What year house vaules are we at currently at ???? YBS problem

james1980_2

Hi just wondering what year house vaules we are at ? for example, is the average house price now back to where it was in 2002 or 2003 ?

Ive had a look here http://www.houseprices.uk.net/graphs/ and i would summise we are at a point we were with house prices mid 2005.

Now the reason im wondering this is because im currently on svr with ybs (fixed deal ended dec 08), they valued my house at remortgage time at £138'000 mid 2005 and now they are basically offering me a mortgage product but stateing my house is currently worth £116'000...which in turns stops me getting a 75% ltv deal at 3.69%.... the deal they have offerd me is 5.29%!!!!:mad:

Basically im thinking they have used zopa to value my house and not viewed what they valued it at in mid 2005, because the 117'000 is what zopa website states my house is worth. (bearing in mind not a single house like mine is on the market for this cheap in my area and the mouseprice website values it at £140'000)

Anyone give me any ammo to use to get them to value my house properly ?

cheers

Wutang_2

Are you hoping the price of your home has defied the national fall in house price valuations?

Me too

Any houses selling in your street for £140k? If so - fine.

JayZed

James, the graphs that you link to appear to be national averages, without making any allowance for regional variations. Have you tried using the Nationwide or HBOS hpi calculators? They're by no means accurate and I would take the results with a huge pinch of salt, but if you really think that your house has been undervalued, it might be worth a shot.

You might also have a look at the statistics for your area on the DCLG website (based on Land Reg info), though I think those only go up to Q3 2008 so will be even more out of date than the building soc ones.

www.nationwide.co.uk/hpi

www.hbosplc.com/economy/housepricecalculator.asp

http://www.communities.gov.uk/housing/housingresearch/housingstatistics/housingstatisticsby/housingmarket/livetables/

To be honest, though, I don't think you'll get YBS to change its mind about the valutation!

1978

seemingly yet another lender using under developed software to alter peoples lives at their own gain.

james1980_2

Thanks for the replys people....

Ive used the hbos and nationwide calculators and even they are coming in at £10'000 - £11'000 more for the valuation of my house based on previous ybs valuation in 2005. ????

YBS look like they dont want to be competative at all and dont want my business ... even after all the BOE interest rate cuts their SVR still stands at 4.99% !! and now this!

looks like i'll be takeing my business elsewhere...never mind their loss

cheers again people

hearts

We are at 2009 house prices. Don't look back in anger. ;-)

cocktail

JayZed wrote: »

James, the graphs that you link to appear to be national averages, without making any allowance for regional variations. Have you tried using the Nationwide or HBOS hpi calculators? They're by no means accurate and I would take the results with a huge pinch of salt, but if you really think that your house has been undervalued, it might be worth a shot.

You might also have a look at the statistics for your area on the DCLG website (based on Land Reg info), though I think those only go up to Q3 2008 so will be even more out of date than the building soc ones.

www.nationwide.co.uk/hpi

www.hbosplc.com/economy/housepricecalculator.asp

http://www.communities.gov.uk/housing/housingresearch/housingstatistics/housingstatisticsby/housingmarket/livetables/

To be honest, though, I don't think you'll get YBS to change its mind about the valutation!

i played around with the HBOS and Nation wide calculators and surprisingly it says a 17%rise for scotland over the last 3 years. is this true on ground (anyone in scotland)or is it just the computer getting confused

Sportbilly_2

I had a very similar thing with HBOS just recently. Their valuation came in at £157,500, which is £15,000 lower than their own site calculator and Halifax value it, and nearly £20,000 lower than the Nationwide site house price calculator and typical prices for similar houses in the neighbourhood. That pushed us just over the 60% LTV, so we weren't eligible for the lower rates. Even more annoying, this came at the end of a 40 minute phone application during which they'd done a search. Never mind, the current Post Office deal looks better for us anyway.

beecher

cocktail wrote: »

i played around with the HBOS and Nation wide calculators and surprisingly it says a 17%rise for scotland over the last 3 years. is this true on ground (anyone in scotland)or is it just the computer getting confused

Not true where I live I don't think. We're back to 2005 prices as far as I can tell. Halifax thinks my flat is worth over £140,000 when in reality you'd be lucky to get £110,000 for it no so I don't know how reliable they are.

minimacka

james1980 wrote: »

Thanks for the replys people....

Ive used the hbos and nationwide calculators and even they are coming in at £10'000 - £11'000 more for the valuation of my house based on previous ybs valuation in 2005. ????

YBS look like they dont want to be competative at all and dont want my business ... even after all the BOE interest rate cuts their SVR still stands at 4.99% !! and now this!

looks like i'll be takeing my business elsewhere...never mind their loss

cheers again people

YBS stinks doesnt it im with them and they havent passed on the rate reduction for a while. When i wanted to remortgage my house a couple of years ago they undervalued it by quite a lot but at the time it didnt matter thankfully as we still got the mortgage we wanted.

Ive been looking to move but at the moment I dont know what or where to move to, we have a £67000 mortgage on a £120000 house so im in a lucky position that my ltv would be under 75% but i bet if i wanted to remorgage with them my house would probably be worth less than that with there valuation.

Conrad

James could well be in for a nasty shock when other lenders carry out a specific valuation.