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    • travelmonster
    • By travelmonster 18th Mar 17, 11:05 AM
    • 117Posts
    • 3Thanks
    travelmonster
    Property value affect on mine ?
    • #1
    • 18th Mar 17, 11:05 AM
    Property value affect on mine ? 18th Mar 17 at 11:05 AM
    Around 12 years 4 houses sold in my area for around 250k. However recently (last couple of years ) 3 houses were bought below market value by the same individual for 180k each. But they were quick sales where owners had passed away at some point and their children just sold them at bargain prices.

    Now can I ask would that affect my property value aswell if I was to sell?
Page 2
    • kingstreet
    • By kingstreet 20th Mar 17, 1:17 PM
    • 32,283 Posts
    • 17,317 Thanks
    kingstreet
    Executor sales at below market value should not be appearing on the Land Registry sold figures.

    Do they?

    Surveyors typically take the recent (last four months) sales of similar property in the vicinity (less than 0.5 miles) when they prepare comparables for a valuation.

    Would they do this with the above and affect you?
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • gingercordial
    • By gingercordial 20th Mar 17, 2:03 PM
    • 1,030 Posts
    • 1,015 Thanks
    gingercordial
    Any idea why the same individual bought three separate houses?

    Are the houses next to each other, and if so could they be considering knocking them down and (subject to planning permission) developing the land into something else? If so, that's even more of a concern for your house price.

    Or are they buying up houses to let out as, say, student accommodation, changing the character of the area?

    There are other reasons of course, but just be aware that having a few low selling prices out there for comparison may not be the only way this could affect your house's value.
    • Crashy Time
    • By Crashy Time 21st Mar 17, 1:30 AM
    • 5,232 Posts
    • 2,209 Thanks
    Crashy Time
    Any idea why the same individual bought three separate houses?

    Are the houses next to each other, and if so could they be considering knocking them down and (subject to planning permission) developing the land into something else? If so, that's even more of a concern for your house price.

    Or are they buying up houses to let out as, say, student accommodation, changing the character of the area?

    There are other reasons of course, but just be aware that having a few low selling prices out there for comparison may not be the only way this could affect your house's value.
    Originally posted by gingercordial

    Yes, very true.
    • travelmonster
    • By travelmonster 28th Mar 17, 12:12 PM
    • 117 Posts
    • 3 Thanks
    travelmonster
    Thanks guys. The issue with these properties were that they were owned by very elderly people living alone and therefore the houses needed some work doing to them. But how do we tell potential buyers this ??? And more importantly the valuer will only probably look at how much they were sold for.
    • travelmonster
    • By travelmonster 28th Mar 17, 12:14 PM
    • 117 Posts
    • 3 Thanks
    travelmonster
    Any idea why the same individual bought three separate houses?

    Are the houses next to each other, and if so could they be considering knocking them down and (subject to planning permission) developing the land into something else? If so, that's even more of a concern for your house price.

    Or are they buying up houses to let out as, say, student accommodation, changing the character of the area?

    There are other reasons of course, but just be aware that having a few low selling prices out there for comparison may not be the only way this could affect your house's value.
    Originally posted by gingercordial


    He's letting them out. And lives in 1 himself now.
    • Keezing
    • By Keezing 28th Mar 17, 12:24 PM
    • 276 Posts
    • 247 Thanks
    Keezing
    It sounds like the houses sold for 180k because they were worth 180k.

    It sounds like you're confident your's is worth more, this will be confirmed when you choose to sell your property
    • travelmonster
    • By travelmonster 28th Mar 17, 12:58 PM
    • 117 Posts
    • 3 Thanks
    travelmonster
    Like I said the 3 latest houses that were sold were too very old people who required work doing to them. Ie double glazing windows new central heating system. Etc changing floor boards etc. So he clearly used this for bargaining. And the families of these old people live abroad or 100s of miles away who are doing well and didn't really care about the property price.
    • Keezing
    • By Keezing 28th Mar 17, 1:43 PM
    • 276 Posts
    • 247 Thanks
    Keezing
    Like I said the 3 latest houses that were sold were too very old people who required work doing to them. Ie double glazing windows new central heating system. Etc changing floor boards etc. So he clearly used this for bargaining.
    Originally posted by travelmonster
    Exactly. The properties were worth 180k because they needed a lot of work.

    And the families of these old people live abroad or 100s of miles away who are doing well and didn't really care about the property price.
    Originally posted by travelmonster
    That's a very unrealistic assumption.

    If your house is worth 250k, you're got nothing to worry about.
    • Crashy Time
    • By Crashy Time 29th Mar 17, 2:35 AM
    • 5,232 Posts
    • 2,209 Thanks
    Crashy Time
    Any house worth it`s price should sell pretty quickly?
    • Crashy Time
    • By Crashy Time 29th Mar 17, 11:06 AM
    • 5,232 Posts
    • 2,209 Thanks
    Crashy Time
    Like I said the 3 latest houses that were sold were too very old people who required work doing to them. Ie double glazing windows new central heating system. Etc changing floor boards etc. So he clearly used this for bargaining. And the families of these old people live abroad or 100s of miles away who are doing well and didn't really care about the property price.
    Originally posted by travelmonster

    Somebody researching last sold prices for the street doesn`t know that though, and you are taking a guess at that, unless you spoke to them about it?
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