Estimate of house value in Otterburn, Northumberland

StevenMarks

I wondered if anyone who knew Northumberland would offer an opinion on what this house might be worth.

Bought as a new build in February 2008 for £370,000 and is the last house sold in the street.

Listed with agent in August 2012 for £345,950.

Reduced to £325,000 in February 2013 (6% reduction).

However, Rightmove have the same photos in the house prices section dated December 2010 so it looks like it has been relisted by agent recently to obscure this original listing date.

A friend and I discussed it and we think probably £270,000 or there abouts but no offer over stamp duty threshold would be worth making.

Opinions welcome. Thanks.

sharnad

There is a similar four bedroom in the same are going for 350. I don't honk you would get it as cheap for 270 not such a lovely place in such a nice area. Have you had a look to see what other properties have sent for in he area

rob404uk

When I looked at this I had a 'why do I live in London' moment. This house looks gorgeous!

Your valuation could well be near the mark, but as they bought the place at £370k 4 and a half years ago there is probably a level they must achieve to clear their mortgage. My gut says they are probably looking at around 300k.

No harm in having a go though

sharnad

I was thinking that as well. You could offer 300 for it But I don't think they would go as low as 270. Is hat your limit

phoebe1989seb

If they paid £370k in 2008 and have already dropped the price from £345950, I would also guess they are hoping to get in the region of £300k. £270,000 - or possibly £250,000 as the OP refers to the SDLT threshold - seems very low IMHO.......but then I'm not familiar with the area or sold prices for similar properties.

StevenMarks

There hasn't been that much sold in the area in recent times which makes it difficult to judge. Otterburn is in North Northumberland where it is pretty rural; small villages and not many towns which means not many properties.

There is a five bed in the same street up for guide price of £290,000-£330,000. But searching online seems to suggest that has been uo for sale for theee or four years.

My friend did have a go and the lowest the owners of the bungalow can go due to debt needing to be paid off is £310,000 which we both think is too high bearing in mind the current market (not that my opinion matters much in the scheme of things).

StevenMarks

rob404uk wrote: »

When I looked at this I had a 'why do I live in London' moment. This house looks gorgeous!

Your valuation could well be near the mark, but as they bought the place at £370k 4 and a half years ago there is probably a level they must achieve to clear their mortgage. My gut says they are probably looking at around 300k.

No harm in having a go though

My friend did say it was by far the best he'd looked at but over his range as they won't come down below £310,000.