There is no single housing market, and you can't apply the same adjustments to the entire UK housing stock.
Different property types, in different areas will rise/fall in value at different rates. The (various) reported averages are only useful if by chance they happen to exactly match your scenario.
At the moment, expect fewer property sales, as people refuse to sell for less than they perceive the worth of their property, i.e. people will stay put until they can get a price that they "think" the property is worth. Even if this is at the expense of missing out on buying a similarly reduced property.
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Reply to: Property price calculator
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Previously on "Property price calculator"
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I bought my first house in 1982 for 18k, it would now be "worth" £140,000.
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Originally posted by unemployed View Posti would of thought it would be worth more than that.
mummy bless her bought a 4 bed detached for 36k 28 years ago and sold it for 900k last year ?
sure your calc is right ?
As to the quoted figures from Cybertw@ frankly I don't believe them for a milisecond.
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Originally posted by Cyberman View PostI paid 97,500 pounds for a 4 bed detached 22 years ago. I only have approx 300K equity after the current crash.
mummy bless her bought a 4 bed detached for 36k 28 years ago and sold it for 900k last year ?
sure your calc is right ?
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I paid 97,500 pounds for a 4 bed detached 22 years ago. I only have approx 300K equity after the current crash.
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I tried it and it's in line with optimistic levels for my area, I'm inclined to think that it's too optimistic.
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