How much is your house worth?

baby_boomer

To what extent to the national house price figures reflect the value of your property?

Lorna Bourke on CityWire

I found this article interesting because of its critique & explanation of the different housing indices.

Lizbetty

I'll have a look at that, thanks!

We looked at selling about 28 months ago and the house was valued at between £155-185k by 3 different agents...

We have been told that last year it would have gone for £175k, but now it'd probably go for between £150-155k being realistic. That's the opinion of 2 estate agents in the past week, I can believe them too!

We've seen a house we want to buy up the road from us and so were thinking about trying to sell ours quickly to get this one, but it's all a bit scary and I've had too many sleepless nights over it already..:eek:

What a drop though, eh?!
Luce

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I bought originally in Dec 2006, for 188k, I have since sold and moved into rented (due to divorce), people who are selling in the area I used to live (mostly 4 bed detached), still have their houses up for the price I bought in 2006 !!

They are not selling though, and this is the crux of the matter, you can put your house up for whatever price you like, its only worth what someone will pay for it and in my area (approx 5sq, miles) on average only 7 houses a month are selling,(less than half a house a week per estate agent :eek:) so they obviously aren't selling, I think its called "denial".

Lizbetty

I think people paying the asking price seems to be a long distant memory too. A 50's 3 bed semi over the road from us had been up for £156k for over a year, which seemed a good buy (an old lady had died and left the house empty).

The agent told us that they've put it down to £145k and had 2 offers less than the new asking price - gulp! Her son hasn't accepted the offers which I can understand, but then it's still on the market and probably won't attract much more at the moment.

The house we're looking at is £199,950, but they've already accepted an offer of £165k ish from someone waiting to sell theirs, and would probably accept less for a quick sale. Again, quite a drop! It's another house which is empty though, hence them just wanting rid.

I noticed that estate agents seem to be saying they're still no sale no fee - but have added an upfront admin charge of around £200 (some won't tell you their fees until they've been out to look at the property).

There was a couple who said they wouldn't charge an upfront fee because of most buyers requirement to get the HIP report and having to fork out £300-£500 for that as they put the house on the market, which is quite a commitment to keeping it on 'til it's sold.

Sounds flat as a pancake out there. What a time to be dreaming of moving, eh. :rolleyes:

Luce

justpurchased

If you live in it, All it is worth is what you pay for it, and the comfort of knowing one day all going well you will be mortgage/rent free.
It is only when you come to sell it i see any value in a house.

dopester

justpurchased wrote: »

If you live in it, All it is worth is what you pay for it, and the comfort of knowing one day all going well you will be mortgage/rent free.
It is only when you come to sell it i see any value in a house.

The less I buy it for, the sooner I'll be mortgage/rent free. Even better if prices fall to what I expect they will do so that I can be mortgage free from the start.

I can use the tens of thousands / hundreds of thousands saved in real money from not buying an over-valued property in so many positive life, value and wealth enhancing ways for me and my family.

justpurchased

dopester wrote: »

The less I buy it for, the sooner I'll be mortgage/rent free. Even better if prices fall to what I expect they will do so that I can be mortgage free from the start.

I can use the tens of thousands / hundreds of thousands saved in real money from not buying an over-valued property in so many positive life, value and wealth enhancing ways for me and my family.

Good luck (and I genuinly mean that), but a bit off topic! The less you buy it for does not necessarily mean you will be mortgage free sooner!
Wages and mortgage term decided that and any other external factor

Pobby

For the first time in ages I have seen a house advertised for exactly £100,000 in my area. It`s a 2 up, 2 down. My guess last year that it would have been about £120,000. Bungalow @ £139,000. Again a real reduction.

dopester

justpurchased wrote: »

The less you buy it for does not necessarily mean you will be mortgage free sooner!

Thanks. However I can't fully agree with you on that theory, (wages and a host of other external factors don't look positive to me going forward) but lets not argue it on this thread.

justpurchased

dopester wrote: »

Thanks. However I can't fully agree with you on that theory, (wages and a host of other external factors don't look positive to me going forward) but lets not argue it on this thread.

Sorry i meant your own if you lost job etc, (not that i would wish that on you)
It the same for me.
The future is somthing you can not see, you can only plan for it.

Lizbetty

I do think it's quite a positive thing that the prices are dropping. I'm don't watch the house price index like a hawk and I'm no expert, but if people are able to get a decent first home now and in the future, it's all good. I can't imagine how unreachable a first home must seem to some when the prices jetted up so quickly, pretty soul destroying.

I think it has made some homeowners wanting to sell a little greedy - my neighbour had the house up at £185k (over inflated, more like £170k at the time) and took it off because it wouldn't sell.

I doubt he'll sell in the current climate because he'd no doubt see it as insulting that the estate agent would suggest a sale price of £165k ish now, especially as it was up last year so much higher. He hasn't got a mortgage btw, I can understand how bum clenching it must be for those in negative equity mind you.

I can understand why his attitude is like that but if you want to sell at the moment, from what I've gathered so far you just have to grit your teeth and go for it. I think estate agents are having to tread carefully when they're suggesting sale prices at the mo because it seems like people can't believe how stagnant it is and what you have to do to get moving in a lot of cases, I think estate agents are offending a lot of people!

It might just be regional, I have no idea but would be interested to know if it's different in any other areas.
Luce