Viewing / Buying a house

[Demitri_C]

1 hour ago, lapal_fan said:

When viewing the retirement/pension topic I saw a few people mention houses etc.

I've always been interested in house prices and the movements etc.  

I'm about to start a new job in July, and I'll be earning a decent salary, so you always think "I wonder if this will allow me take a step up the ladder, house wise". 

The short answer to that is, no.  House prices are famously expensive now, but when I see things like this:

https://www.zoopla.co.uk/for-sale/details/64748641/?search_identifier=d85dc712ac9002f1d56fb93dc9e50812a7bb2f517251a86f40228e16c9e58f08 (the valuation for a house near my mom and dads house and it's previous listing price)

It kinda makes my blood boil. 

How can you not extend, and essentially redecorate and put in a new kitchen/bathroom and in, and make £300k in less than 5 years?  It's also literally a grey hell hole, no personality or anything.. white and grey.. everywhere. 

Small garden too.  

Sad to say that this isn't uncommon either, it's happening in a lot of deceased houses around my area.  Buy them, strip them back, paint white/grey, install lower-middle quality kitchen bathroom, astro the garden, deck the rest - boom, a profit of around £150k..  It's incredible and I can't wait for the bubble to burst.  

https://www.zoopla.co.uk/for-sale/details/64748641/?search_identifier=d85dc712ac9002f1d56fb93dc9e50812a7bb2f517251a86f40228e16c9e58f08 (the listing of the house) They haven't even gone over the garage extension either.. 

Edit.  It isn't just  the price of the house either, it's the interest rates of around 5.5% which means that house would only cost you £2,900 a month..   

Something has to give, surely? 

Mate thats a lovely house, but i aint gonna lie i think thats bloody reasonable (i appreciatethe area is outside london where it should be cheaper). A bed near me that would look like that would be over 650k!

Like this and i think the one you have highlighted is much nicer!

https://www.rightmove.co.uk/properties/134746946#/?channel=RES_BUY

[stuart_75]

1 hour ago, lapal_fan said:

When viewing the retirement/pension topic I saw a few people mention houses etc.

I've always been interested in house prices and the movements etc.  

I'm about to start a new job in July, and I'll be earning a decent salary, so you always think "I wonder if this will allow me take a step up the ladder, house wise". 

The short answer to that is, no.  House prices are famously expensive now, but when I see things like this:

https://www.zoopla.co.uk/for-sale/details/64748641/?search_identifier=d85dc712ac9002f1d56fb93dc9e50812a7bb2f517251a86f40228e16c9e58f08 (the valuation for a house near my mom and dads house and it's previous listing price)

It kinda makes my blood boil. 

How can you not extend, and essentially redecorate and put in a new kitchen/bathroom and in, and make £300k in less than 5 years?  It's also literally a grey hell hole, no personality or anything.. white and grey.. everywhere. 

Small garden too.  

Sad to say that this isn't uncommon either, it's happening in a lot of deceased houses around my area.  Buy them, strip them back, paint white/grey, install lower-middle quality kitchen bathroom, astro the garden, deck the rest - boom, a profit of around £150k..  It's incredible and I can't wait for the bubble to burst.  

https://www.zoopla.co.uk/for-sale/details/64748641/?search_identifier=d85dc712ac9002f1d56fb93dc9e50812a7bb2f517251a86f40228e16c9e58f08 (the listing of the house) They haven't even gone over the garage extension either.. 

Edit.  It isn't just  the price of the house either, it's the interest rates of around 5.5% which means that house would only cost you £2,900 a month..   

Something has to give, surely? 

Half a million quid for a gaff in Halesowen, Jesus H Christ.

Is that purely because of the distance to B'ham?

[Stevo985]

Prices everywhere are crazy. When I was looking around I started to look back around areas like kings heath, moseley, shirley etc because I assumed they'd be cheaper than Sutton Codlfield.

Nope, not really. Not a huge difference realy

[Mandy Lifeboats]

1 hour ago, lapal_fan said:

When viewing the retirement/pension topic I saw a few people mention houses etc.

I've always been interested in house prices and the movements etc.  

I'm about to start a new job in July, and I'll be earning a decent salary, so you always think "I wonder if this will allow me take a step up the ladder, house wise". 

The short answer to that is, no.  House prices are famously expensive now, but when I see things like this:

https://www.zoopla.co.uk/for-sale/details/64748641/?search_identifier=d85dc712ac9002f1d56fb93dc9e50812a7bb2f517251a86f40228e16c9e58f08 (the valuation for a house near my mom and dads house and it's previous listing price)

It kinda makes my blood boil. 

How can you not extend, and essentially redecorate and put in a new kitchen/bathroom and in, and make £300k in less than 5 years?  It's also literally a grey hell hole, no personality or anything.. white and grey.. everywhere. 

Small garden too.  

Sad to say that this isn't uncommon either, it's happening in a lot of deceased houses around my area.  Buy them, strip them back, paint white/grey, install lower-middle quality kitchen bathroom, astro the garden, deck the rest - boom, a profit of around £150k..  It's incredible and I can't wait for the bubble to burst.  

https://www.zoopla.co.uk/for-sale/details/64748641/?search_identifier=d85dc712ac9002f1d56fb93dc9e50812a7bb2f517251a86f40228e16c9e58f08 (the listing of the house) They haven't even gone over the garage extension either.. 

Edit.  It isn't just  the price of the house either, it's the interest rates of around 5.5% which means that house would only cost you £2,900 a month..   

Something has to give, surely? 

It’s a wise investment if you can.  The alternative is renting.  Your rent is effectively paying your landlord’s mortgage.  He’s benefiting in the long run. 

The key is to buy affordable property and then work upwards.  

I couldn’t possibly afford to have the house I have now without the property that went before it.  A flat funded a mid-terrace.  That mid-terrace funded a 3 bed detached.  That 3 bed funded a 4 bed detached.  

[lapal_fan]

2 minutes ago, Mandy Lifeboats said:

It’s a wise investment if you can.  The alternative is renting.  Your rent is effectively paying your landlord’s mortgage.  He’s benefiting in the long run. 

The key is to buy affordable property and then work upwards.  

I couldn’t possibly afford to have the house I have now without the property that went before it.  A flat funded a mid-terrace.  That mid-terrace funded a 3 bed detached.  That 3 bed funded a 4 bed detached.  

I pay a mortgage.  I paid £175k for my house 7 years ago and someone told me it's worth £290k now.. that's wonderful.. apart from the houses I should be looking to upscale into are the same % increase, meaning in actuality they're further away. 

My current mortgage is £600 a month.. I don't think my wife would like a house with an EXTRA 6m^2 space is worth the extra £2,300 a month

It's pathetic.  What will give first, interest rates or house price increases?  They can't do both. 

[lapal_fan]

11 minutes ago, Demitri_C said:

Mate thats a lovely house, but i aint gonna lie i think thats bloody reasonable (i appreciatethe area is outside london where it should be cheaper). A bed near me that would look like that would be over 650k!

Like this and i think the one you have highlighted is much nicer!

https://www.rightmove.co.uk/properties/134746946#/?channel=RES_BUY

Yea it's a nice 3 bed family home (with attic bedroom).  I know it will be cheap compared to London prices.  My argument is that that house was worth £255k 4.5 years ago.  A slap of paint (**** grey) and now it's worth £525k is an abysmal joke I'm somehow not getting. 

What are the kids going to do? 

[Seat68]

Me and my wife have long talked about moving to St Anne’s. We have been visiting for years, multiple times a year and currently the only thing stopping us is my daughter and grandson living with us. Both me and my wife can move our jobs, at least currently, in the future that may not be the case. I am just wondering if we bite the bullet or wait a bit longer. 

[Xela]

2 hours ago, lapal_fan said:

Yea it's a nice 3 bed family home (with attic bedroom).  I know it will be cheap compared to London prices.  My argument is that that house was worth £255k 4.5 years ago.  A slap of paint (**** grey) and now it's worth £525k is an abysmal joke I'm somehow not getting. 

What are the kids going to do? 

A £300k increase in less than 5 years? **** hell! I made a mistake buying a flat! 

You are right thought, no cosiness in that house. Just white and grey. Depressing and clinical.

[Demitri_C]

2 hours ago, lapal_fan said:

Yea it's a nice 3 bed family home (with attic bedroom).  I know it will be cheap compared to London prices.  My argument is that that house was worth £255k 4.5 years ago.  A slap of paint (**** grey) and now it's worth £525k is an abysmal joke I'm somehow not getting. 

What are the kids going to do? 

Oh i agree with you mate. The prices are **** ridiculous round here they gone up even more. Im glad they are dropping a bit but need to drop a lit more for people as uts unsustainable 

I need to sell up and move to brum me thinks 

[desensitized43]

14 hours ago, stuart_75 said:

Half a million quid for a gaff in Halesowen, Jesus H Christ.

Is that purely because of the distance to B'ham?

I live in Halesowen and he’s it’s mental. Brought my house in 2016 Halesowen for 135 and I’m now seeing houses on the same street go for 260+

It’s partly the distance to brum. Clent hills very close. The decent local schools and college. I guess it’s considered by many to be more up market than say dudley, smethwick or Birmingham.

On the downside, not having a rail connection is **** infuriating. I think I read once that it’s one of the largest towns in the country without one.

We would like to move to a larger house but we don’t really want a massive increase in our mortgage payments.

[StefanAVFC]

525 grand for that

Jesus, I'm glad I don't have to mess around with that shite.

Our mortgage is only around 75 grand but we still pay around 600 quid a month due to interest rates, and it's easily as big as that grey shite.

[rjw63]

20 hours ago, Seat68 said:

Me and my wife have long talked about moving to St Anne’s. We have been visiting for years, multiple times a year and currently the only thing stopping us is my daughter and grandson living with us. Both me and my wife can move our jobs, at least currently, in the future that may not be the case. I am just wondering if we bite the bullet or wait a bit longer. 

Go for it.

Got to think of yourselves at some point, sounds like that point has been reached!

[Genie]

Over a million quid for a 4 bed house in Sutton Coldfield because there’s a little gate in the garden that going into Sutton Park

Link

 

[lapal_fan]

That house 10 years ago was £500,000 and 10 years newer, and from a FM point of view, I bet very little has been upgraded or improved. 

Apart from painting everything grey of course

[Genie]

18 minutes ago, lapal_fan said:

That house 10 years ago was £500,000 and 10 years newer, and from a FM point of view, I bet very little has been upgraded or improved. 

Apart from painting everything grey of course

I couldn’t bring myself to spending a million on a house and it be such a very uninteresting 4 bed detached. Mental price.

No pictures of bathroom or en-suites so I’m guessing they are tired and dated.

 

Edited June 19, 2023 by Genie

[StefanAVFC]

10 bed available in my neighbourhood available for 325 grand 

 

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[tinker]

UK housing market is unsustainable at its present price to average salary levels. The interest rate rises will last for a lot longer than everyone is predicting, house sales will drop and so will the prices. I reckon 20-30% drop will bring it back to a level that's reasonable. 

Edited June 19, 2023 by tinker

[Genie]

8 minutes ago, tinker said:

UK housing market is unsustainable at its present price to average salary levels. The interest rate rises will last for a lot longer than everyone is predicting, house sales will drop and so will the prices. I reckon 20-30% drop will bring it back to a level that's reasonable. 

I don’t think they’ll drop much, 5% tops, pretty flat overall. 

I was surprised at the (high) prices the house builder just released their latest batch at. 

I also reckon they’ll shave a bit off interest rates next year as the economy will be flat lining, and the Tories will want the votes.

[tinker]

3 hours ago, Genie said:

I don’t think they’ll drop much, 5% tops, pretty flat overall. 

I was surprised at the (high) prices the house builder just released their latest batch at. 

I also reckon they’ll shave a bit off interest rates next year as the economy will be flat lining, and the Tories will want the votes.

House builders won't drop prices until they have to, they will drop it when they need the money to pay the interest on their loans. The impact of 6% interest rates on new mortgages is massive, that's where the decline will start. 

[Genie]

1 hour ago, tinker said:

House builders won't drop prices until they have to, they will drop it when they need the money to pay the interest on their loans. The impact of 6% interest rates on new mortgages is massive, that's where the decline will start. 

The ones here did a couple of price drop after Christmas which was why I was surprised they nudged the prices up again. Maybe they know there’s a stimulus package on its way (wouldn’t surprise me).