House price shock!

We've decided to downsize and put some cash in the bank for our old age which is approaching fast. Found a couple of nice small bungalows, one with a fantastic back garden, backing onto the gallops which is a wide open greenspace next to open fields on a big hill (as per usual down her on the south downs!).

Anyhoo, got a shock of my life just now!!! I have a letter from an estate agent dated June 2008 when they valued our house at £375K (it's big, it's 4 beds 3 baths, big garden and driveway village location in the south!) I had the same agent round earlier on to value it again, and I was sitting down thankfully when he just rang me back, (coz I realise the property market is pretty dire at the moment), but didn't quite expect such a dramatic drop to....... £325K Swings and roundabouts though he said, because the place we like has been on the market quite a while, and we could make up the difference by putting in a low offer to them as they're desperate to sell!

I need a drink, before I decide what to do!!!! I'm worried that by the end of this year it could get worse, so I'm like a rat leaving a sinking ship atm!!!

OMG Helena, what a shock
Problem is you just don't know which way this is all going to go, although I have a feeling it will get worse before it gets any better.

Quite a drop but like you say and the estate agent so will the houses you are looking at of dropped in price good position to be in if you are looking to downsize.

I feel sorry for the families who need more space and find out their prices have plummeted and although the houses they are looking at will of too they will still be out of their price range.

The place you are looking at sounds lovely.

I would get another agent round for a second opinion.

We downsized from that horrible big house in london to our lovely bungalow in Suffolk,the idea was that we invested the "leftovers" and lived off the interest....what interest.Putting that all aside Helena it was the best move we ever made
x x

So do I Jen, it's a gut instinct of mine to get rid now and put the cash inn the bank, but Dave has just burst my balloon there saying even the cash will be worthless if things get as dire as I'm reckoning by this time next year!! BUT, if houses drop that much and say you could buy a house for £50K, if you've got £100K in the bank, then you can buy 2 more houses and rent them out???!! That's my theory lol!

Yes, it's a big worry for everyone I'm sure I know money in the bank is just as worthless, especially with the low interest rate, but having worked all our blooming lives, sitting on all this money with nobody to leave it to (except the animal sancturies) I'm darn sure I'm gonna enjoy some of it before I die! Don't ask me how coz I haven't quite decided but Dave can get his new car

Oh definitely, that's already onn the cards for Wednesday morning, I've got 2 more of them coming round! I trust this one though, my friend owns it, and I've known her and her brother who came round today for donkey's years, so it's a good "guide", sad as it is!

Oh yes, forget living off that interest Jeanette!!! It's diabolical isn't it for old people trying to live off their hard earned cash all their lives! You just gotta "dip in" as my old mum used to say lol!!!! I don't think we'll look back, life's too short for all this cleaning, all this worrying about the housing market, and it's time to spend a bit now, I'm in the mood!!! So glad you're happy now, I hope we will be too in the near future.xxx

As a loyal Dogsey member, always happy to help out other Dogsey members, I would be happy to help you with this little problem!

A friend of mine is moving from here in West London up to Northamptonshire somewhere and the house prices are a fraction of here so if you want somewhere really cheap...

Good luck, what ever you decide.

J.

Funnily enough Northamptonshire was were we had originally thought of, but Suffolk won

Oh I wish!!! Trouble is, hubby has his business in this area, so it's out of the question coz he intends to work to the end of his days (or so he says), Hmmmmmm,, wonder why he doesn't want to retire and stay home with us????? This means, we're stuck in one of the most expensive areas for the rest of our days, until there are no dogs, then we're mobile homing it, or a small flat, but then again, I doubt that day will ever come for me My life IS my dogs, so life won't be worth living for me without any.

Lol at you! I would, but I'll probably have spent it all by the time you saw your name on the will!!!!

Good for you! I think my folks have the same idea, they were very amused the first time they saw some bumper stickers on their last trip to Aus that said "SKIing - Spending the Kid's Inheritance!"

J.