House Valuation Q for Homeowners

beecher

It has fallen in value by the same amount as the national average.

chucky wrote: »

i think the point that generali is trying to get at is that people think or imagine that their property has dropped by less than it actually has.

which they definitely seem to do. How many threads have there been from people claiming their house is the nicest in the street, so can't possibly be worth what next door sold for?

ad9898's post does make me think that maybe people with lower LTVs are more likely to be honest about the valuation, or care less about it. I would maybe be more likely to kid myself on that my flat's still worth £140,000 if my mortgage was over £100,000.

SingleSue

Oh begger, I can't join in!

Dan:_4

It has falled in value by more than the national average.

ad9898 wrote: »

Of course, that is another option, are the banks SVR's good at the moment ?, i can't say as I've looked.

It's the only option if your LTV is too high and you have no funds to buy yourself out.

Anyway the rates are good while we have the low interest rates.

Really2

It has risen in value/fallen by less than average.

beecher wrote: »

which they definitely seem to do. How many threads have there been from people claiming their house is the nicest in the street, so can't possibly be worth what next door sold for?

ad9898's post does make me think that maybe people with lower LTVs are more likely to be honest about the valuation, or care less about it. I would maybe be more likely to kid myself on that my flat's still worth £140,000 if my mortgage was over £100,000.

i know what you are saying but it is kind of true.

The house we sold last year sold for £10K more then the identical house next door was marketed for. (next door had already been on for a year and is still on the market now)

Why.
We had made parking for 3 cars, a garage, a conservatory and made the house in desirable condition. which costs money.

People can not also go on that a modernized and an unmodernized house are the same value just because they are built the same time.
If you need to spend £20K on a house it is not the same price.

lostinrates

Really2 wrote: »

i know what you are saying but it is kind of true.

The house we sold last year sold for £10K more then the identical house next door was marketed for. (next door had already been on for a year and is still on the market now)

Why.
We had made parking for 3 cars, a garage, a conservatory and made the house in desirable condition. which costs money.

People can not also go on that a modernized and an unmodernized house are the same value just because they are built the same time.
If you need to spend £20K on a house it is not the same price.

I'm presuming you sorted the parking , the garage and conservatory for your needs, not as a to sell thing?

Re unmodernised houses, they often make very poor value because people have been looking for development opportunities. I had a very interesting conversation with an agent in a ''desirable London area'' a few years ago where he told me unmordernised properties were going for MORE than their modernised counterparts as ''every banker's wife'' wanted to be a property devleoper/interior designer and they couldn't see that going for the least modernised property was working out really poor value.:rolleyes:

ad9898_3

It has fallen in value by the same amount as the national average.

Dan: wrote: »

It's the only option if your LTV is too high and you have no funds to buy yourself out.

Anyway the rates are good while we have the low interest rates.

It must be concerning though for people who bought in 2005-2007 with a high LTV, who now can't get a remortgage, they have, typically over 20 years left on the debt and are dangling in the wind on an SVR that could shoot up to 8-9% within a few months, (not the next few months if you see what I mean, but within a few months in general), and that's people who are on a repayment mortgage, to say nothing of the poor souls on interest only.

Really2

It has risen in value/fallen by less than average.

lostinrates wrote: »

I'm preuming you sorted the parking , the garage and conservatory for your needs, not as a to sell thing?

Re unmopdernised houses, they often make very poor value because people h\ve been looking for devleopment opportunities. I had a very intersting converstaion with an agentin a ''desireable London area'' a few years ago where he told me unmordernised propertues were going for MORE than their modernised counterparts as ''every banker's wife'' wanted to be a property devleoper/interior designer and they couldn't see that going for the least modernised property was working out really poor value.:rolleyes:

Indeed they were done for us accept the conservatory and the garage (the old conservatory started to leak and the garage was already there)

But in reality we most probly we would have lost (made less) in the long run had next door sold at a realistic price.

kennyboy66_2

It has risen in value/fallen by less than average.

Generali wrote: »

I'm trying to see if I can prove a modern economic/psychological theory as it goes. Just for fun.

You would probably get the same answer if you asked questions like;

Are you a better / worse / same driver as the average ?

Interesting that one responder thinks that posters on here are better informed than average. Most research shows that Doctors and the like over estimate their abilities quite strongly.

Of course my house has hardly fallen at all.

Generali

SingleSue wrote: »

Oh begger, I can't join in!

Sorry Sue. I'll do a nice poll for you soon.

Dan:_4

It has falled in value by more than the national average.

ad9898 wrote: »

It must be concerning though for people who bought in 2005-2007 with a high LTV, who now can't get a remortgage, they have, typically over 20 years left on the debt and are dangling in the wind on an SVR that could shoot up to 8-9% within a few months, (not the next few months if you see what I mean, but within a few months in general), and that's people who are on a repayment mortgage, to say nothing of the poor souls on interest only.

Yes it would be conserning, esp if these people are blowing the mortgage savings on rubbish. The general advice to use the 'savings' to overpay on your mortagage, pay off existing unsecured debt or simply save for when rates increase.

The only comfort factor is when rates do start to increase the market should have bottomed out and the start of the long road to recovery on standby. This may make banks to help out the people stuck on SVRs. The Halifax now offer 95% mortgages to existing customers on the SVR, and I expect to see others following suit in the coming months/years.