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House price

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dannyjebb
dannyjebb Posts: 428 Forumite
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in House buying, renting & selling
So we are looking at a new build priced at 244k the exact same style sold in March 2015 for £195k according to the nationwide house price calculator this house would now be worth £200k..... I am tempted to post a letter through the door asking the current owners if they got discount etc and also using this price as some ammo for negotiating the price of a new build.

Does anyone know if these kind of calculators are anywhere near accurate, I had to put in the region if the uk so I know they won't be 100% accurate but the area has had nothing happening here that would of drastically affected prices, there are no similar house styles within a 5 mile radius to compare current values with.

Thanks

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  • G_M
    G_M Posts: 51,977 Forumite
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    Of course they are not accurate.

    And a property is worth what someone will pay for it. If the developer believes he can get £244K for the property, and a buyer comes along and pays that, then that is the market value........

    If you are not willing or able to pay £244, then offer £240. If the developer agrees, that is the current market value.
  • eddddy
    eddddy Posts: 16,445 Forumite
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    dannyjebb wrote: »
    ... and also using this price as some ammo for negotiating the price of a new build.

    Just to give a different perspective on this...

    When potential buyers try to "educate" me with all sorts of reasons why I should accept their low offer, and why the asking price is too high etc - I tend to lose interest quite quickly.


    Also, if it's a new build you will probably be talking to a salesperson - I suspect they will not be too interested in your calculations. They will have no control over asking price etc. They will just pass your offer up the chain to a decision maker.


    It's probably better to just make your offer and demonstrate that you are proceedable buyer who can work to their timescales.
  • hazyjo
    hazyjo Posts: 15,470 Forumite
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    Those 'calculators' undervalue mine by £100k-ish, and the house I want to buy by even more. IGNORE THEM.

    Jx
    2023 wins: *must start comping again!*
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