London property lost 100K value on 4 years

helloyouu

Hello there,

I was looking at houses in london and I've seen this one that I thought was expensive for what it is:
http://www.zoopla.co.uk/for-sale/details/27375151

I am looking for a property with as much space as possible. The 80 feet garden is highly compelling to me. And the roof may allow me a loft conversion. Space space space I need in london!

Unfortunately, the price over 230K looks to be in the very top end for me, for what it is.

I decided to look at its previous selling price:
http://www.zoopla.co.uk/property-history/20-grosvenor-gardens/london/e6-3ep/5403716

This property was valued at 329K 4 years ago. So in 4 years it has lost 100K!!!!!!! :eek:

That is a lot of money lost!!! Is it for real, or did the agency played with the numbers to make people think they are having good deal on over-priced properties???

kingstreet

It actually sold for £290k in January 2008, so it hasn't "lost" as much as £100k.

Go and have a look and see what you think. 12 & 14 sold last year for less than £200k, so try to form a comparison with them, if you can.

helloyouu

Yes, sold at 290K, but sale price was at 329K.
Now, we don't have the sold price yet, but sale price is 100K lower.

Still seems excessive! If I was the owner, I would cry with all the money lost on the property

katejo

helloyouu wrote: »

Yes, sold at 290K, but sale price was at 329K.
Now, we don't have the sold price yet, but sale price is 100K lower.

Still seems excessive! If I was the owner, I would cry with all the money lost on the property

You mean that the asking price was 329K not the sale price. Owners can ask what they want but the real value is what a buyer is willing to pay. I don't live all that far from East Ham and 230K sounds reasonable based on the photos.

hethmar

The last time it sold would have been end of 2007 when the housing bubble was at a peak, so it would have gone down since that mad time.

HAMISH_MCTAVISH

helloyouu wrote: »

If I was the owner, I would cry with all the money lost on the property

Seriously, enough of the blatant trolling.

You've created a thread to discuss house prices, in the wrong forum, with a false title, and without any idea of what the house will actually sell for.

If you want to start threads to debate house prices, go to that forum.

hazyjo

A lot of people overpriced around that sort of time because of the Olympics. Doesn't mean it was worth that. As someone said, it sold at the peak.

Chances are, it might well be 'worth' around £265/270k if it wasn't for stamp duty, but unfortunately the SD threshold often drags things down further. They'll never have got £265k, so they have to price under that £250k level.

Jx

helloyouu

HAMISH_MCTAVISH wrote: »

Seriously, enough of the blatant trolling.

You've created a thread to discuss house prices, in the wrong forum, with a false title, and without any idea of what the house will actually sell for.

If you want to start threads to debate house prices, go to that forum.

I'm actually really thinking to buy, but I'm trying to find the pro and con. This property is really of interest for me althought a bit high in price.

I was wondering of the selling agent could have manipulated the price, or if the seller are really loosing a lot of money

helloyouu

hazyjo wrote: »

A lot of people overpriced around that sort of time because of the Olympics. Doesn't mean it was worth that. As someone said, it sold at the peak.

Chances are, it might well be 'worth' around £265/270k if it wasn't for stamp duty, but unfortunately the SD threshold often drags things down further. They'll never have got £265k, so they have to price under that £250k level.

Jx

This property marked "over 230K" is actually already in the steep price in his street. A lot of property in the same street were sold around 200K few years ago.

Maybe the question is to know why this one is so much more expensive? What's so special?

Because if the garden wasn't that big, I wouldn't be interested in this property, especially for its price band

MiserlyMartin

100K down and much more to go if you are prepared to wait long enough...