Guess the current price

oldskoo1

Some of you might think we are crazy on what we did.

We sold our home but couldn't find anywhere to live, we leaflet dropped and now we have moved into our new home.

It is a 5 bed 3 storey home in a location with stable, just above average house prices. The house was built in 2002 and purchased for £248,000.

Perhaps how long is a piece of string but in a good state of repair, what would you expect to pay for that house today.

We are just curious to see what people think it should be worth today. We had no valuation as it wasn't on with an agent, we paid more than it's 2002 value but i wonder how much more, people think is reasonable, assuming its value has risen in line with average house price rises since 2003.

The house is the same as this, same builder, but ignore the price on this advert as it isn't the same location : http://www.persimmonhomes.com/cranbrook-galileo/5-bed-3-storey-house-185883

Davesnave

oldskoo1 wrote: »

Some of you might think we are crazy on what we did.

Why? Selling up and renting until something good crops up can be a very sensible thing to do in most parts of the country.

No idea what the house would be worth. They started one of those next to a bungalow I inherited, and I was mighty glad it didn't affect my sale!

originalmiscellany

I reckon £5 shy of £370,000. Unsure how much it would be worth to be honest. However I have to be honest and say how nice the house looks

princeofpounds

Put it in Kensington and I think you are talking about 6 million quid (probably more actually)
http://www.rightmove.co.uk/property-for-sale/property-22829847.html

Put it in Northumberland and I'd think you'd be talking about 275k.

http://www.rightmove.co.uk/property-for-sale/property-37118972.html

Hope that helps ;-)

ukcarper

Detached property is worth about 50% more than 2002 using national average so I suppose about £372k but if it was new in 2002 it would be worth less about £340k. That could vary a lot depend on where it is.

Wobblydeb

£250k - £300k

It had the new-build premium on the price in 2002, so will not have gone up much, and the stamp duty threshold will have come into play.

mark5

Where I am, 2002 was the very start of the boom, it would have gained about 40-50% of its value. However houses in the 250k upwards bracket seem to struggle to sell around here.

oldskoo1

Yes, houses above 250k do struggle here too. Although nice ones (good deco), especially south facing ones do sell quite quickly.

We paid 288k for this house, this is comparable to other similar houses / sold prices in the last couple of years. Although the house we put a bid in for just 2 streets away sold for 300k a month ago. Most are advertised at around the 320 / 325k mark which as someone pointed out, might be quite realistic from the 2002 prices when you take off the new build premium.

Some crazy people even paid 300k+ when new all those years ago.

I'm glad it seems we haven't overpaid, we probably got it just right.