%age price drop

shirlgirl2004

I'm trying to work out the value of a property that I have seen. It went on the market in July 08 for £625k and was dropped to £585k in January. Our area seems to be following the average price falls, so almost 20% in the last year. What %age has the market dropped since July 08? I read this board often enough you'd have thought I'd know where to find it.

silvercar

All depends whether the July 08 price was optomistic, realistic or desparate and whether the sellers are needing to move, desiring to move, dipping a toe in the water etc

shirlgirl2004

Well it's hard to tell whether it was realistic. We'll be moving area so apart from knowing it's a desirable area it's hard to know. I have since found out it sold as a new build in 1998 for about £300k (there were 3 sold, 2 in April and 1 in December for just above or below that price). Looking at the Nationwide HPI it shows it should have been worth £704k in Q4 of 2008 so I guess it was priced reasonably or maybe the fact it was new would mean it was overpriced in 1998.

I don't think whether the sellers want to move affects the value just what price they are willing to drop to. I'm interested in the "theoretical" price of the house as a starting point.

silvercar

Try zoopla.com for an alternative index.

shirlgirl2004

Thanks I tried Zoopla and it says exactly the same as Nationwide.

Georgie4

At the end of the day the value is simply what you are anyone else is prepared to pay for it ! If they have already dropped it £40k then it will depend on how quickly they want / need to move and how much profit they need to make

bob79

shirlgirl2004 wrote: »

Well it's hard to tell whether it was realistic.

If it didn't sell at that price, then the price wasn't realistic:D.

shirlgirl2004

I've worked out why it isn't selling! There are proposals to build a major road nearby. It's put me off the house and I only found out by luck. I googled the village and wikipedia mentioned the proposal.

Thanks for your help.

QTPie

I found quite an attractive looking house at a reasonable price, but googling the village/road showed that there were proposals to set up a sanctioned travellers camp there! That put me off....

QT