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Just found out my house is worth f**k all

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    Just found out my house is worth f**k all

    I've got a period country cottage just outside Frome in Somerset. Had it valued back in 2007 at £285k - done about 10k work on it since then, new kitchen, Rayburn, new bathroom.

    Just got it valued again this morning £195k I thought house prices had only dropped 15% from their peak in 2008. I guess it's a regional variation, nonetheless, I'm shocked. And very gutted too.

    #2
    Originally posted by wurzel View Post
    I've got a period country cottage just outside Frome in Somerset. Had it valued back in 2007 at £285k - done about 10k work on it since then, new kitchen, Rayburn, new bathroom.

    Just got it valued again this morning £195k I thought house prices had only dropped 15% from their peak in 2008. I guess it's a regional variation, nonetheless, I'm shocked. And very gutted too.
    Is it a nice place to live?
    And what exactly is wrong with an "ad hominem" argument? Dodgy Agent, 16-5-2014

    Comment


      #3
      Originally posted by Mich the Tester View Post
      Is it a nice place to live?
      Yes, had it 8 years now. I look upon a house as a home and not an investment but I'd like to move to Spain. Won't be going now if their valuation was anywhere near accurate.

      Comment


        #4
        Originally posted by wurzel View Post
        Just got it valued again this morning £195k
        The average family income in the UK is about £32k, so for Somerset is probably about £20k to £25k.

        Your "f**k all" is about 8 to 9 times the local average family annual income.

        Does that help?
        My all-time favourite Dilbert cartoon, this is: BTW, a Dumpster is a brand of skip, I think.

        Comment


          #5
          Originally posted by wurzel View Post
          I've got a period country cottage just outside Frome in Somerset. Had it valued back in 2007 at £285k - done about 10k work on it since then, new kitchen, Rayburn, new bathroom.

          Just got it valued again this morning £195k I thought house prices had only dropped 15% from their peak in 2008. I guess it's a regional variation, nonetheless, I'm shocked. And very gutted too.
          As long as you don’t move house or sell it; you re no worse off. It’s all in the mind.
          "A people that elect corrupt politicians, imposters, thieves and traitors are not victims, but accomplices," George Orwell

          Comment


            #6
            Originally posted by wurzel View Post
            Yes, had it 8 years now. I look upon a house as a home and not an investment but I'd like to move to Spain. Won't be going now if their valuation was anywhere near accurate.
            Hasn't there been something of a property price collapse in Spain too (even with the weak GBP/strong EUR)?

            Comment


              #7
              I was looking at villas in Majorca, to see what they cost (just out of curiosity really).

              Even a basic villa is 500K Euros.

              With the exchange rate as it is and the over pricing of UK property, the days of moving to a nice house abroad is well and truly over.

              You are a Prisoner of Mother England.

              Comment


                #8
                Originally posted by RichardCranium View Post
                The average family income in the UK is about £32k, so for Somerset is probably about £20k to £25k.

                Your "f**k all" is about 8 to 9 times the local average family annual income.

                Does that help?
                I don't wish to sound ungrateful, Richard. I was more referring to the equity - was just hoping it was going to fund my escape to sunnier climes that's all!

                Comment


                  #9
                  http://www.nationwide.co.uk/hpi/Defa...calculate=true

                  Results:-
                  A property located in South West which was valued at £285000 in Q2 of 2007, would be worth approximately £253000 in Q3 of 2009.
                  This is equivalent to a change of -11.31%.
                  It looks as though your first valuation was way off.
                  Science isn't about why, it's about why not. You ask: why is so much of our science dangerous? I say: why not marry safe science if you love it so much. In fact, why not invent a special safety door that won't hit you in the butt on the way out, because you are fired. - Cave Johnson

                  Comment


                    #10
                    Where near Frome?
                    ‎"See, you think I give a tulip. Wrong. In fact, while you talk, I'm thinking; How can I give less of a tulip? That's why I look interested."

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