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Can property prices be estimated if previous sale figure is known?
kne
Posts: 34 Forumite
New to posting on this forum but have been reading it for about a month now! Very usefull.
Seriously considering buying my first place. Viewing a property tomorrow and have found out it was bought for £157,250 on 27-Aug-2004, apparently its now worth £169,950. Does this sound about right, is there a way to calculate the rise in value over time?
Many thanks!
Seriously considering buying my first place. Viewing a property tomorrow and have found out it was bought for £157,250 on 27-Aug-2004, apparently its now worth £169,950. Does this sound about right, is there a way to calculate the rise in value over time?
Many thanks!
0
Comments
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yes check out neighbours prices in EA windows,ive said in the past and so have many others really dont compare by years,i was worth a million in my 20s, im about half price now in my 30s, lol, well house prices jump about depending on many many factorsYou're not drunk if you can lie on the floor without holding on0
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Depending on where your based check the ODPM (office of deputy priminister) website and see what your region for this type of property has done, and then work out the % change up or down.
The same data is used here on bbc website http://news.bbc.co.uk/1/shared/spl/hi/in_depth/uk_house_prices/html/houses.stm
(I couldn't find it on odpm website- sorry)
ODPM website is all the data for all the houses sold so is your best barometer of what is about right.0 -
If my calculator [and brain] are working correctly the difference between 2004 buying price and current asking price is +8% in 18 months. Best will in the world, whatever site you visit won't be area specific enough to to tell you whether such a small % rise is justified. Valuing props isn't a precise science and there can be big variations in quite small areas.
May have done some improvements or whatever in the meantime which won't show until you view. What you can say is that with buying and selling costs of probably £7/£10K they won't be making their fortune out of the move.
Best way to gauge it is asking price for similar props in the area, but remember they are ASKING PRICES not VALUATIONS so no reason why you shouldn't make an offer below the AP.
Good Luck with your viewing, let us know how it goes & welcome to posting here.0 -
Many thanks for the replys :]0
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