Did I tell you that we are thinking of moving house? Well, we are. The man from the estate agent’s came around to look at the house and after some humming and hawing told me that it is now worth only just over two thirds of what we paid for it in 2002. Oh the pain.
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The only upside is that anything you buy will also be cheaper than it would have been. Cold comfort, I know, when you sell your house and still owe the mortgage company a wedge. It happened to me when I bought the tiny Pogpad in 1990 (yes, yes, just as house prices were spiking and 10 minutes before the bottom fell out of the market) – within 3 months it had lost a third of its value AND interest rates zoomed up to 15%. Ouch.
Another reason why I rent.
Weep. I hope you find somewhere really lovely as some compensation.
In negative equity having bought in 2003???? Jesus wept. How stuffed are we so???
Pog, you sound ominously like my estate agent – though he did not, to my knowledge, buy a pogpad. Your words on interest rates are prescient, I fancy.
WOL, ah renting – eyes mist over.
Thanks Amaranthine.
2002 C, that will make all the difference, sigh. You’re not stuffed because you don’t want to move, do you?