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Twitter, twitter, twitter everywhere about house prices and the economy.
Here’s all that Property Sparrow knows about the subject:
On 2 February 2007 she bought a three bedroom Victorian terrace house for £125,000. It was a wreck. She had central heating installed, the house rewired, a new kitchen and bathroom fitted, new carpets, roof repairs, damp proofing and the house redecorated throughout. She spent days digging the garden.
On 1 June 2007 Property Sparrow sold the house to a couple in their 30s who had a little boy aged about 7. They paid £162,500.
With realising it at the time, she sold the house at a high price and made a modest profit. A fluke. Property Sparrow’s middle name is not Sarah Beeney but she enjoyed doing this refurbishment and was delighted in seeing a house that had been empty for a year come back to life.
Imagine her distress then in June this year to see a ‘For Sale’ board outside the house, almost two years to the day since the completion of the sale.
It turns out that the couple had got further and further behind with their mortgage, moved out and one night put the keys through the estate agent’s letterbox. A formal repossession followed a few weeks later. The house has now sold, and it has sold quickly, for £130,000, a drop of 20% in the value since February 2007.
You only know what you know, wouldn't you say?
Here’s all that Property Sparrow knows about the subject:
On 2 February 2007 she bought a three bedroom Victorian terrace house for £125,000. It was a wreck. She had central heating installed, the house rewired, a new kitchen and bathroom fitted, new carpets, roof repairs, damp proofing and the house redecorated throughout. She spent days digging the garden.
On 1 June 2007 Property Sparrow sold the house to a couple in their 30s who had a little boy aged about 7. They paid £162,500.
With realising it at the time, she sold the house at a high price and made a modest profit. A fluke. Property Sparrow’s middle name is not Sarah Beeney but she enjoyed doing this refurbishment and was delighted in seeing a house that had been empty for a year come back to life.
Imagine her distress then in June this year to see a ‘For Sale’ board outside the house, almost two years to the day since the completion of the sale.
It turns out that the couple had got further and further behind with their mortgage, moved out and one night put the keys through the estate agent’s letterbox. A formal repossession followed a few weeks later. The house has now sold, and it has sold quickly, for £130,000, a drop of 20% in the value since February 2007.
You only know what you know, wouldn't you say?
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1 comment:
A narrative of these times.
"Live the dream, then live the nightmare"
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