Asking Price 280k Vs Budget of 250k

cwcw

ukcarper wrote: »

Looking at something like nethouseprices.co.uk can you see what similar houses have sold for recently and where did you get the 6% from.

Yes, the sold prices in 2006 were from nethouseprices. It's a small road so nothing comparable since. The 6% drop is at postcode level from home.co.uk. It's a great site for graphing all kinds of stats, you just have to try to ignore all the ads.

ukcarper

cwcw wrote: »

Yes, the sold prices in 2006 were from nethouseprices. It's a small road so nothing comparable since. The 6% drop is at postcode level from home.co.uk. It's a great site for graphing all kinds of stats, you just have to try to ignore all the ads.

I think those figures on home can be a bit hit and miss what does the Land Registry say for general area.

Are there no similar properties near by where yo can compare selling prices recently to 2006.

On the face of what you say £240k would be a very fair offer and your figures suggest it should be worth less than £225k the garden and other things could increase price a bit.

cwcw

ukcarper wrote: »

I think those figures on home can be a bit hit and miss what does the Land Registry say for general area.

Are there no similar properties near by where yo can compare selling prices recently to 2006.

On the face of what you say £240k would be a very fair offer and your figures suggest it should be worth less than £225k the garden and other things could increase price a bit.

The figures on home.co.uk for sold prices ARE the Land Registry figures. It uses the actual sold prices recorded by the LR and generates graphs from them. You can look at volumes as well, and splits by property type.

Extending sold prices to within 1/4 mile, for recent sales in the last 2 years, shows that similar properties sell from £210k up to £300k depending on condition and extensions, from do-er uppers to fully renovated. This one is somewhere in the middle, condition-wise, but has no extension or conservatory at all.

Tim_Bisley

They will have probably put it on at £280k to achieve £250k. A £240k offer is probably a good starting point, but expect to move upwards to £250k.

ukcarper

cwcw wrote: »

The figures on home.co.uk for sold prices ARE the Land Registry figures. It uses the actual sold prices recorded by the LR and generates graphs from them. You can look at volumes as well, and splits by property type.

Extending sold prices to within 1/4 mile, for recent sales in the last 2 years, shows that similar properties sell from £210k up to £300k depending on condition and extensions, from do-er uppers to fully renovated. This one is somewhere in the middle, condition-wise, but has no extension or conservatory at all.

The problem with the Home data it is just an average for property it that post and takes no account of house and sample is to small if you look at graphs they are very erractic. The Land Registry uses a different method and altough they cover a larger area them are more accurate.

Without sold prices it is very difficult to come up with accurate figures.

All i would add is that if you really like the house and can't see anything else you like and are not intending to sell for sometime decide what the house is worth to you and offer that or a bit less to give you some room for manivour.

J_J_Carter

The problem is that turnover is so small (outside of London) that the 'market price' is over the place, at the lo-end distressed sellers who have to sell and at the hi-end, folks who don't want to hold cash in Euros.

At the end of the day, you'll need to decide what it's worth to you, given location (and location) and how much you like it as a home. Just don't expect a capital gain for 10+ years.

demontfort

Just go in low at £220-230k, what have you got to lose. Ignore all this garabage you read about insulting the vendor and not being taken seriously. It's a business transaction they want your money and you want the lowest price possible. Right now you have the upper hand as cash is most definitely king.

cwcw

Well, offered £240k but apparently someone has already offered full asking price today anyway, and they've not accepted that yet definitely. :-(

ukcarper

cwcw wrote: »

Well, offered £240k but apparently someone has already offered full asking price today anyway, and they've not accepted that yet definitely. :-(

Did you stress your position its one thing getting an offer from someone who is ready to go and another from someone who isn't.

Assumming the offer is genuine I would imagine they would not come down to yours.

Sorry but it might be time to start searching again.

cwcw

ukcarper wrote: »

Did you stress your position its one thing getting an offer from someone who is ready to go and another from someone who isn't.

Assumming the offer is genuine I would imagine they would not come down to yours.

Sorry but it might be time to start searching again.

Yeah, but the other buyer is in the same position. It's now sold stc online. Nevermind, worth a try. Although it had an X factor, it wasn't worth £280k, so more fool them. :-)