Scare yourselves, I dare you!

[SteamyTea]

Not the whole story as usual, but at least I have only 'lost' 5% since 2007.

If I had got the place I wanted, then I would have lost 27%.

Interestingly, the 'snobby' town has risen by 1%.

 

http://www.bbc.co.uk/news/business-41582755

[ProDave]

It does not mention Scotland, but I KNOW prices here are still not back to 2007 levels, let alone those levels allowing for inflation. And I have said before, a self builder here would do very well indeed to sell his house and just get back what he has spent.

[MikeSharp01]

Scary - we are up 38% at millstone manor and 31% here in not so sunny Whitstable. Anybody point me at the smug - self satisfied emoticon? PS so that is even more we have stolen from our children's generation. 

[SteamyTea]

Much of it is down to the lower volume of sales.

The posh bit around here, when I last looked and I only looked at 3 bed houses, only had 7 sales, one of which was half a million.  The others where in the normal range of 150,000.

The people that live in the median priced houses still convince themselves that they are wealthier than they really are.

Where my Mother is has gone up by 18%, so

12 minutes ago, MikeSharp01 said:

PS so that is even more we have stolen from our children's generation. 

Saves me from working extra hours to save for my retirement.  Must go and get my sister 200 fags and a couple of bottles of scotch as a 'thank you' for taking me to the airport, I feel she does not relax enough after her heart attack

[jack]

It's interesting how localised the numbers are. Sure, it's better in the south and east, on average, than in the north and west, but we've got everything from up by 49% to down by 12% within a few miles of us on the Hampshire/Surrey borders.

 

2 minutes ago, SteamyTea said:

Much of it is down to the lower volume of sales.

The posh bit around here, when I last looked and I only looked at 3 bed houses, only had 7 sales, one of which was half a million.  The others where in the normal range of 150,000.

 

At least around us, the higher rises seem to be in the "nicer" areas, which presumably have less turnover than the less nice areas. The researchers have not shown data for areas with small numbers of sales, although I don't know what's considered to be a small number of sales.

[SteamyTea]

11 minutes ago, jack said:

although I don't know what's considered to be a small number of sales.

I think it is less than 10.

 

It is really down to Standard Error.  If the sample is small, and the variance large, then the error is large.

 

In 'nice' areas, we are really into a secondary market.  One unaffected by bank interest rates and the general state of the economy.  These are generally bought by recent retired people who may well have downsized financially from a London home, have large pension incomes or are foreign investors.

Car sales are the same.  They are down nationally, but the local Merc garage to me me has increased sales, both in numbers and cash.  The rest of us just buy ten year old cars.  Yesterday, there was a Lamborghini Aventador parked in Wycombe High Street, it is worth more than all 6 houses where I live.  I doubt if one has ever been in Cornwall, but if it parked in my street, it would double the wealth of the area.

Edited October 17, 2017 by SteamyTea

[ToughButterCup]

56 minutes ago, jack said:

It's interesting how localised the numbers are. [...]

 

Location, location, location. Our estate agent mentions that  simple fact every time he visits.

[MikeSharp01]

7 minutes ago, recoveringacademic said:

Location, location, location. Our estate agent mentions that  simple fact every time he visits.

He is just Jealous.

[Jeremy Harris]

Down about 6.9% at our old house, but down 18% where our new house is, and neither of those figures really even vaguely accurate.  Demand where we are seems high, and when our old house was valued recently, for a quick sale, it was just under twice what we paid for it in 2000.  That matches the increase shown on Zoopla for a detached house in our area pretty well.

 

I have a feeling that it's looking at the whole ward, not your actual post code.   There are clearly some pockets where house prices haven't risen much, and other pockets where they have, so depending on where your house is within the ward could make a pretty big difference to the figures that calculator is spitting out.

 

For example, for the past ten years, according to Zoopla, prices for the exact post code for our old house are up by 14.9%, not down by 6.9%.  Similarly, for the post code for our new house area, prices are up 15.8%, not down 18%.  Zoopla seems to given a more localised result, I think, based on actual sale price data from the Land Registry, I believe.

[jack]

Yes, the map is by ward, so even within each region there'll be variance.

I think we're technically in one ward by way of historical accident. We're at the end of the last road in a suburban area. Until about 50 years ago, our end of the road wasn't made up and was considered part of the adjacent rural area. It's since been made up and adopted, and become part of the suburban area. We're still in the adjacent rural ward though, because they didn't change the boundaries

[Jimp]

Our house is up 42%.

 

It's been on the market now for 6 weeks and not one offer! 

 

 

[Jeremy Harris]

Interesting to see that September had record inflation: http://www.bbc.co.uk/news/business-41649498 with the CPI being 3%.  The good news for me is that my occupational pension increase is linked to the September CPI figure, so that means 3% more in April.  Makes up for it being 0% last year.................

 

Mind you, I get both my State Pension and my old UK Atomic Energy Authority pension in a few weeks time, plus the £200 Winter Fuel Payment (which is a complete nonsense in a house that doesn't cost £200 to heat for a whole year).  The UKAEA pension (from the very short time I spent working as a chemist, before I decided I hated chemistry, switched careers and did another degree) is a whole £6 a YEAR.  I've decided to just cash it in, and take the ~ £100 pot, less a bit of tax.

 

 

 

 

[SteamyTea]

4 hours ago, JSHarris said:

I've decided to just cash it in, and take the

I would have taken the 6 quid a year, it is a better return.

[Jeremy Harris]

36 minutes ago, SteamyTea said:

I would have taken the 6 quid a year, it is a better return.

 

That assumes I'll live longer than another 16 years, though.................... 

[SteamyTea]

Yes, and I am sure you will.

But that 100 is only worth 97 in a years time, and then, assuming inflation at 3%.

But if you can manage 11 years you will be better off.

 

[Jeremy Harris]

Too late, I'm afraid, I've sent off the letter saying I'll have the dosh now.  The hassle factor involved with things like changing banks, and then having to change the annual £6 pension payment details, plus the added hassle of having to add the £6 a year to my tax return, outweighed the small penalty.  There's also the fact that I'm trying hard to get my income back down below the 40% threshold (again............) so every little helps....................

 

The penalty for being a pensioner on higher rate tax is just unbelievable, especially on income from savings.  It's not been a problem when I had virtually no savings, my income was just below the 40% threshold and the interest rates were low, but with interest rates rising and my savings pot about to be refilled from the sale of the old house it's a potentially big problem.  There is a big jump on taxation of income from savings if you are a higher rate tax payer - effectively a 10,000% tax rate for a £1 increase in income over the £45,000 threshold.

 

I may just defer my state pension for a few years, just to reduce my income a bit, not really because deferring it gives a slightly better pension later.  I just hate the idea of paying a lot of tax..............

Edited October 17, 2017 by JSHarris

[jack]

1 hour ago, SteamyTea said:

Yes, and I am sure you will.

But that 100 is only worth 97 in a years time, and then, assuming inflation at 3%.

But if you can manage 11 years you will be better off.

 

 

This assumes no return on the £100 taken as a lump sum.

[SteamyTea]

Jeremy will buy something useful, or he could by a pint and a half every year.

[Trw144]

1 hour ago, SteamyTea said:

Jeremy will buy something useful, or he could by a pint and a half every year.

 

Looks like Jeremy blew it all on cocktails last week in his other post ? 

Edited October 18, 2017 by Trw144