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Where are house prices today compared with 2006?

Slimgimli
Slimgimli Posts: 53 Forumite
in House buying, renting & selling
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.
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Comments

  • princeofpounds
    princeofpounds Posts: 10,396 Forumite
    First Post Name Dropper First Anniversary Combo Breaker
    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
    Slimgimli Posts: 53 Forumite
    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
    brit1234 Posts: 5,385 Forumite
    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/
    :exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.

    Save our Savers
  • erdd2
    erdd2 Posts: 1,070 Forumite
    https://www.upmystreet.co.uk is another useful site for house price comparison and such
  • Slimgimli
    Slimgimli Posts: 53 Forumite
    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
    m00m00 Posts: 1,755 Forumite
    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
    tyler80 Posts: 364 Forumite
    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
    dawyldthing Posts: 3,438 Forumite
    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
    :T:T :beer: :beer::beer::beer: to the lil one :) :beer::beer::beer:
  • Slimgimli
    Slimgimli Posts: 53 Forumite
    Hi m00m00, its in Leicestershire.....between kibworth and oadby
  • m00m00
    m00m00 Posts: 1,755 Forumite
    sadly a bit south for my specialist areas, so I can't help you too much.
    It's a health benefit ...
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