House Valuation Q for Homeowners

Generali

neas wrote: »

whats that?

Denial, which isnt a river in egypt :P

I'd rather say once I've got a good sample in. I will make it clear and this isn't just some silly point scoring.

Daniel Finkelstein wrote a thing a few months back in The Times and I want to test his idea.

jamespmg44

Bizarrely I went to remortgage with A&L and instead of being close to their 65% LTV margin, they said I was less than 50%. This meant that I was able to get their 3.99 5yr fix with no fees.

I think in realistic terms, I'd get no where near their valuation but as i'm not intending to move any time soon I'm not too concerned.

Probably fallen in line with the national average in Scotland, but less than the UK average as prices didn't get quite so crazy here in the first place.

Thrugelmir

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

House prices in my immediate locality area didn't "bubble" to the same degree so have less far to fall in monetary terms. Property currently around £170,000, this for a 1930's semi detached in a quiet backwater. Even since we moved in almost at the peak in July 2007. Very little property in this area changes hands. So what does come on the market sells if sensibly priced.

Really2

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

Thought I would bump it I want to know the outcome:)

Generali

Really2 wrote: »

Thought I would bump it I want to know the outcome:)

I'll let you know tomorrow (your time).

treliac

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

I don't know for sure, of course. The best guide I have is that a similar property a few doors away was on the market recently and I am going by their price. Though they have since taken it off the market. Maybe that indicates it was priced too high.

It doesn't matter either way really. We bought at the end of the 90s slump so the price is not likely to drop that low, we have a low loan to value and we've no intention of moving at the moment.

Of course no one knows what the future holds but I am all for house prices dropping to an affordable level, as it was in the 3 x salary days, and thinking ahead to when my children may want to buy.

Looking forward to your theory unravelling.

Doozergirl

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

The houses that sell quickly here go for around a 15% drop.

Ours has fallen further I think because we are in the middle of crappy renovations and that combined with the drop has taken the house far too near to the SDLT threshold for it to be safe.

It's worth what we paid for it.

fc123

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

I voted No 3...just to assist The Experiment. I may not count as I know our house has fallen more than 20%.
Have had some valuations done last year and just checked out RM to confirm.

In SE London ordinary suburb *(that has had a bit of added value via new DLR station), prices are absolutley 30% min down.


However, some BTL'ers I know (£500k on 2 props bought Spring 07) don't believe their props have lost much...perhaps 10%.

treliac

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

Have just checked on Rightmove and the neighbour's property is still on and at the original price, which is just over 14% down from its top price!

chucknorris

It has risen in value/fallen by less than 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.

I also suspect (maybe incorrectly) that is what he is trying to get at, but maybe he just wants to see what the vote shows, at the moment it is well balanced with as many under as over the avergae. I did vote less but I wish I could honestly vote the other way as I would upgrade if they had fallen dramatically. But as we are fairly happy where we are, there isn't any great value in upgrading as prices only seem to have fallen about 10% for the better properties.