Not to sure how much to offer (again)

Yasmin02

Dear All

I was wondering if anyone could help me please. I have a seen a house that I really like but not to sure what to offer. The link to the property is below,

http://www.rightmove.co.uk/viewdetails-6644970.rsp?pa_n=4&tr_t=buy

I was thinking of maybe starting at 200k and then going up in increments of 3 - 4 k. But I am prety certain the house is overpriced.

Does anyone know the market in Ilford?

Any thoughts much appreciated.

Yasmin

Doozergirl

Is it me or is the house smaller and mid-terraced and more expensive then the last one you were looking at

I though everyone was encouraging you to buy bigger and further out!?

Phirefly

:eek: oh my life thats just made me feel a hell of a lot better about how much we've just agreed to pay for a practically identical house in Loughborough. Surely thats way overprced???

Amitoocautious

Yeah it is tiny! Seems very overpriced to me and if you are saying it is then why buy it

robmcdougal90

See how long it has been on the market for, start at something stupid such as 190k, then when it gets rejected leave it for a month then go in with a 200k bid and tell the agent that it is your last offer,

djm1972

It may sound "overpriced", but check out the sold prices...

http://www.houseprices.co.uk/e.php?q=IG1+2JU&n=10

Most properties in that postcode were touching £200K in 2004, so to be honest I wouldn't waste any time going in under £200K now; but perhaps not much more depending on how boyant the market is there.

I think they'll be looking to get £210K at least (this is probably what the EA will have told them), but if you come across as either a desparate buyer or having fallen in love with the place the Estate Agent will get £215K out of you.

What I would do in the first instance is find out what property number this is, and then compare it to numbers 5,7 and 27 (for which there is the most recent sold price data). Then, use the Nationwide HPI calculator to get a ball-park for the market value of those properties today:

http://www.nationwide.co.uk/hpi/calculator.asp

For example, No.9, which was sold in Q4 2004 for £199K would be "worth" £219K today (based on South East HPI data)...

Phirefly

djm1972 wrote:

It may sound "overpriced", but check out the sold prices...

http://www.houseprices.co.uk/e.php?q=IG1+2JU&n=10

Madness. Never again will I get irate about the high student population in Loughborough pushing house prices up. I've just realised how lucky we are.

danm

Hi Yasmin (again)

perhaps as a comparison...https://www.davisestates.co.uk

search for properties between 200-225, 2 bed house in Richards Avenue. This is quite close to my new place and is in one of the nicer areas of Romford.

fwiw re: the house above, From the map, it looks to me like it is more in Barking, even tho' the partciulars state Redbridge. The fact they have pointed this out would suggest thet it probably on the line of Redbridge/Barking and Dagenham....not the nicest of areas from my knowledge.

Price looks ok for Ilford. The 2 bed with the palm tree in Chad Heath was £112,000 if i recall, so £5K extra for Ilford is reasonable. 2 years ago that difference was more like 15-20K. (4 years ago when i first brought, 2 bed flats in Ilford were £150K)

Dan

icklejulez

Boy do I feel sorry for you now with those prices. Oh and that lounge looks lovely, I can imagine in the summer with the doors open it'll be lovely.

Yasmin02

Hello Everyone

Thanks for everyones responses.

Damn thank you very much fort he link for the Romford link its does look alot bigger than the property in Ilford. . It is on the borders of Barking its nearest tube is Barking which is great for transport links. Is this why it is os overpriced? I looked at the property in Drummond Road in Romford but a lot of work needed doing to it. An elderly owned it and it was big but a strange set up the dryer wsa in the bathroom so I was'nt to impressed with that so for 215k i wsa not prepared to pay that for it as it needed hell of a lot of work doing to it. The other link looks interesting though!
It does seem that I would get more for my money in Romford than I would in Ilford it is so difficult for me to decide as I am so attached to my transport links!:(.

DJM - I wil have a look today in daylight and look at the other houses around there. Thank you very much for the links.

The property on Avenue Road was on the market for 211,000 so 5k difference is not that bad. I will let everyone know how I get on with my second viewing today its at 2pm.

It is a lovely house but I may change my mind when I go for a second viewing.

Thanks for everyones responses they are very much appreciated.

Yasmin

callmelinda

I think the point was good about finding out how long it's been on the market - the longer it's been on the increased chance you can get it at a more reduced price (though no idea what that would be).

Secondly, what position are you in? People not in a chain, cash buyers etc can often get a better deal as it's more attractive to the seller.

It looks so shiny and new and to a large extent the valuation could reflect that. In a few years when it's been lived in, what then? If you're paying for gloss, it might also be good finding something larger which maybe needs some interior work for thousands less, do it up as you want and the combined purchase and work might be a lot less than that house. I can't say since I don't know the area, but I would keep looking for straight comparisons but also other options to get the fullest picture. Obviously if you want to move into somewhere that's perfectly finished already, then there's no point doing this but otherwise, that's my suggestion. And get to the local estate agents in person if you can since it can take days to get properties online and some are already gone before the property has a photo up!

I looked up to £225,000 at Ilford and included Sold subject to contract which gives you an overview of what kinds are property are selling well (if any be the case) so I'm sure you've seen this property, but I'll post them it anyway as it looks to have a relatively modern interior but larger rooms and for me, with some sellable character (but that's my taste!):

http://www.rightmove.co.uk/viewdetails-6017427.rsp?pa_n=5&tr_t=buy

Good luck.