Main site > MoneySavingExpert.com Forums > Essential Money > House Buying, Renting & Selling > Where are house prices today compared with 2006? (Page 1)

IMPORTANT! This is MoneySavingExpert's open forum - anyone can post

Please exercise caution & report any spam, illegal, offensive, racist, libellous post to forumteam@moneysavingexpert.com

  • Be nice to all MoneySavers
  • All the best tips go in the MoneySavingExpert weekly email

    Plus all the new guides, deals & loopholes

  • No spam/referral links
or Login with Facebook
Where are house prices today compared with 2006?
Closed Thread
Views: 2,249
Thread Tools Search this Thread Display Modes
# 1
Slimgimli
Old 31-07-2011, 6:00 PM
MoneySaving Convert
 
Join Date: Jun 2011
Posts: 37
Default Where are house prices today compared with 2006?

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.
Slimgimli is offline
Report Post
# 2
princeofpounds
Old 31-07-2011, 6:13 PM
Fantastically Fervent MoneySaving Super Fan
 
Join Date: Jan 2009
Posts: 5,290
Default

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!
princeofpounds is offline
Report Post
The Following User Says Thank You to princeofpounds For This Useful Post: Show me >>
# 3
Slimgimli
Old 31-07-2011, 6:20 PM
MoneySaving Convert
 
Join Date: Jun 2011
Posts: 37
Default

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?
Slimgimli is offline
Report Post
The Following User Says Thank You to Slimgimli For This Useful Post: Show me >>
# 4
brit1234
Old 31-07-2011, 6:31 PM
Fantastically Fervent MoneySaving Super Fan
 
Join Date: Dec 2007
Location: London
Posts: 4,871
Smile

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/
Scams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.

Save our Savers
brit1234 is offline
Report Post
The Following 2 Users Say Thank You to brit1234 For This Useful Post: Show me >>
# 5
erdd2
Old 31-07-2011, 6:33 PM
Serious MoneySaving Fan
 
Join Date: Jun 2011
Posts: 937
Default

www.upmystreet.co.uk is another useful site for house price comparison and such
erdd2 is offline
Report Post
# 6
Slimgimli
Old 31-07-2011, 7:31 PM
MoneySaving Convert
 
Join Date: Jun 2011
Posts: 37
Default

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!
Slimgimli is offline
Report Post
The Following 2 Users Say Thank You to Slimgimli For This Useful Post: Show me >>
# 7
m00m00
Old 31-07-2011, 7:33 PM
Serious MoneySaving Fan
 
Join Date: Jun 2007
Posts: 1,714
Default

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 ...
m00m00 is offline
Report Post
The Following 2 Users Say Thank You to m00m00 For This Useful Post: Show me >>
# 8
tyler80
Old 31-07-2011, 7:40 PM
MoneySaving Stalwart
 
Join Date: Feb 2009
Posts: 364
Default

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.
tyler80 is offline
Report Post
The Following 2 Users Say Thank You to tyler80 For This Useful Post: Show me >>
# 9
dawyldthing
Old 31-07-2011, 7:42 PM
Serious MoneySaving Fan
 
Join Date: Jan 2009
Location: in the land of nod!
Posts: 1,484
Default

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
My targets for the future:
1) To get down to 11 stone or no Oz trip! At start 17 stone 7 lbs 25lb lost : 66lbs to go
2) to be mortgage free by 30 = 40.1% paid. 59.9% to go

If you smile, the whole world will smile with you and you may make someones day!
dawyldthing is offline
Report Post
The Following User Says Thank You to dawyldthing For This Useful Post: Show me >>
# 10
Slimgimli
Old 31-07-2011, 8:13 PM
MoneySaving Convert
 
Join Date: Jun 2011
Posts: 37
Wink

Hi m00m00, its in Leicestershire.....between kibworth and oadby
Slimgimli is offline
Report Post
The Following User Says Thank You to Slimgimli For This Useful Post: Show me >>
# 11
m00m00
Old 31-07-2011, 8:24 PM
Serious MoneySaving Fan
 
Join Date: Jun 2007
Posts: 1,714
Default

sadly a bit south for my specialist areas, so I can't help you too much.
It's a health benefit ...
m00m00 is offline
Report Post
The Following User Says Thank You to m00m00 For This Useful Post: Show me >>
# 12
Slimgimli
Old 31-07-2011, 8:25 PM
MoneySaving Convert
 
Join Date: Jun 2011
Posts: 37
Default

Ok thanks anyway!
Slimgimli is offline
Report Post
# 13
HAMISH_MCTAVISH
Old 31-07-2011, 8:29 PM
Deliciously Dedicated Diehard MoneySaving Devotee
 
Join Date: Jan 2009
Location: SCOTLAND
Posts: 17,360
Default

Quote:
Originally Posted by brit1234 View Post
The location is important in reference to the price.
Correct. And price performance varies widely even within the same town or county, let alone region.

Quote:
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..

Quote:
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.

Quote:
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.

Quote:
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/e...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.

Quote:
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."


~Faisal Islam, Ch 4 Economics Editor, August 2013
HAMISH_MCTAVISH is online now
Report Post
# 14
GRM
Old 31-07-2011, 8:52 PM
MoneySaving Stalwart
 
Join Date: Feb 2010
Posts: 497
Default

Great Glen prices are about +10% above 2006 levels - the grammar school effect.
GRM is offline
Report Post
# 15
hcb42
Old 31-07-2011, 8:56 PM
Fantastically Fervent MoneySaving Super Fan
 
Join Date: Feb 2009
Posts: 5,068
Default

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.
2014 challenges to include: Weight loss 17lb/49lb; 1 a day challenge 123/365; Old Age Pot 38000/50000; DH Rainy Day fund 35/2400
hcb42 is offline
Report Post
# 16
Slimgimli
Old 31-07-2011, 9:45 PM
MoneySaving Convert
 
Join Date: Jun 2011
Posts: 37
Default

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.
Slimgimli is offline
Report Post
# 17
GRM
Old 01-08-2011, 9:35 AM
MoneySaving Stalwart
 
Join Date: Feb 2010
Posts: 497
Default

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.
GRM is offline
Report Post
# 18
Slimgimli
Old 01-08-2011, 5:07 PM
MoneySaving Convert
 
Join Date: Jun 2011
Posts: 37
Default

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..........!
Slimgimli is offline
Report Post
Closed Thread

Bookmarks
 
 




Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

 Forum Jump  

Contact Us - MoneySavingExpert.com - Archive - Privacy Statement - Top

Powered by vBulletin® Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.

All times are GMT +1. The time now is 11:57 PM.

 Forum Jump  

Free MoneySaving Email

Top deals: Week of 16 April 2014

Get all this & more in MoneySavingExpert's weekly email full of guides, vouchers and Deals

GET THIS FREE WEEKLY EMAIL Full of deals, guides & it's spam free

Latest News & Blogs

Martin's Twitter Feed

profile
  • RT @MoneySavingExp: Weekly email:Free breaking bad, top shares ISA, HOT bband deal ending, 2.5% cash ISA, Tesco wine sale, £10 champers.. h?
  • RT @MoneySavingExp: Ovivo closure: MSE?s reported the mobile firm to authorities. If you?ve been affected, here?s how you can complain http?
  • Right switching off Twitter now. Going back offline. Thanks to those of both sides tweets for making it a more enjoyable watch.

Cheap Travel Money

Find the best online rate for holiday cash with MSE's TravelMoneyMax.

Find the best online rate for your holiday cash with MoneySavingExpert's TravelMoneyMax.

TuneChecker Top Albums

  • VARIOUS ARTISTSNOW THAT'S WHAT I CALL MUSIC! 87
  • THE VAMPSMEET THE VAMPS (DELUXE VERSION)
  • VARIOUS ARTISTSFROZEN (ORIGINAL MOTION PICTURE SOUNDTRACK)

MSE's Twitter Feed

profile
Always remember anyone can post on the MSE forums, so it can be very different from our opinion.
We use Skimlinks and other affiliated links in some of our boards, for some of our users.