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  • FIRST POST
    • Slimgimli
    • By Slimgimli 31st Jul 11, 6:00 PM
    • 53Posts
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    Slimgimli
    Where are house prices today compared with 2006?
    • #1
    • 31st Jul 11, 6:00 PM
    Where are house prices today compared with 2006? 31st Jul 11 at 6:00 PM
    We viewed a house yesterday which is on with an estate agent who I know usually overpriceses! The vendor brought it in 2006 for 146,000.
    They have put a new bathroom suite in, and minimal cosmetic work.
    Is it possible to give a rough idea as to what a reasonable selling price would be?? I just think it is on at too much. Has been on the Market since may.
Page 1
    • princeofpounds
    • By princeofpounds 31st Jul 11, 6:13 PM
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    princeofpounds
    • #2
    • 31st Jul 11, 6:13 PM
    • #2
    • 31st Jul 11, 6:13 PM
    Across the whole of the UK house prices are roughly at 2006 levels (according to the nationwide index, you might also want to look at DCLG, land registry, halifax indexes. NOT Rightmove as this is asking prices rather than mortgaged or sold prices).

    Your area might be slightly different but I don't know where you are. Look at sites like nethouseprices to find actual sold prices of properties nearby (with a lag as the land registry doesn't publish immediately). Don't look at house price estimators like Zoopla - they are too simplistic and distorted in many cases.

    Minimal cosmetic work will not add any value. A new bathroom might add a little, if there was a pit of a bathroom before, otherwise not much.

    The fact that it has been on the market since May means that it's certainly no bargain!
    • Slimgimli
    • By Slimgimli 31st Jul 11, 6:20 PM
    • 53 Posts
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    Slimgimli
    • #3
    • 31st Jul 11, 6:20 PM
    • #3
    • 31st Jul 11, 6:20 PM
    Mmmm! Nationwide reckon it worth minimum of 144,000 maximum of 154,600!. It's on at 169,950. I thought it was tooooooo much but unless they are desperate to sell, not sure they would accept an offer that low?? Guess we can only try?? What would be sensible first offer?
    • brit1234
    • By brit1234 31st Jul 11, 6:31 PM
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    brit1234
    • #4
    • 31st Jul 11, 6:31 PM
    • #4
    • 31st Jul 11, 6:31 PM
    The location is important in reference to the price.

    In central London prices are close to peak 2007, just a little short.

    In the South East they are around 2006 or a bit lower. I think Devon and Cornwall are similar due to holiday homes bought by Londoners.

    Midlands and North 2004-2005.

    Scotland about 2006

    Northern Ireland has been fallen the most below 2004.

    169,950 isn't a London price so it has to be 2006 maximum and likely below despite bathroom.

    Type in the post code in link below to get a better idea, compare similar houses.

    http://www.nethouseprices.com/
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  • erdd2
    • #5
    • 31st Jul 11, 6:33 PM
    • #5
    • 31st Jul 11, 6:33 PM
    www.upmystreet.co.uk is another useful site for house price comparison and such
    • Slimgimli
    • By Slimgimli 31st Jul 11, 7:31 PM
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    Slimgimli
    • #6
    • 31st Jul 11, 7:31 PM
    • #6
    • 31st Jul 11, 7:31 PM
    Thanks! It's in the east midlands so that makes it even more interesting!! Time to sit back and see I think or just try a cheeky offer and see what the response is!
  • m00m00
    • #7
    • 31st Jul 11, 7:33 PM
    • #7
    • 31st Jul 11, 7:33 PM
    where in the east midlands, I know the area very well for property prices.

    large chunks of nottingham are down to 2004 prices for example.
    It's a health benefit ...
  • tyler80
    • #8
    • 31st Jul 11, 7:40 PM
    • #8
    • 31st Jul 11, 7:40 PM
    A property we used to live opposite just sold for 500 pounds less than it's 2004 sold price, the property we used to rent sold for 5k more than it's 2004 sold price despite having had a large extension added. That's in the East Midlands. I wouldn't expect to pay any more than the 2006 price even with the new bathroom suite.
    • dawyldthing
    • By dawyldthing 31st Jul 11, 7:42 PM
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    dawyldthing
    • #9
    • 31st Jul 11, 7:42 PM
    • #9
    • 31st Jul 11, 7:42 PM
    a lot of the east midlands are at similar prices as those 5 years ago for sure. I know around here theres regularly 60 or so houses for below 70k, which in some areas of the country wouldn't buy you a shoebox to live in
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    • Slimgimli
    • By Slimgimli 31st Jul 11, 8:13 PM
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    Slimgimli
    Hi m00m00, its in Leicestershire.....between kibworth and oadby
  • m00m00
    sadly a bit south for my specialist areas, so I can't help you too much.
    It's a health benefit ...
    • Slimgimli
    • By Slimgimli 31st Jul 11, 8:25 PM
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    Slimgimli
    Ok thanks anyway!
    • HAMISH_MCTAVISH
    • By HAMISH_MCTAVISH 31st Jul 11, 8:29 PM
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    HAMISH_MCTAVISH
    The location is important in reference to the price.
    Originally posted by brit1234
    Correct. And price performance varies widely even within the same town or county, let alone region.

    In central London prices are close to peak 2007, just a little short.
    In some parts, above previous peak, in others a bit below, but there or thereabouts..

    In the South East they are around 2006 or a bit lower. I think Devon and Cornwall are similar due to holiday homes bought by Londoners.
    Late 2006 or early 2007 in some towns. Just a few percent off peak in most places.

    Midlands and North 2004-2005.
    2005 on average, a fair bit down from peak, but there are pockets where prices are still higher, and some much lower. Local research is important.

    Scotland about 2006
    Scotland already at a new peak last year, and allowing for seasonality is higher this year again.

    Current Scotland wide average price as of May is 154,000, in May 2010 it was 151,000, and in May 2007 it was just 147,000.

    http://www.ros.gov.uk/professional/eservices/land_property_data/lpd_stats.html

    Granted Scotland still has some areas well down from 2007 prices, but those are usually the dumps and you wouldn't want to live there.

    Northern Ireland has been fallen the most below 2004.
    NI has fallen the most..... But prices also rose by over 100% in just the last couple of years before the crash there. (versus just 30% in the mainland UK)
    "At the Observer 10 years ago, I was writing things such as "the housing boom has to end" and "it's impossible for house prices to go higher".

    Friends who took note of those articles still find it hard to speak to me."


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    • GRM
    • By GRM 31st Jul 11, 8:52 PM
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    GRM
    Great Glen prices are about +10% above 2006 levels - the grammar school effect.
    • hcb42
    • By hcb42 31st Jul 11, 8:56 PM
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    hcb42
    Region is way to wide to look at what is actually happening, I live in East midlands too, and in a small village, prices are holding up well.
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    • Slimgimli
    • By Slimgimli 31st Jul 11, 9:45 PM
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    Slimgimli
    GRM...... So if you are saying that , would you say if it sold for 146000 in 2006 a fair price today would be 150,000 ish? Or as it is a smallish village( with a new school!) that I would have to be looking at a bit more? It's a small terrace cottage with one double and a single bedroom, shared access,so not a ' family home ' so really FTB or like us kids left home and downsizing!
    Thanks for all your help........
    Btw just seen on right move that miller homes are selling 3 bed semi's just down the road for 179,950!! If only we wanted a NEW house lol!!
    Last edited by Slimgimli; 31-07-2011 at 9:51 PM.
    • GRM
    • By GRM 1st Aug 11, 9:35 AM
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    • 421 Thanks
    GRM
    Glen has always been relatively expensive when compared to similar villages - always been very popular too.

    What I (or others) think is 'fair' is immaterial IMO - checking a few friends' and neighbours' homes who have sold recently my +10% estimate looks to be about right so 169,950 aiming for 160ish doesn't sound a million miles out.

    PS Those Millar houses are *really, really* small and IIRC there is going to be quite a bit of social housing on that estate.
    • Slimgimli
    • By Slimgimli 1st Aug 11, 5:07 PM
    • 53 Posts
    • 44 Thanks
    Slimgimli
    Thanks for that! Have just left feedback with the agent, who said if we were interested to just make an offer and see! Been up for 3 months now so wonder whether the vender might be thinking of changing agents?? Have asked to be informed if an offer goes in.
    We are in process of changing agents ourselves so going to see how we get on first as unless we sell ours there's no point.........just LOVE the cottage and WANT it lol.
    As for the Miller homes, would never buy another new house, my heart obviously lies in older properties, been in a new one for 4 years and still doesn't feel like home, hence the move!
    We are up against the new David Wilson homes and Barratts tho, shame is people don't realise the trouble they are having with all the social housing up there!!!! Too late once you move in..........!
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