here a couple of years ago. Sadly, the pub is now closed, razed to the ground, and there is yet another housing development under way on the site. If you come to Worthing again, you are more than welcome to stay again. I will have a spare bedroom in my new pad!
Kerren Simmonds
5's and 2's Hertford, 1957-1966

User avatar
icomefromalanddownunder
Button Grecian
Posts: 1228
Joined: Thu Jun 29, 2006 6:13 am
Real Name: Caroline Payne (nee Barrett)
Location: Adelaide, South Australia

Re: Housing Market

Post by icomefromalanddownunder » Sun Oct 10, 2010 12:54 am

Great news Kerren :)

As for darling Willow, there probably be one sad person who takes exception (and if it weren't with Willow, it might be the colour of your car), but I would suggest that the secret to success is to let as many people as possible meet her, immediately fall in love with her, and support you against any possible negativity in the future.

xxxx

Pixie
GE (Great Erasmus)
Posts: 178
Joined: Mon Dec 28, 2009 10:11 am
Real Name: Carol Crowden (now Abujudeh)
Location: Cambridgeshire

Re: Housing Market

Post by Pixie » Sun Oct 10, 2010 9:38 am

Kerren, a £13,000 drop in price isn't bad in the current market. It's been far worse in other parts of the country. We sold our father's house (on the Norfolk Broads) in July this year after 14 months on the market and at a much lower price than the original asking price. I think the original price was probably set too high (one sister wouldn't consider starting lower) but the eventual selling price was £40,000 lower!
3.8 65-72

kerrensimmonds
Button Grecian
Posts: 9395
Joined: Mon Apr 11, 2005 8:34 pm
Real Name: Kerren Simmonds
Location: West Sussex

Re: Housing Market

Post by kerrensimmonds » Sun Oct 10, 2010 11:37 am

Thanks, all. And Caroline, that's exactly what I intend to do. In fact I offered to take her round there during that stressful day on Monday when the Manager and the Agent were feverishly looking into all the Rules and Regulations about dogs on the premises. To my knowledge, Willow has never met anyone (human or canine) who hasn't fallen in love with her straight away. Fingers crossed! There might even be a neighbour who likes her SO much that they offer to e.g. look in on her if I am going to be late at work or whatever - or even take her for a walk.
Kerren Simmonds
5's and 2's Hertford, 1957-1966

loringa
GE (Great Erasmus)
Posts: 176
Joined: Tue Jun 14, 2005 5:01 pm
Real Name: Andrew Loring
Location: South Gloucestershire

Re: Housing Market

Post by loringa » Sun Oct 10, 2010 7:34 pm

This is very good news. I think you were very sensible to acept the offer you did which put you in just the right position to benefit from the falling market with your purchase. My wife and I have just sold our house and are living in rented so we can do the same; we accepted £15k under the asking price but can now do what you have done when we find the right place and hopefully get a reasonable deal. The market was hopelessly over-inflated so in the long run this drop must be a good thing, just so long as the banks start lending again! The days of 105% mortgages wil hopefully never return and we can get back to some sort of stability.

Fingers crossed that all goes well for your little dog; I'm more a cat person but nice dogs are nice dogs so I'm sure it will all be okay. Most people are actually quite nice, at least as far as well-behaved animals are concerned. We once lived in a development where permission was (meant to be) needed to keep pets but we had three cats and a cat door and no-one complained.

kerrensimmonds
Button Grecian
Posts: 9395
Joined: Mon Apr 11, 2005 8:34 pm
Real Name: Kerren Simmonds
Location: West Sussex

Re: Housing Market

Post by kerrensimmonds » Sun Oct 10, 2010 7:44 pm

Thank you 'loringa'. Yes it is clear that the market is falling, and continues to do so. So I feel particularly blessed to have sold and bought so quickly and to my benefit. And it's to a property where I can now live for the rest of my life, given that it is in a managed retirement development - and although with its own front and back door, and a patio courtyard and garage, the house I am buying has already been adapted for disabled living (I am disabled).
I feel desperately sad for the people in the generation behind me who may not find it easy to get onto the property ladder, let alone progress along it.
Kerren Simmonds
5's and 2's Hertford, 1957-1966

sejintenej
Button Grecian
Posts: 3107
Joined: Tue Feb 08, 2005 12:19 pm
Real Name: David Brown
Location: Essex

Re: Housing Market

Post by sejintenej » Sun Oct 10, 2010 8:58 pm

kerrensimmonds wrote: Yes it is clear that the market is falling, and continues to do so. So I feel particularly blessed to have sold and bought so quickly and to my benefit. And it's to a property where I can now live for the rest of my life, given that it is in a managed retirement development .............
I hope that in a years' time you will still be happy there. I suspect that there will be work to do - hanging new curtains, painting over that hideously coloured wall ....... but that is just part of the challenge; as you put it, you have the rest of your life to do those things.
kerrensimmonds wrote:I feel desperately sad for the people in the generation behind me who may not find it easy to get onto the property ladder, let alone progress along it.
The only constant in life is change. When we were very very young even married couples lived with one set of their parents because they couldn't afford anything. These days they expect to have a house, 60" plasma screen TV, new BMW / Merc / SUV, designer kitchen*, three foreign holidays a year* even before they get married so they are going to have to cut back on their ambitions. It is a pity you can't get tea chests any more to make tables.

Think about Hong Kong where land is so expensive and people have to live with big families cheek by jowl; that is unlikely to happen here for some time, I hope.

*that is based on the daughter of a friend; she has never even used a kitchen implement (apparently a common event) despite having every gadget and no food and she expects at least 6 foreign holidays a year! She will simply have to learn before she loses her City job in 14 years time - or before.

User avatar
englishangel
Forum Moderator
Posts: 6955
Joined: Mon Feb 07, 2005 12:22 pm
Real Name: Mary Faulkner (Vincett)
Location: Amersham, Buckinghamshire

Re: Housing Market

Post by englishangel » Sun Oct 10, 2010 10:42 pm

I was listening to Steve Wright in the Afternoon on Thursday, and he said that with house prices having dropped 3.6% last month and that it was bad news. As you have shown 'it ain't necessarily so'. It is the difference that makes the difference, and it is certainly not bad news for first time buyers. Two years ago my Dad put his house on the market for £179,950 which I thought was low, and the first offer he accepted was for £165,000. that one fell through and he eventually accepted an offer of £152,00. The retirement flat he wanted (he was 84 but still fit and healthy, but for how much longer!) was £102,000. About a week before exchange the offer was dropped to £147,500 so my Dad dropped his offer to just below £100,000 and everything went through.

Another flat in the same block, admittedly not in such a good position, and needing the hot water tank replacing, is still on the market because the vendors refuse to accept an offer. They 'need the money'. I know interest rates are low, but what could they have done with £90,000 in the past 2 years?
"If a man speaks, and there isn't a woman to hear him, is he still wrong?"

User avatar
Mid A 15
Button Grecian
Posts: 2928
Joined: Thu May 19, 2005 1:38 pm
Real Name: Claude Rains
Location: The Patio Of England (Kent)

Re: Housing Market

Post by Mid A 15 » Mon Oct 11, 2010 1:33 pm

I'm pleased you've found somewhere that suits nearby Kerren.

As you and others say it is the differential that is all important with the one proviso being that you have not over borrowed on the mortgage.

If a fair chunk is still owed on the mortgage then absolute price (as distinct from differential) CAN matter.
Ma A, Mid A 65 -72

User avatar
Great Plum
Button Grecian
Posts: 5173
Joined: Wed Dec 15, 2004 10:59 am
Real Name: Matt Holdsworth
Location: Reigate

Re: Housing Market

Post by Great Plum » Wed Apr 20, 2011 11:16 pm

Well, I'm sure many of you know but we have had a fairly torrid experience of the whole thing...

Last October, we put our 2 bed flat (with garden!) on the market for £162,500. we had a few people look around but no one 'bit'. The agent then 'suggested' it went down to £150k which we reluctantly accepted. At the end of January, a young couple who are getting married in July came around, liked it so much, they put an offer in, which was low, but we bought them up to within 4k of the asking price. We then found ourselves a nice 3 bedroom house in Earlswood that the owner was 'desparate to sell' as they were moving to the coast and had jobs down there...

Time flies, and before we knew it, it's April... The people we were buying from suggested the date of 21st April to complete - we agree, as do the our purchasers. Our purchasers come around and measure up etc... they seem like a nice couple...

9 days before we were due to complete, and a day before exchange, we had a very reluctant phone call from the vendor's estate agents - the vendor had asked for 5k extra. We didn't have that money, but were able to be loaned 2.5k - this was on the basis that we completed on the 21st April. We then had a phonecall to say that the vendor had found another house (we were to find out this was the 7th time they had put an offer on since we offered on their property) and so they couldn't complete until the 6th May. Fine, so we tried to change our completion date to the 6th May. Nope, our purchasers said it had to be the 21st April... (Bear in mind that they lived with his parents and had no chain etc...)

The next day, the vendor changed his mind and said he couldn't complete to the 16th May. Our purchasers were adamant that it would be the 21st April. With neither side willing to budge and to save the sale (depsite Angie being 34 weeks pregnant and with a toddler), we were able through one of the estate agents to rent one of their empty houses (with the owners' permission of course!) for the 3 and a half weeks. This was on the proviso that we would exchange on Monday 18th for both properties, complete on ours by the 21st and our new house on the 16th May. Removal men are agreed, we start packing...

Monday evening 5:45 - a phone call from the vendor's estate agent - 'he won't exchange' - by this point, the estate agent was calling him all the names under the sun! (as were we...) We had no choice to pull out from the sale on Tuesday morning. We thought we could still complete with our buyers and move into rented. However, we would need a couple of days to find somewhere (and pack!). As you can imagine, we were both emotional wrecks by now! They refused and it was finally all called off today...

Sadly we were stuck between some incredibly stubborn first timers and vendors who couldn't make their mind up... We bent over backwards to try and accommodate them but no joy! :(
Maine B - 1992-95 Maine A 1995-99

Post Reply

Who is online

Users browsing this forum: No registered users and 1 guest