I know that feeling, My house bombed from 125k to 90k overnight in 2008. It's only just managed to get back to 115
anyone who bought a new build cala in 2007/2008 overpaid massively and not just in my area all around Glasgow.
I know people who paid £490K and their home today is worth £390K and if they spent £5-£10K on it could get £410K.
There is another which is offers over £450K and has been on the market since before 12/10/2016 when the price was reduced on it to try and sell. I think they paid £550K to £600K for it. It's worth maybe £420K now IMO which is why it hasn't shifted in the past 3+ years.
Some people who just didn't have a clue about buying houses or the values of them just went off what other clueless people were prepared to pay for them.
When speaking to my mate he said at the time they had a queue out the door and there was a 3 month waiting list to get one. It was a dangerous combination of new build, severely overpriced and not in a premium area. So the prices will likely never recover in their lifetimes anyway. People were desperate to buy new builds just before the crash. It's the same now new builds seem to be massively overpriced around here still. Better off buying a second hand home that was built within the last 5-30 years.
