2 bed flat off plan at the King Henry's Wharf development (Woolwich) in 1999. Paid £73,000 and sold 6 years later for £165,000 to buy a 3 bed terrace in Bexleyheath with the missus. Nice bit of business!
15 min walk to the Valley also which was a result!
2 bed flat chelmsford, £138,000 in 2006. £orth quite a bit less now! looking to move, but if we can scrape a deposit, at least what we are buying will be cheaper
2 bed flat chelmsford, £138,000 in 2006. £orth quite a bit less now! looking to move, but if we can scrape a deposit, at least what we are buying will be cheaper
Thats the saving grace for us, we will be buying low, but only if we can 20k (yeah can grab that off trees or use savings cos its its really cheap to live these days, oh no sorry it isn't £90 a tank of fuel) for a deposit, usually people get this with equity but with us we have lost doe, so for every silver lining, there is lump of turd ready to drop right onto your head!!
When you look at the money the previous generation to me made on property just because of the market inflating, it is unbelievable. The market has barely moved since I got on the ladder, and as such, I have had to build my equity in via canny purchase (ie advice from my Dad, not my own bright ideas!) and subsequent development.
1st purchase in Jan 2005 a 2 bed flat for 190,000 (New build, purchased off plan for discount) in Surrey, sold for 207,000 in 2008. 2nd purchase in May 2008 for a 3 bed townhouse in Surrey for 280,000 (as above), sold for 310,000 in January 2010 - even though house prices in Surrey were 12% lower going by the land registry. 3rd purchase in Jan 2012 a 5 bedroom detached in Surrey for 450,000. Took advantage of a vendor desperate to sell, £20k of work carried out (garage conversion adds a fortune in value if you have another garage left over), now valued at £525k.
What was that saying that someone put on here? Was it buy a house in Chislehurst as soon as you can, then one in Keston then one in Blackheath?
It was Paul Elliotts father that said this to him because you couldn't leave him anything in his will all he could leave him was the advice. Mr Elliott duly followed this advice and is now minted
2009 Bexley Village 3 bed terrace £197,500. The couple I purchased from purchased it in 2007 for £228,000. I phoned the estate agent I brought it off the other week and explained what I had done to it and they said it would be worth around £220,000-£235,000. I have to negociate a new mortgage in December as my fixed three years end.
Not sure what to do, the house is nice but on the small side. May look to move on soonish. Just costs so much to move!
2 bed flat chelmsford, £138,000 in 2006. £orth quite a bit less now! looking to move, but if we can scrape a deposit, at least what we are buying will be cheaper
Thats the saving grace for us, we will be buying low, but only if we can 20k (yeah can grab that off trees or use savings cos its its really cheap to live these days, oh no sorry it isn't £90 a tank of fuel) for a deposit, usually people get this with equity but with us we have lost doe, so for every silver lining, there is lump of turd ready to drop right onto your head!!
Once again thanks banks, gov etc
I hear you loud and clear. The difference between a 10% deposit and a 15% deposit worked out at about £2-300 per month on the repayment. i.e. a repayment we can afford and one we can't. Simple as that. "only" 20 or 30k or so more to find. We'd been overpaying, and whilst it's never a good thing to think about this way, we'll have a decent inheritance from my grandad which is working its way through probate, so we can soon work out what we have as a deposit... Need to look at what we can afford per month, then work backwards from there! no jobs in the public sector where my wife used to work... salaries stagnating... cost of living going up... grumble grumble
Best investment we ever made was investing in property here in Luxembourg:
we bought an end of terrace 3-bedroom house just outside of Luxembourg city in 1995 for the equivalent of 138.000GBP, sold it in 2006 for 386.000GBP, which allowed us to upgrade to a 4-bed detached house. The most painful bit was stumping up nearly 30.000GBP for the initial deposit though. I was 32 when we bought our first house.
House prices in Luxembourg are increasing steadily and never seem to stagnate. I'm just waiting for the moment when we can sell our house, pay off the remaining mortgage and retire early......
Amazing to see how the prices have shot up so much.
Looking for my first buy at the mo. It's more or less impossible to get on the ladder and still have some cash left for yourself at the end of the month!
New flats in Woolwich start at 250,000. Same score for the new flats in Lewisham.
Though about Bermondsey for a split second too.. That is how desperate I have become!
TO be fair tho B you shouldn't, the prices are low and wont go any lower!! Feel sorry for the poor saps who paid the highest prices between 04 and 09 who are now in negative equity, thats some bad arse shite dudette!!
When I bought mine in 77 I only borrowed 6.5 times our combined income and interest rates where heading towards 15%, but to be fair we did get some tax relief on the interest. You can see how lucky we where way back then, oh of course the endowments which I took on really done well didn't they, probably didn't even paid out as much as I invested.
Comments
72 k
15 min walk to the Valley also which was a result!
Still here now two kids later and outgrowing the place, but now its only worth £125,000 if i'm lucky!! Yey ive lost 15k!! Thanks Banks, gov........
I seem to lose every day.
now got a 4 bed in Welling
Thats the saving grace for us, we will be buying low, but only if we can 20k (yeah can grab that off trees or use savings cos its its really cheap to live these days, oh no sorry it isn't £90 a tank of fuel) for a deposit, usually people get this with equity but with us we have lost doe, so for every silver lining, there is lump of turd ready to drop right onto your head!!
Once again thanks banks, gov etc
1st purchase in Jan 2005 a 2 bed flat for 190,000 (New build, purchased off plan for discount) in Surrey, sold for 207,000 in 2008.
2nd purchase in May 2008 for a 3 bed townhouse in Surrey for 280,000 (as above), sold for 310,000 in January 2010 - even though house prices in Surrey were 12% lower going by the land registry.
3rd purchase in Jan 2012 a 5 bedroom detached in Surrey for 450,000. Took advantage of a vendor desperate to sell, £20k of work carried out (garage conversion adds a fortune in value if you have another garage left over), now valued at £525k.
Mr Elliott duly followed this advice and is now minted
Not sure what to do, the house is nice but on the small side. May look to move on soonish. Just costs so much to move!
we bought an end of terrace 3-bedroom house just outside of Luxembourg city in 1995 for the equivalent of 138.000GBP, sold it in 2006 for 386.000GBP, which allowed us to upgrade to a 4-bed detached house. The most painful bit was stumping up nearly 30.000GBP for the initial deposit though. I was 32 when we bought our first house.
House prices in Luxembourg are increasing steadily and never seem to stagnate. I'm just waiting for the moment when we can sell our house, pay off the remaining mortgage and retire early......
Looking for my first buy at the mo.
It's more or less impossible to get on the ladder and still have some cash left for yourself at the end of the month!
New flats in Woolwich start at 250,000.
Same score for the new flats in Lewisham.
Though about Bermondsey for a split second too..
That is how desperate I have become!
I was lucky then as you didnt need a big deposit.
You oldies are lucky. Feel sorry for anyone trying to get on the ladder now.
Don't but a new flat @Jarman, get 100% ownership of something older that wasn't bashed out in 2 months.