Price Advice

WAce

Hi,

I am just seeking advice on buying our 1st house as finding it all a bit daunting.

Basically I am trying to get to grips with a realistic price on a property. It was bought for £176,000 in 2007 which I believe was when prices peaked. Since then the owners have decorated etc but not increased the size of the house in any way. In essence it remains a 2 bedroom starter home. Without clouding your views with telling you how much it is on the market for I wondered where you would think the price would stand now?

Any advice welcome!

Thanks

brit1234

House prices went down say 25% and up 10% however that does not equate to 15% down.

(£176k X 0.75)1.1 = £145.2k

So try an offer of £145K

Sammy85_2

It depends on the area.

Houses near me fell around 10-15% but are now on the way back up.

brit1234

Sammy85 wrote: »

It depends on the area.

Houses near me fell around 10-15% but are now on the way back up.

What area is that please, so we can check the figures?

WAce

I am looking at the Dorset area.

Sammy85_2

Nationwide classifies our area as "north" and shows a 2.85% rise in prices since our house purchase in Q2 2009.

Land Registry figures for our postcode, at the height of the market average house price in Cumbria was £145k in Q2 2008, falling to £128k in Q2/3 2009. A fall of around 13%.. Average price Q1 2010 is £133k which is a rise of almost 4% from the low.

Sold signs are going up everywhere around town now so the market is definately moving, and the last few sales on our estate of comparable houses are for around £10k more than we paid for ours, which equates to around a 5% increase.

nollag2006

Good for you Sammy. House prices certainly are moving quite rapidly in most parts of the country, and are up 15% in my area from when the crash ended in Spring of last year.

To the OP, have a look at chickmugs post on what to offer:
http://forums.moneysavingexpert.com/showthread.html?t=1907059

Sammy85_2

nollag2006 wrote: »

Good for you Sammy. House prices certainly are moving quite rapidly in most parts of the country, and are up 15% in my area from when the crash ended in Spring of last year.

Thanks, its good to know we bought at the right time, but doesnt really bother me too much. Its our forever home, so we dont intend to sell for at least 20 years.

poppysarah

prices should be way back down anytime soon.

As you say they've not made it bigger - magnolia shouldn't make a house worth more.

WAce

Thanks very much for the replies. Those websites have certainly offered food for thought! I think everyone will be surprised that the house is on the market for £197,000!

pinkshoes

WAce wrote: »

Thanks very much for the replies. Those websites have certainly offered food for thought! I think everyone will be surprised that the house is on the market for £197,000!

To be honest, in many areas where I live, that wouldn't surprise me in the slightest!

In nice areas where rents are high, then not much comes up for sale, and those that do are sold very quickly.

Infact, the "price crash" just meant no one sold, other than those falling in the 3 Ds category i.e. Death, Divorce, Debt.