Am I missing something?

clairecymru

I bought a new build flat two years ago for £115,000. Put it on the market at the beginning of the year for £140,000 but recently dropped the price to £135,000. I did briefly have a buyer at £125,000 but he dropped out because he couldnt get a mortgage. A couple have come to look at my flat three times in the last few weeks so I am really hoping for an offer from them soon.

Anyway, my flat was the first one to be put on the market in my street and I was worried that I had priced it too high, but over the last few months other flats have been put up for sale in my street which from the pictures I can see on rightmove are not as nice as mine for £154,00, £157,00 and most recently £165,000. Are these people deluded or I have underpriced mine.

poppysarah

Yours hasn't sold so your flat isn't priced to sell.

Just means their flats are more overpriced if they are for the same floor space.

The_Drama_Llama

You're all deluded. As evidenced by the fact that you can't sell. Neither will they.

Look on Zoopla and check out sold prices in your area, not asking prices. Look at the graphs and see how far prices have fallen.

HAMISH_MCTAVISH

The_Drama_Llama wrote: »

Look on Zoopla and check out sold prices in your area, not asking prices. Look at the graphs and see how far prices have fallen.

In most areas prices have risen markedly since two years ago.... Early 2009 was the absolute trough of the market and prices are now around 10% higher than that as a national average.

In some areas prices are now above previous 2007 peak levels.

neverdespairgirl

A newbuild, though, Hamish!

p_joker

i wouldn't take much notice of that website, the owners of the house we are in bought it for 85k (off her father) and it says based on that the rental value is £355 a month lol that would be nice :P

Jimmy_31

HAMISH_MCTAVISH wrote: »

In most areas prices have risen markedly since two years ago.... Early 2009 was the absolute trough of the market and prices are now around 10% higher than that as a national average.

In some areas prices are now above previous 2007 peak levels.

Thankfully this is only the case in some areas, the area i live in houses now have asking prices lower than the trough and still they are not selling, obviously i see quite a few houses priced way way over the same houses further along the street, how some sellers think they are going to get a sale when the exact same house 50 yards up the street has an asking price up to 20k below theirs is beyond me. Maybe they have nicer wallpaper or something.

HAMISH_MCTAVISH

neverdespairgirl wrote: »

A newbuild, though, Hamish!

Don't forget there were some spectacular deals done on newbuilds from distressed developers back then.

clairecymru

Flats in this area are vastly different in price. None have been for sale in this street since they were new builds. The asking price when I bought this flat in April 2009 was £140,000 which is what some people paid, which maybe why theirs are priced so highly now.

Looking at sold prices when we bought the flat ours is the lowest sold price by far (£115,00). Most paid £130,000 for theirs back in 2009. There are no current sold prices in my street to compare to. Flats in the street adjacent to mine have sold for £160,000 but they do have a lift and a concierge which we do not.