Realistically what is your house worth now

sparklysaver

North Manchester - terraced house bought for £85k in 2007; 2 weeks later Northern Rock collapsed, mainly because of their habit of handing out lots of money to people like me with no deposits.

Top price in my little terraced cul-de-sac was £93k a few months before mine (it had been fully renovated). Earlier this year one 2 doors down sold for £62k - it was a family sale but it's mucked up the average price for the street for years to come since there's such a low turnover.

Realistically could currently get about £75k if I was really lucky, and that's after spending about £7k on heating & a bathroom. If I needed a quick sale I'd be looking at nearer £72k.

Welsh_Totster

When we bought our house last year we were the first people to buy in our street for 10 years, the turnover is really low (which is positive as people like to stick around!) but the average price for the street is way below what the houses are worth due to some houses being sold 10 years ago for between £25k and £60k. The average for the street is around £70k because of this even though the houses are all now worth £140k or more depending on style and size.

cycloneuk

N Wales, paid £159,000 in Jan 2007 and just accepted an offer for £124,000.

SingleSue

Can't do my own as I don't own but will do my parents house.

They purchased in 1969 for 3k ish, at our peak, which was later than in most places in the UK, next door sold for 225k, currently they would be doing well if they got 165k.

Still they have owned it free and clear of a mortgage since the early 70's (one of the original mortgage free wanabees maybe ), so any increase in recent years is pure profit.

Area is Sufolk, very close to the Essex border (it is literally half a mile from my parents house, half way across a river...but it takes us half an hour ish to drive into Essex!).

Prices locally are still struggling a little but those priced to sell are turning over quite quickly but still an awful lot of over hopeful sellers whose properties have been on the market for the last two years with no or very small reductions, or those who have been chasing the market down but are always just slightly above a realistic price. Some properties at the higher end of the market have had to drop price (with the owners chasing the market down), have had to cut in the region of 200k and are still not selling, before they would go on the market and would be sold within the day, even with some quite ridiculous prices (we had our very own millionaires row....they struggle to get half a million for them now)

n0rm

bought November 2006 for 204k just exchanged complete in a couple weeks at 223k. House we are buying was bought by them in 2004 at 245k and we are paying 204k

phoebe1989seb

SingleSue wrote: »

Can't do my own as I don't own but will do my parents house.

They purchased in 1969 for 3k ish, at our peak, which was later than in most places in the UK, next door sold for 225k, currently they would be doing well if they got 165k.

Still they have owned it free and clear of a mortgage since the early 70's (one of the original mortgage free wanabees maybe ), so any increase in recent years is pure profit.

Area is Sufolk, very close to the Essex border (it is literally half a mile from my parents house, half way across a river...but it takes us half an hour ish to drive into Essex!).

Prices locally are still struggling a little but those priced to sell are turning over quite quickly but still an awful lot of over hopeful sellers whose properties have been on the market for the last two years with no or very small reductions, or those who have been chasing the market down but are always just slightly above a realistic price. Some properties at the higher end of the market have had to drop price (with the owners chasing the market down), have had to cut in the region of 200k and are still not selling, before they would go on the market and would be sold within the day, even with some quite ridiculous prices (we had our very own millionaires row....they struggle to get half a million for them now)

Can concur with this - we sold our house that was in Essex, but close to border with Suffolk in the Spring. We bought in 2007, didn't know area or how long properties were taking to sell there (even during the peak they were pretty stagnant it now seems with the benefit of hindsight). We spent between £30k and £40k on restoring the very individual period property (one of a kind as was an old Tudor house that had been moved from its original site during the 1920s) yet when we sold we got £20k less than we paid 4 years ago. We were priced to sell though and accepted an offer within two weeks of marketing.

Our previous house (in Hampshire) we paid £117500 in 1997 (6 bed detached Victorian), fully renovated it and sold it for just shy of £600k in November 2007.........

myhouse_2

Bought in 2005 for 115k. Probably worth the same now, might get lucky and sell for a touch more but I doubt it. Several neighbours are selling similar for 140k. Or rather not selling, cause you'd be daft to pay that much.

MoneyJuggler

Tricky at the moment -selling our house, and it's probably overpriced, problem is everything we are trying to move to is also overpriced, hence the stalling market -we are worried about selling low and buying high, and judging by some of the people viewing ours, a lot of people are hoping to sell high then barter a bargain when they buy, which also contributes to the stalling.

Definitely strange times in the housing market!

Malky

We bought our 3 bed semi in Aberdeen for £105K in 2006. At its peak in 2007, it was worth about £160K. Santander valuation last week of £144K.
An identical house 4 doors down (a repo) has just gone on the market for offers over £135K. Home report values it at £140K.

milliebear00001

I bought last November for £128500. We've done quite a bit of work, but think if we sold now we'd make a loss.

Don't plan on selling for a good 5-10 years though so really not bothered!