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Why such a big increase in price?
lanclass_2
Posts: 46 Forumite
I was interested in a house, until I saw the price!
It was bought in 2004 for £290000.
The current owners have landscaped the gardens and built a double garage.
Just been put up for sale for £430,000 (North West, 4 bed semi-detached). It's in a small cul de sac where the houses are all different, but the one its attached to, (which is the same in looks etc, but doesn't have a double height extension at the side like the one I'm interested in) went for 230,000 in 2005.
The Nationwide house price index indicates a value of 288k.
I genuinely don't get it - is the real value somewhere in the middle of 430 and 290?
Any thoughts welcome and appreciated!
It was bought in 2004 for £290000.
The current owners have landscaped the gardens and built a double garage.
Just been put up for sale for £430,000 (North West, 4 bed semi-detached). It's in a small cul de sac where the houses are all different, but the one its attached to, (which is the same in looks etc, but doesn't have a double height extension at the side like the one I'm interested in) went for 230,000 in 2005.
The Nationwide house price index indicates a value of 288k.
I genuinely don't get it - is the real value somewhere in the middle of 430 and 290?
Any thoughts welcome and appreciated!
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Comments
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What else has sold in the area recently? Not necessarily "identical" houses but the same sort of spec i.e. 4 beds, double garage, etc. That will give you an idea of what things are selling for and what the price realistically should be.0
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Property in the UK is ridiculously overpriced anyway driven by greedy solicitors and estate agents. Whilst people are still prepered to pay these prices the circus goes on. It's basic economics, if there's no demand the price plummets.0
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Most house prices have fallen to about 2004-2005 prices, well thats selling prices. Asking prices are far higher than actual selling prices. Sellers and estate agents are over pricing at the moment to take off, so when people negotiate it looks like they are getting a bargain.:exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.
Save our Savers
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Sounds like a typo, should be £340k, as they know 10% will be knocked off, expecting to get £306k max...Act in haste, repent at leisure.
dunstonh wrote:Its a serious financial transaction and one of the biggest things you will ever buy. So, stop treating it like buying an ipod.0 -
It's not out of the question they could have made some amazing improvements to it to justify a £150k increase, although it is probably quite unlikely. When I was looking for a house after you're into double figures with viewings you tend to be able to assess if something represents good value quite easily, so what you need to be doing is viewing lots of places in the same price range and asking yourself whether this house represents better value than them.0
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maybe the sellers are just plain greedy.... or they have discovered a gold mine in their back garden.credit card bill. £0.00
overdraft £0.00
Help from the state £0.000
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