If you brought in 2006, would you expect...

COLOURBOUNCE

CKhalvashi wrote: »

We're worth £97k more than we paid in March 2007, according to an agent (it was up for £550k, we paid £603k in a bidding war to secure the house). We've done no extension work, just pure maintenance and a new kitchen/bathroom, with a lot of original Victorian features.

Interestingly, our former property in London hasn't been touched since we sold, and it's just sold for £800k (or £150k more) than we sold for, again in March 2007.

We are on one of the most popular commuter belts for London (M11 corridor, next to an international airport) in a gorgeous and low crime area, so that could have something to do with it.

CK

I think we may live in the same town. Certainly the market is well up from 2006, but looks to be on the turn right now so it's had a strong run around this way.

Taadaa

MoneySaverLog wrote: »

House prices have generally gone down and I would expect to pay less now than in 2006 unless you're in London where the trend is bucked. Given the state of the economy house prices can only go down in the future in my opinion to a more realistic and affordable level.

Asking £200K for a property bought in 2006 for £185K is more "insulting" than putting in a offer of £175K Go for it see what happens if they don't take it move on. It's a buyers market!

There are many factors affecting the housing market, not just the economy. Buyers are finding it tough to get mortgages. There is still a chronic shortage of housing. And don't forget that some people simply won't sell because they can't afford to loose money. So l don't think it's a given they are going to decrease - long term they have only ever gone one way, and that is up, along with the cost of everything else.

MoneySaverLog

I think what I'm saying is we've not seen the bottom of the market yet.

What goes up and all....

neas

Did they add any extra value to the house in that time? Looking at figures on paper is all well and good but if they old kitchen was knackered and they put in a quality kitchen and built that conservatory then i'd expect atleast 10-15k on the 2006 price.

Analysing numbers on paper is ok but doesnt tell you the details. Also that garden looks tendered and very big. A local house i knew sold for 10k than a similar house just because the garden was laid out and very tidy.

MoneySaverLog

neas wrote: »

A local house i knew sold for 10k than a similar house just because the garden was laid out and very tidy.

Wow £10K on a garden, I'd get someone in to do all that at a fraction of that price :-)

neas

MoneySaverLog wrote: »

Wow £10K on a garden, I'd get someone in to do all that at a fraction of that price :-)

Yep... Level a sloping garden, patio it, drystone wall, cut down overgrown trees. You can get someone to do it for cheaper but some people like to pay and have it all done :P

pleasedelete

I bought mine for £570,000 in 2006. Same road but without a garden sold for £820,000 in 2008. Slightly larger and very well presented but with small garden sold for £1million in 2010. Very similar (they are Victorian) 3 doors down again much smaller garden just gone for sale at £900,000 needing significant work.

Yorkshire. I get weekly enquiries from estate agents about mine.

myhouse_2

This talk of buyers market is, in most areas, nonsense. Right now all I see is sellers putting their house on the market at a price which ignores the new economic reality and then leaving it there for a couple of years.
It will be a buyers market when prices are down and volumes are up. Until then, it's just a phoney war between buyer and seller, benefitting neither.

Dave_6

Bought at the end of 2011.

The previous owners paid £163,000 back in 2006. We paid £155,000.

A friend also purchased at the end of 2011 and paid the same price that the previous owner had paid in 2006