How does this work out?

mummy_dumpling

we've seen a lovely house thats on the market at £175k - but it was last sold in summer 2007 for £158k! - according to the estate agents the house is priced for a quick sale (and they told us a smaller house over the road that needed work doing to it sold for £190k 6m ago but I can't find any other houses in this street that have sold for over £180k on zoopla?)

the house next door which is identical in size and layout (though I don't know about decor etc) last sold for £125k in spring 2006

I thought house prices were supposed to have come down not gone up since 2007?

poppysarah

Look on rightmove house prices for the postcode and see what houses have been selling for ....

I'd ask why they're moving so quickly

Wickedkitten

mummy_dumpling wrote: »

we've seen a lovely house thats on the market at £175k - but it was last sold in summer 2007 for £158k! - according to the estate agents the house is priced for a quick sale (and they told us a smaller house over the road that needed work doing to it sold for £190k 6m ago but I can't find any other houses in this street that have sold for over £180k on zoopla?)

the house next door which is identical in size and layout (though I don't know about decor etc) last sold for £125k in spring 2006

I thought house prices were supposed to have come down not gone up since 2007?

They peaked around October of 2007

QTPie

mummy_dumpling wrote: »

we've seen a lovely house thats on the market at £175k - but it was last sold in summer 2007 for £158k! - according to the estate agents the house is priced for a quick sale (and they told us a smaller house over the road that needed work doing to it sold for £190k 6m ago but I can't find any other houses in this street that have sold for over £180k on zoopla?)

the house next door which is identical in size and layout (though I don't know about decor etc) last sold for £125k in spring 2006

I thought house prices were supposed to have come down not gone up since 2007?

I would THINK that you would realistically be looking at £125k ish (£175k doesn't seem reasonable in the current climate), BUT it depends on area and whether they have done much to the property since they bought it (extensioon? New kitchen & bathrooms? etc).

In some areas, house prices haven't dropped, but have been quite stable or even risen (not many areas, though!).

Has anything similar sold in your area over the last 3/4 months? (look at http://www.houseprices.co.uk/ etc).

The vendors and estate agent (who is acting solely in their interest and not yours) would be "trying it on" with the price that they are asking. At the end of the day, a property is worth what someone is willing to pay for it (providing the vendors are willing to sell it for that much). If the vendors and buyers expectations to not coincide, then the house will just go unsold...

QT

zone

What type of house is it? and do you know if its had any major work done since bought? Could also depend if there is a high demand for property in your area.