Hartlepool House Prices Down 15% in 10 Years

[steveL]

A useful UK wide, ward by ward guide to house prices compared to 10 years ago

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

[DRiddle]

I said this would happen as soon as they ditched the town plan. You can't see comments made on The Mail anymore but at the time I said "Akers-Belcher has just jeopardised the house price of every single person in the town". Others could see it too, it's not hard is it? Economics 101, supply and demand.

If you flood a town with new houses that has basically had a very stable population for decades, all you end up with is over supply.

The less desirable housing stock drops in value and the new builds also have to drop due to the over supply.

Make no mistake, this will continue. We're already seeing the ghettoization of more and more areas of the town.

Classic Labour, greedily go for the council tax and in doing so damage the net worth of an already relatively poor demographic at a stroke. 

[Stig of the Seaton Dump]

Good news if they do another valuation exercise to reassess council tax bands.
I should go down to an A :-)

Of course it doesn't work like that, but it should.

[not4me]

never understood why people think of their homes as a profitmaking venture.Rising prices that keep pace with inflation yes but any more than that simply makes houses more unaffordable for those just starting out.

[Inspector Knacker]

never understood why people think of their homes as a profitmaking venture.Rising prices that keep pace with inflation yes but any more than that simply makes houses more unaffordable for those just starting out.

Agree, if you sell your house, the average person still has to buy another one.

[jeffh]

never understood why people think of their homes as a profitmaking venture.Rising prices that keep pace with inflation yes but any more than that simply makes houses more unaffordable for those just starting out.

Agree, if you sell your house, the average person still has to buy another one.

Yes that's fine but the problem arises when owners start reaching negative equity, which with some of the help schemes being offered can happen quite quickly

[Inspector Knacker]

If you're buying a house for the lng term, negative equity is an irrelevance, if you're buying the property just to make money it's unfortunate, but I have little sympathy.
You buy a house at what you perceive at the time to be reasonable and live in it .

[mk1]

It is a status thing. Your standing is judged on how much your house costs. 'we bought if for 150k and now its worth 425k' is the dream. The house itself matters little only the price and location. A street house like the ones off Cornwall st in Hartlepool are cheap but the chance to own the exact same house  pied-à-terre in central London would be enough to make someone  from Tooting orgasm.

[jeffh]

If you're buying a house for the lng term, negative equity is an irrelevance, if you're buying the property just to make money it's unfortunate, but I have little sympathy.
You buy a house at what you perceive at the time to be reasonable and live in it .

A young couple starting off may only to be able to afford a small property and save for a deposit - let's say the first property is £100,000 with a 20% deposit the mortgage is £80,000- after 10 years they now have 2 children and the property is too small so they want to move to a larger property - with the 15% depreciation their current property is now only worth £85,000 and they borrowed £80,000 - they might now find it difficult to go for a larger property as they may struggle to find a deposit of say £30,000 as the money they have reasonably expected from their current property simply isn't there.
What you say is correct if every body stayed in the same property and their circumstances didn't change

[Stig of the Seaton Dump]

I know a couple that have ended their relationship of ten years. What have they got to show for 10 years of paying a mortgage.
They have got a £20K loss on top of all the interest they have paid.

[Inspector Knacker]

It's called a market economy. As they always say, prices can go up as well as down Nothing wrong with that, it's a market, some people on the other hand thinks it's a guaranteed cash generator. It isn't.

[seaton]

The Help to Buy Scheme is a huge con, the builders put the price of the property up accordingly. After I think 5 years the loan becomes repayable or remortgaged, the thought behind that is people will have more disposable income after 5 years, I don't think so yet May is throwing more money at it.

[Inspector Knacker]

When we bought our present house, the building society manager offered us a number of options. I asked him which one he'd recommend. He said he couldn't possibly do that and asked is to select an option. We decided on a boring straight repayment mortgage. After signing the papers he told us that's what he would have recommended, adding 'you get nothing for nothing, the most straightforward option is usually the best'. Avoid all gimmicks when buying.

[The Great Dictator]

   If in doubt then RENT