N User Posted March 13, 2008 Share Posted March 13, 2008 So I'm currently looking into getting myself a home. I've been speaking to my bank about getting a mortgage and they've told me how much they can give me. I'm now looking at properties and have a few questions. For example, If at house is offers over ?100,000. Is the actual house valuation likely to be below/same/above this ?100,000? Again for example, if a house is offers over ?100,000. How much is likely to have to be bidded above the ?100,000 to win the bidding? Any advice (not related to these questions as well) is welcome. Cheers in advance. Link to comment Share on other sites More sharing options...
Sherlock Posted March 13, 2008 Share Posted March 13, 2008 Be prepared for CC. Link to comment Share on other sites More sharing options...
IronJambo Posted March 13, 2008 Share Posted March 13, 2008 i'd wait until prices have fallen more and levelled out a bit, save yourself a headache. Link to comment Share on other sites More sharing options...
cuthy2k Posted March 13, 2008 Share Posted March 13, 2008 If a house is offers over, then I would expect to pay about 15% over the asking price Annoying I know as I too will be house hunting for the first time! Oh the joys! Link to comment Share on other sites More sharing options...
coppercrutch Posted March 13, 2008 Share Posted March 13, 2008 Be prepared for CC. Mods !!! Rule breaking !! But anyway my advice to Kenif is DON'T. Jamboinaberdeen states it perfectly. Save up and wait at least 2 years. Maybe up to 5. Saw a half page advert in the Metro today: "How to make a fortune in a PROPERTY CRASH" When you see things like that it really is game over. Link to comment Share on other sites More sharing options...
Sherlock Posted March 13, 2008 Share Posted March 13, 2008 Mods !!! Rule breaking !! Joking, just joking! Link to comment Share on other sites More sharing options...
chester copperpot Posted March 13, 2008 Share Posted March 13, 2008 I'd send a PM to Johnmitchell on here mate. He's a cracking Mortgage Advisor, and I say that without any type of sarcasm. Cannot believe I've just gave the big fat G Y P S Y a compliment. Link to comment Share on other sites More sharing options...
Diane Posted March 13, 2008 Share Posted March 13, 2008 The valuation will usually be in the same ball park as the "offers over" price. That means you have to come up with the difference between the advertised price, and your offer. Bloke at my work yesterday bid ?152,000 for a flat which was offers over ?115,000. He came seventh. Good luck. Link to comment Share on other sites More sharing options...
Rawrrrrrrr Posted March 13, 2008 Share Posted March 13, 2008 It isnt a great time, but there never will be to buy a house If you feel its time go for it Your main issue will be finding the difference of what you pay and the valuation as a bank will charge a fortune for this extra I'd suggest you look at homestake- although its changed the name to something I can't remember This way the government or their agent would put upto 40% into the price in return for a corrsponding stake in your home, theres no fee for this and all that happens is when you sell they get their share You also get the opportunity to up your stake after a few years So if the bank give you 100k you could end up with 140k The only thing is neither will allow you to pay drastically over the odds unless its your own money paying the extra Link to comment Share on other sites More sharing options...
N User Posted March 13, 2008 Author Share Posted March 13, 2008 homestake is now lift and I make too much for it.. Although, the new budget may help me with something similar for Teachers. I know the market is poor just now and probably getting worse but I'm left with little choice right now.. :s Link to comment Share on other sites More sharing options...
coppercrutch Posted March 13, 2008 Share Posted March 13, 2008 The valuation will usually be in the same ball park as the "offers over" price. That means you have to come up with the difference between the advertised price, and your offer. Bloke at my work yesterday bid ?152,000 for a flat which was offers over ?115,000. He came seventh. Good luck. Good to hear there are still many fools out there !! Do these people not see the rafts of fixed price flats and work out very few people are buying ? There are places in Fettes Row, New Town that are not selling right now !! That is almost unheard of. Clearly the above flat must be very nice and all. But still you would have to be nuts to offer that much....... Link to comment Share on other sites More sharing options...
Uberjambo Posted March 13, 2008 Share Posted March 13, 2008 There is an awful lot of Fixed Price property on the market now. Target them. Mortgage valuations should cover it too. In fact you should be able to offer under any on the market who are not selling. Good luck. Link to comment Share on other sites More sharing options...
coppercrutch Posted March 13, 2008 Share Posted March 13, 2008 There is an awful lot of Fixed Price property on the market now. Target them. Mortgage valuations should cover it too. In fact you should be able to offer under any on the market who are not selling. Good luck. Excellent advice. If you insist on buying right now. The plan: (1)Find 10 flats that are roughly in your price range. (2)Ensure they are all fixed price. (3)Get your mortgage agreed in principle. (4)Go to each flat and if you like it make an offer subject to survey.(Whilst making it clear you are a FTB and have no chain to worry about) (5)Make the offer about 20% below the asking price. (6)You may well get lucky and find someone who is desperate. In fact if you keep on trying YOU WILL get lucky. (7)At the moment there are loads of BTLers trying to offload ASAP. (8)Put YOURSELF in the powerful position and not them. (9)The people who are still buying at offers over are idiots. But still my advice is save up and wait a few years. Could save yourself a small fortune. Link to comment Share on other sites More sharing options...
Gigolo-Aunt Posted March 13, 2008 Share Posted March 13, 2008 homestake is now lift and I make too much for it..Although, the new budget may help me with something similar for Teachers. I know the market is poor just now and probably getting worse but I'm left with little choice right now.. :s Used Homestake last year - a life saver. I was bidding on houses roughly offers over 85k. Its crazy out there, most go for anything between 110k and 130k. Managed to get lucky on my 3rd bid. Thank ****. Link to comment Share on other sites More sharing options...
Uberjambo Posted March 13, 2008 Share Posted March 13, 2008 Almost makes me want to be buying again rather than battening down the hatches. Great time to buy. I reckon prices will pretty much hold as well. Link to comment Share on other sites More sharing options...
coppercrutch Posted March 13, 2008 Share Posted March 13, 2008 Used Homestake last year - a life saver. I was bidding on houses roughly offers over 85k. Its crazy out there, most go for anything between 110k and 130k. Managed to get lucky on my 3rd bid. Thank ****. Depends what you are going for. For most it is dead. ESPC: 16 out of 38 flats on Easter Road are fixed price 15 out of 43 flats in Gorgie are fixed price. That doesn't scream at me "Crazy out there". Especially considering this is the busy time of year. Last year you would have been lucky if your had 1 or 2 of these flats at fixed price. Link to comment Share on other sites More sharing options...
coppercrutch Posted March 13, 2008 Share Posted March 13, 2008 Almost makes me want to be buying again rather than battening down the hatches. Great time to buy. I reckon prices will pretty much hold as well. Come on you seem pretty clued up !! Great time to buy ? Just past the top of the boom ? You are kidding me right ? In 2 years it will still be a 'great time to buy'. Only difference is you will be paying less and could save up a larger deposit in the meantime. No-brainer as far as I am concerned. Link to comment Share on other sites More sharing options...
wibble Posted March 13, 2008 Share Posted March 13, 2008 Here's my own little property market conspiracy theory ..... Homestake and similar programs are all part of the global banking and government conspiracy. The world was getting very comfortable and places like the USA, UK and Australia were not overly expensive to live in. With cheaper goods coming from China we had actually all become a lot more comfortable with our rights to chose a job for lifestyle over cold hard cash. People were retiring early and shunning extra hours. Government and business were struggling with this new bohemian outlook because they rely on us slaving like mad to support their corrupt empires. The population is also shrinking and rather than retiring early they need us to slave longer and harder. Solution: drive up property prices to the point where people have to seek extra work and to keep working longer. Bring in Homestake, First time buyers allownces (Aus) and Sub-prime mortgages (USA). This creates a whole new level of demand from people who were previously out of the market altogether, driving up demand and driving up prices. Sucked in, the working classes are all happily enslaved again and now the inevitable crash can happen and we'll all still be stuck with monstrous mortgages. Buy in 18 months - 2 years if you have to. Link to comment Share on other sites More sharing options...
Gigolo-Aunt Posted March 13, 2008 Share Posted March 13, 2008 Depends what you are going for. For most it is dead. ESPC: 16 out of 38 flats on Easter Road are fixed price 15 out of 43 flats in Gorgie are fixed price. That doesn't scream at me "Crazy out there". Especially considering this is the busy time of year. Last year you would have been lucky if your had 1 or 2 of these flats at fixed price. When I was buying last year, CC - the fixed prices were mostly out of my range. The one or two than I could afford needed a hell of a lot of work done on the houses - something that I never (and still dont have) had. Manged to get a house that never needed anything done to it. So to me, it was rather crazy. Link to comment Share on other sites More sharing options...
Dazo Posted March 13, 2008 Share Posted March 13, 2008 So I'm currently looking into getting myself a home. I've been speaking to my bank about getting a mortgage and they've told me how much they can give me. I'm now looking at properties and have a few questions. For example, If at house is offers over ?100,000. Is the actual house valuation likely to be below/same/above this ?100,000? Again for example, if a house is offers over ?100,000. How much is likely to have to be bidded above the ?100,000 to win the bidding? Any advice (not related to these questions as well) is welcome. Cheers in advance. Your offer will have to be well over the the ?100k mark Kenif, I would image your valuation will be well over that aswell. Always a good idea to have a word with the guy who is doing the valuation to let him know what sort of figure you need for your mortgage. I would say you are looking at 20% min over the asking price and in many cases more than that. Don't listen to anyone who suggests to wait for the right time as you will wait forever. If you have the money now and can manage the payments then go for it. Link to comment Share on other sites More sharing options...
Dazo Posted March 13, 2008 Share Posted March 13, 2008 When I was buying last year, CC - the fixed prices were mostly out of my range. The one or two than I could afford needed a hell of a lot of work done on the houses - something that I never (and still dont have) had. Manged to get a house that never needed anything done to it. So to me, it was rather crazy. Totally agree GA, many fixed prices are already over priced or are not the most desirable properties. Link to comment Share on other sites More sharing options...
Uberjambo Posted March 13, 2008 Share Posted March 13, 2008 Come on you seem pretty clued up !! Great time to buy ? Just past the top of the boom ? You are kidding me right ? In 2 years it will still be a 'great time to buy'. Only difference is you will be paying less and could save up a larger deposit in the meantime. No-brainer as far as I am concerned. If I had the money to spend/invest I would do exactly as you said earlier. You will pick up property at a good price. Watching properties and tempting BTL investors, who have gotten in above their heads. I reckon values will hold for a couple of years before slowly gaining again. The gamble is whether prices will fall or hold. You could wait on them falling and be rather dissapointed. Link to comment Share on other sites More sharing options...
Sherlock Posted March 13, 2008 Share Posted March 13, 2008 Depends what you are going for. For most it is dead. ESPC: 16 out of 38 flats on Easter Road are fixed price 15 out of 43 flats in Gorgie are fixed price. That doesn't scream at me "Crazy out there". Especially considering this is the busy time of year. Last year you would have been lucky if your had 1 or 2 of these flats at fixed price. This isn't the busy time of year. Yet. Link to comment Share on other sites More sharing options...
coppercrutch Posted March 13, 2008 Share Posted March 13, 2008 When I was buying last year, CC - the fixed prices were mostly out of my range. The one or two than I could afford needed a hell of a lot of work done on the houses - something that I never (and still dont have) had. Manged to get a house that never needed anything done to it. So to me, it was rather crazy. I see. I think last year must have been very different. I think the OP however is in a strong position. It is not only shoddy houses that are fixed prices these days. As I said flats in teh new town are even fixed price !! Crazy prices of course but clearly they cant sell. After a while of not selling only one thing can happen. Link to comment Share on other sites More sharing options...
coppercrutch Posted March 13, 2008 Share Posted March 13, 2008 This isn't the busy time of year. Yet. Come on !! Go to ESPC and have a look at their figures for the last 3 years. The busiest time of the year is sales completing between Jan and Mar. It could not be any clearer. Link to comment Share on other sites More sharing options...
coppercrutch Posted March 13, 2008 Share Posted March 13, 2008 If I had the money to spend/invest I would do exactly as you said earlier. You will pick up property at a good price. Watching properties and tempting BTL investors, who have gotten in above their heads. I reckon values will hold for a couple of years before slowly gaining again. The gamble is whether prices will fall or hold. You could wait on them falling and be rather dissapointed. You may well be right. However what I have already explained in another thread is that people just see the nominal price. And not the REAL price. If you buy a house today for 100k and it is still worth 100k in 5 years, then depending on the real inflation rate it has actually fallen by circa 20-30%. I don't get why so many people can't get this simple logic ?! If people don't get it then stretch it out over 40 years and it will become obvious. House 40 years ago = ?2,000 House today = ?200,000 How much that number could buy you in the real World (ie. How many pints you could buy with it) at those two points in time is probably very similar. Exactly the same thing happens over 5 years. Because it is not so obvious however I don't think people see it. So in conclusion a 'flat' market over the next 5 years would actually mean serious falls in value. Something the ESPC probably won't be telling you about. Link to comment Share on other sites More sharing options...
Sherlock Posted March 13, 2008 Share Posted March 13, 2008 Come on !! Go to ESPC and have a look at their figures for the last 3 years. The busiest time of the year is sales completing between Jan and Mar. It could not be any clearer. ESPC only deals with a (albeit) large percentage of the Edinburgh & surrounding areas sales. This isn't the busiest time of year, in Edinburgh in particular or Scotland in general. How would the ESPC knew about sales completing anyway? As soon as an accepted offer comes in, the subjects are removed from the ESPC and they have no further involvement with the completion. Link to comment Share on other sites More sharing options...
Eggo Posted March 13, 2008 Share Posted March 13, 2008 Move to Fife [D/line or Rosyth] and get more for your money! 100 Squillion new arrivals from the Lothians cant be that wrong:rolleyes: Link to comment Share on other sites More sharing options...
coppercrutch Posted March 13, 2008 Share Posted March 13, 2008 ESPC only deals with a (albeit) large percentage of the Edinburgh & surrounding areas sales. This isn't the busiest time of year, in Edinburgh in particular or Scotland in general. How would the ESPC knew about sales completing anyway? As soon as an accepted offer comes in, the subjects are removed from the ESPC and they have no further involvement with the completion. I imagine they get the details from solicitors etc.. So you are right maybe not completed sales but agreed sales. As for the time of year you are right it is the second quarter that is the busiest normally. Got my numbers mixed up. Link to comment Share on other sites More sharing options...
Csaba's Broon Shoes Posted March 13, 2008 Share Posted March 13, 2008 In Edinburgh and London prices keep their value and only go up Buy asap i'd say as you will not lose out and it's not as if it will be your last house you buy therefore you will get back what you pay for it now and some more . It's an investment . Don't buy the first flat you see , study the market to see the ones that have not sold quickly , maybe take a friend to view with you they may try and put you of and see things you don't , ask the seller many questions council tax band , neighbours , pets or even hibee people . Link to comment Share on other sites More sharing options...
Bigsmak Posted March 14, 2008 Share Posted March 14, 2008 Well, mine is up for sale.. ... if you ask nicely I'll let you know what I want for it straight up! On the shore.. Offers over ?158,000! Link to comment Share on other sites More sharing options...
Tazio Posted March 14, 2008 Share Posted March 14, 2008 Don't do it. It will destroy your life and be in debt forever and a day. Only a fool would buy a house and invest in their future. It's amazing how many of the public have been so stupid. You will seriously regret buying something that increases in value as time goes on and gives you something you can sell for a profit in the future. Apparently. Link to comment Share on other sites More sharing options...
Sherlock Posted March 14, 2008 Share Posted March 14, 2008 Don't do it. It will destroy your life and be in debt forever and a day. Only a fool would buy a house and invest in their future. It's amazing how many of the public have been so stupid. You will seriously regret buying something that increases in value as time goes on and gives you something you can sell for a profit in the future. Apparently. I agree. I view my 70 odd% equity in a handful of years with disgust. Link to comment Share on other sites More sharing options...
neobis Posted March 14, 2008 Share Posted March 14, 2008 In Edinburgh and London prices keep their value and only go up. Are you mad? http://business.timesonline.co.uk/tol/business/money/property_and_mortgages/article3059977.ece http://news.scotsman.com/mortgageandpropertynews/Lothian-house-prices-fall-537.3803015.jp Link to comment Share on other sites More sharing options...
Coco Posted March 14, 2008 Share Posted March 14, 2008 You may well be right. However what I have already explained in another thread is that people just see the nominal price. And not the REAL price. If you buy a house today for 100k and it is still worth 100k in 5 years, then depending on the real inflation rate it has actually fallen by circa 20-30%. I don't get why so many people can't get this simple logic ?! If people don't get it then stretch it out over 40 years and it will become obvious. House 40 years ago = ?2,000 House today = ?200,000 How much that number could buy you in the real World (ie. How many pints you could buy with it) at those two points in time is probably very similar. Exactly the same thing happens over 5 years. Because it is not so obvious however I don't think people see it. So in conclusion a 'flat' market over the next 5 years would actually mean serious falls in value. Something the ESPC probably won't be telling you about. It is possible that the general price level will fall over the next 5 years of course. Your economic scenarios would be likely to end with that path. A flat property market would be a 'gain' in that scenario. With regard to buying a property at this point. Despite what some experts on this site say, it is possible that there will be a fall in the 'value' of that flat in future. It is possible that it will go up. Perhaps we will revert to a situation like pre-Thatcher where a majority of people rented their homes. The credit crunch might shake out more mortgage providers. How long can a pyramid scheme last for? Again, it is possible that the mortgage rate charged each month will go up or down in future. At the moment it looks likely that the BoE will reduce policy interest rates - but the risk of mortgage lending is going up, so the actual rate paid might rise. You should look at your outgoings on a mortgage and your expected gains/losses on the value relative to the rents you would pay for a similar property. Of course that is not how surveyors 'value' a property (at least when it comes to flats/houses). They base their 'calculations' on the last time one in the street sold. Link to comment Share on other sites More sharing options...
coppercrutch Posted March 14, 2008 Share Posted March 14, 2008 Are you mad? http://business.timesonline.co.uk/tol/business/money/property_and_mortgages/article3059977.ece http://news.scotsman.com/mortgageandpropertynews/Lothian-house-prices-fall-537.3803015.jp I know it ias amazing !! I hope that poster was taking the mick. I am amazed at how brainwashed people are when it comes to property. Good luck to the posters above who have a nice little chunk of equity. They should be aware however that this equity may vanish in the next couple of years. Of course it may not but the chances are getting greater by the day. For all those people thinking 'Edinburgh is too attractive for prices to fall here'.. Stats just out for Sand Diego for the last year. YOY 15% falls. That is in one of the most liveable and pretty much amazing ciities in the entire World. However that doesn't seem to have had any effect. Prices are plummeting. So for all those thinking 'It won't happen here'.... Think of california. Then use your head. Link to comment Share on other sites More sharing options...
coppercrutch Posted March 14, 2008 Share Posted March 14, 2008 It is possible that the general price level will fall over the next 5 years of course. Your economic scenarios would be likely to end with that path. A flat property market would be a 'gain' in that scenario. With regard to buying a property at this point. Despite what some experts on this site say, it is possible that there will be a fall in the 'value' of that flat in future. It is possible that it will go up. Perhaps we will revert to a situation like pre-Thatcher where a majority of people rented their homes. The credit crunch might shake out more mortgage providers. How long can a pyramid scheme last for? Again, it is possible that the mortgage rate charged each month will go up or down in future. At the moment it looks likely that the BoE will reduce policy interest rates - but the risk of mortgage lending is going up, so the actual rate paid might rise. You should look at your outgoings on a mortgage and your expected gains/losses on the value relative to the rents you would pay for a similar property. Of course that is not how surveyors 'value' a property (at least when it comes to flats/houses). They base their 'calculations' on the last time one in the street sold. That is exactly what you should do. As I have pointed out for a one bed flat in Gorgie the current difference is about 4-5k per year (Depending on rate, deposit, term etc..) I am pretty certain a flat in Gorgie will not cost anymore this time next year to buy. Given that - buying now when you could save an extra ~5k by renting and waiting appears madness. Unless of course you think prices always go up. Sadly half this population do. Brainwashing on a massive scale. People are about to get snapped out of it very quickly though !! Link to comment Share on other sites More sharing options...
heart of lothian Posted March 14, 2008 Share Posted March 14, 2008 Have to agree with the consensus on this thread, now is not a good time to buy. However there are alway's properties which although not bargains are cheaper than the rest of the market. Check out property auctions, Church of Scotland property pages and estate agents who are not in the ESPC. A small office with a handfull of properties for sale cares less about the price and more about its commision. Ive managed to find a lovely stone built detached house with 3 beds and a nice garden leading down to a beach for the same price as a one bed flat in Edinburgh. Take your time as the second half of the year should be better for buying. Link to comment Share on other sites More sharing options...
The Old Tolbooth Posted March 14, 2008 Share Posted March 14, 2008 I'd send a PM to Johnmitchell on here mate. He's a cracking Mortgage Advisor, and I say that without any type of sarcasm. Cannot believe I've just gave the big fat G Y P S Y a compliment. Laughed out loud at that lol!!! Cheers for the plug mate, are we still 50/50? *kidding mods* P.S. Sitting in the office bored out ma skull waiting to go into a meeting which means im gonna miss the horse racing, or most of it, grrrr Link to comment Share on other sites More sharing options...
Say What Again Posted March 14, 2008 Share Posted March 14, 2008 I agree. I view my 70 odd% equity in a handful of years with disgust. I agree as well. Paid ?44k for my flat 10 years ago. My next door neighbour just sold hers for fixed price ?130k. Link to comment Share on other sites More sharing options...
Flimsy Posted March 14, 2008 Share Posted March 14, 2008 The first advice I would give you is not to go to your own bank, go to an Independent Mortgage Adviser who will be able to source the most suitable mortgage for you from the whole market. Secondly, I would say that in Edinburgh the asking price is often set 10-20% below the valuation. Finally, I would agree with Eggo in that you can get good value for money in Fife, you could probably get a good 2 bed house in Dunfermline for the same price as a 1 bed flat in Edinburgh. Link to comment Share on other sites More sharing options...
Say What Again Posted March 14, 2008 Share Posted March 14, 2008 you could probably get a good 2 bed house in Dunfermline for the same price as a 1 bed flat in Edinburgh. No 'probably' about it mate. In exactly the same month as I bought my 1 bedroom flat, a guy at work bought a 2 bedroom (upstairs/downstairs) house with a front and back garden in Dunfermline for ?2k more than what I spent. Link to comment Share on other sites More sharing options...
Sherlock Posted March 14, 2008 Share Posted March 14, 2008 No 'probably' about it mate. In exactly the same month as I bought my 1 bedroom flat, a guy at work bought a 2 bedroom (upstairs/downstairs) house with a front and back garden in Dunfermline for ?2k more than what I spent. Have you seen Wrong Turn? Link to comment Share on other sites More sharing options...
Walter Kidd Posted March 14, 2008 Share Posted March 14, 2008 I agree as well. Paid ?44k for my flat 10 years ago. My next door neighbour just sold hers for fixed price ?130k. I can't believe the amount of pish on this thread. I made 93% profit in 3 years in Aberdour last November at the so called "worst" time to sell. Invest in property and keep moving every 3-4 years is my advice. Link to comment Share on other sites More sharing options...
Say What Again Posted March 14, 2008 Share Posted March 14, 2008 I can't believe the amount of pish on this thread. I made 93% profit in 3 years in Aberdour last November at the so called "worst" time to sell. Care to explain what 'pish' I posted in the post you quoted? Link to comment Share on other sites More sharing options...
Say What Again Posted March 14, 2008 Share Posted March 14, 2008 Have you seen Wrong Turn? Link to comment Share on other sites More sharing options...
Walter Kidd Posted March 14, 2008 Share Posted March 14, 2008 Care to explain what 'pish' I posted in the post you quoted? Never meant to quote your post mate. Link to comment Share on other sites More sharing options...
Say What Again Posted March 14, 2008 Share Posted March 14, 2008 Link to comment Share on other sites More sharing options...
coppercrutch Posted March 14, 2008 Share Posted March 14, 2008 I can't believe the amount of pish on this thread. I made 93% profit in 3 years in Aberdour last November at the so called "worst" time to sell. Invest in property and keep moving every 3-4 years is my advice. I do love these threads. People who bought a house years ago with zero intention of making any 'profit'. Suddenly 10 years later they have made loads of 'profit'. So they then proceed to state that you should carry on investing in property it is all good !! As I have said anyone who buys a house in the next couple of years on anything near a 100% mortgage will be making zero profit. In fact they will probably be making a serious loss. This is the problem with this country. Everyone used to buy houses TO LIVE IN. Now they buy houses FOR PROFIT. It really is quite sad. In a few years no-one will be talking about buying property for 'profit'. It will be seen as a certain way to throw away money. Until it all kicks off again in 5-10 years when people forget how bad it got. Boom, bust, boom, bust - as predictable as night following day. Can I ask a question Walter ? Out of interest what have you done with your 93% profit ? Stuck it into another house per chance? If so when exactly do you plan on using this other than having it 'on paper' ? Not having a go at you I just hear all these people taling about 'profits'. And yet at the same time very few of them ever spend it. In fact I reckon many people who have made loads of 'profit' struggle with day to day living. They are kept going however with the knowledge of what their house is 'worth'. As Melbourne Jambo pointed out earlier - It is a modern form of slavery. Slavery to debt. Complete hell IMO. Link to comment Share on other sites More sharing options...
Coco Posted March 14, 2008 Share Posted March 14, 2008 I agree as well. Paid ?44k for my flat 10 years ago. My next door neighbour just sold hers for fixed price ?130k. http://en.wikipedia.org/wiki/Ponzi_scheme Link to comment Share on other sites More sharing options...
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