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Thoughts on House Pricing..

24

Comments

  • SavvySaver24
    SavvySaver24 Posts: 196 Forumite
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    All three have loft conversions. But the one in House C also has a toilet up there which the other two don't.
  • glasgowdan
    glasgowdan Posts: 2,967 Forumite
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    None of this chat is relevant.

    Have you spoken to the owners of house C to see how much they want?
  • SavvySaver24
    SavvySaver24 Posts: 196 Forumite
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    Penitent wrote: »
    I don't understand. Why did you mention the loft conversion in the list of things that C has over and above the other two if they have the same thing?

    I just meant because it has a WC up there, the others don't so you can use it as a master suite.
  • morrig
    morrig Posts: 17 Forumite
    So all have a loft conversion only C has a toilet (en-suite?) , how much would that cost to do to the others and modernisation of them downstairs.
    Personaly would rather have the work done to standard that I want not what was done over 12 years ago to some one elses .
    If you can put up with that you will have what you want and have new kitchen lighting etc and may end up cheaper than the done one.
  • lincroft1710
    lincroft1710 Posts: 17,624 Forumite
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    SavvySaver24 wrote: »

    So, we have found this lovely village location has a row of 9 cute cottages one.Two are currently on the market, and I have found out one is going on in a couple of months.

    Why are there 3 cute cottages in a row in a lovely village location for sale simultaneously? May be coincidence, may not be.
    If you are querying your Council Tax band would you please state whether you are in England, Scotland or Wales
  • ReadingTim
    ReadingTim Posts: 3,970 Forumite
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    What a vendor paid for a house is irrelevant as you can't go back in time and buy it instead.

    What a vendor spent on it since is irrelevant to you in just the same way as it's irrelevant to the vendor how much whatever it is you want to do afterwards costs.

    The only relevant factor is whether you're willing and able to offer an amount which is acceptable to the vendor in order for the purchase to proceed.

    Valuation and negotiation is an art not a science, and zoopla is a simplistic and crude tool. Hence, justifying a valuation with reference to zoopla makes you appear, well, crude and simplistic.
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
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    SavvySaver24 wrote: »
    Hey All,

    Just want to get some thoughts as to whether I am wildly out of touch with my house pricing expectations..

    So, we have found this lovely village location has a row of 9 cute cottages one.Two are currently on the market, and I have found out one is going on in a couple of months. I have been tracking Zoopla carefully in regards to the buying and selling prices of all 9 houses.

    So, in regards to the 2 currently on the market, both need significant work to modernise/open up the kitchen etc.Both are identical in layout. Both are terraced.

    House A - Is on the market for £350,000 (went on 3 weeks ago).

    House B - Is on the market for £360,000 (went on in August 2017).

    We put an offer in for House A that wasn't accepted, but we know the highest offer they have had so far is between £325,000 and £330,000.

    Through friends of friends we have found out that House C is going on the market. This house was last sold in 2006 for £255,000. House C is fully renovated, has had a loft conversion and has had the kitchen and dinning room to create one large kitchen diner. It would need NO work doing to it.

    Looking at Zoopla it was put on the market both in March and July 2016, for £410,000!! But didn't sell. Keep in mind all renovation work was done PRIOR to the 2006 purchase.That equates to a rise of 160% over 12 years.

    In our own heads (prior to finding out on Zoopla how much it was up for in 2016), we thought £370,000 would have been a fair price on the basis of how much the two others on the row are up for, and the realistic offers they have had. And we would have spoken to her in the hope of maybe getting a private sale to knock of the EA fees, could have also moved at her own pace as we are first time buyers etc.

    So my question is, am I wildly out of touch!? Based on Zoopla house prices in that postcode have gone up 39% in the last 10 years, but £255,000 to £410,000 is 160%! What am I missing :/


    Massive central bank intervention to suppress interest rates? The rumbles of things to come seem to have started in the bond/equity markets today though, and the Trump administration also seems hell bent on stoking inflation and jacking rates up, so if these cottage sellers are smart they will be discounting to get a buyer sooner rather than later IMO.
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
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    https://www.theguardian.com/business/2018/feb/02/us-bond-market-rout-fears-trigger-wall-street-sell-off


    Rates to start moving up? Not good for those attached to bubble level property debt, and also going to hurt sellers?
  • buggy_boy
    buggy_boy Posts: 657 Forumite
    Crashy_Time wrote: »
    https://www.theguardian.com/business/2018/feb/02/us-bond-market-rout-fears-trigger-wall-street-sell-off


    Rates to start moving up? Not good for those attached to bubble level property debt, and also going to hurt sellers?

    Another irrelevant post by Crashy time... this kind of thing should be in the debating house prices forum...

    To the original post, as someone else has pointed the math is wrong as it has increased 60%.. Remember 39% increase is an average, you would need to look at the entire market, if for example flats in the area had actually only increased by say 10% then it would drag the average down.

    Properties that have all the work done always have a premium, developers make a living on it. Some people struggle to see what a house can be, also having done large refurbs, if you need things like a rewire you really do not want to live in the house at the same time and is a lot of work, if you have kids you have to really want to do it... Given this it may not be as pie in the sky as first thinking.
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
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    I struggle to see how rates moving up could NOT be relevant to house pricing?
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