% change in the past 12-18 months - House price in Midlands/Staffordshire

HARSA

Apologies for double posting but guess my thread is best suited here.


Hi,

I am in the progress of remortgaging my SO property and staircasing to buy the HA 50% stake.

My lender valuer valued the property (3 bedroom end terrace) at £160K whilst the HA valuer is set at £170K.

Now both wouldn't revised their valuation and asking the other to provide comparisons before they can look at revising their valuations.

The HA valuer based their valuations on 2/3 bed (similar) terrace properties that sold in my area but between 12 & 18 months ago. The latest being a 3 bed terrraced property that sold in Jan last year for £168K.

Obviously buying the HA 50% share based on the £160K is better for me. So I want to write to the HA & their 'independent' valuer to convince them that we are in a falling market and they should sell me therir 50% stake £5k less - basing this on my lender valuation.

Is there any official stats I can use to demonstrate this on my letter? Also any suggestions from your guys how to build a stronger case will be much appreciated.

Estimate for my property on property mouse is 163K whilst Zoopla is around the £170K mark.

Thanks

Sibley

Whats the problem?

People have been saying that property hasn't dropped a penny.
Welcome to the real world. Buy it before it goes up and out of your reach.

Think yourself lucky you have the chance to own with rates as low as they are.

the_flying_pig

Sibley wrote: »

Whats the problem?

People have been saying that property hasn't dropped a penny.
Welcome to the real world. Buy it before it goes up and out of your reach.

Think yourself lucky you have the chance to own with rates as low as they are.

Sibs

The OP was asking for some useful advice.

I suspect that you knew, well before you started typing, that you weren't about to provide this.

FYI the world of surveys, valuation, & whatnot is one where your 'I won't accept one penny less than this it's worth, sob' mantra tends to viewed as being rather less important than factual evidence such as actual sold prices.

Anyway, the land registry shows about 5% down on 12 mths ago, fractionally up on 18 mths ago. Well down from peak, unsurprisingly, but that doesn't help the OP much.

HARSA

Sibely what the heck is wrong with you? You need to chill and maybe try and get laid ocassionally to help you think better before you go on shooting your mouth off.

Many thanks TFP. It's been useful to see that graph. I will definitely be using it in builting a case to get the £5K reduction.

I would rather just carry on paying off the £45k than buy the property outright @£170K

the_flying_pig wrote: »

Sibs

The OP was asking for some useful advice.

I suspect that you knew, well before you started typing, that you weren't about to provide this.

FYI the world of surveys, valuation, & whatnot is one where your 'I won't accept one penny less than this it's worth, sob' mantra tends to viewed as being rather less important than factual evidence such as actual sold prices.

Anyway, the land registry shows about 5% down on 12 mths ago, fractionally up on 18 mths ago. Well down from peak, unsurprisingly, but that doesn't help the OP much.

DervProf

MrsRee wrote: »

Offering less than asking always leave your offer to the potential of being outbid of your dream home. For the sake of 5k I wouldn't risk my families future in such a reckless manner. Offer asking and get on with your life. All this negotiating over pennies is pointless. Good luck.

Why not offer a bit over asking, just to make sure ? Offering the asking price, or even under, is clearly reckless. I'm sure all property vendors are expecting at least asking price in these boom times.

Graham_Devon

MrsRee wrote: »

Offering less than asking always leave your offer to the potential of being outbid of your dream home. For the sake of 5k I wouldn't risk my families future in such a reckless manner.

Foot in mouth syndrome?

Or is this auto pilot an dyou haven't read the OP?

nollag2006

Graham_Devon wrote: »

Foot in mouth syndrome?

Or is this auto pilot an dyou haven't read the OP?

Graham lampooning poor syntax from others???

Priceless

HARSA

What have you guys been smoking? First Sibely, then MrsRee & Devpro.

What is all this stuff about losing out on my dream house? I already live and own 50% of the property and it's definitely not a dream house - just a simple 2 down & 3 up house

Sibley

Sibely what the heck is wrong with you? You need to chill and maybe try and get laid ocassionally to help you think better before you go on shooting your mouth off.

Errr sorry to break this to you.

I'm actually in Pattaya right now. Lack of sex is not one of my issues ok. :rotfl:

HARSA

Sibley wrote: »

Errr sorry to break this to you.

I'm actually in Pattaya right now. Lack of sex is not one of my issues ok. :rotfl:

Well maybe you are having too much of it then. Lol

Sibley

Well maybe you are having too much of it then. Lol

Sorry for my annoying comments earlier mate.
I thought you was one of the HPC gang.:)