Historic property valuation

Innys

Hello everyone

I was wondering if someone could please help me.

I am trying to do a CGT calculation and struggling to find a historic property valuation..............from March 1982. I have tried local estate agents and chartered surveyors with no success.

I have also tried to calculate the increase from the date of purchase - 1970 - based on the purchase price then. Sadly, I can't seem to locate information on how much prices went up during that period on Google.

Any ideas how I can determine the price or calculate it? The house is in London.

Thanks

I

lincroft1710

I bought a house in Suffolk in 1976 and sold it in 1979 for 50% more than I paid and had done very little to it. Property prices were very inflationary during 1970s.

If HMRC refer the case to the District Valuer, they should have sales info from that era. But this info is not available to the public.

Innys

To all (any of) those who may be wondering what the answer may be, I called the HMRC and they suggested I calculate the value based on house price increases.

So I used the Nationwide house price increase calculator from here to estimate the value in 1982 based on the purchase price in 1970:

http://www.nationwide.co.uk/hpi/datadownload/data_download.htm

That calculator is very rough and ready because it isn't regional but I can't find any alternatives.

Lin, I think you're right about the DV. When I called them, they said they could get accurate data, but only ONCE the house had been sold. I want to estimate the CGT payable IF it is sold, so that isn't much use!

Still, I reckon the Nationwide calculator is my only option.

grey_gym_sock

is the rise in price from the purchase price in 1970 to estimated current value similar to the rise in the nationwide house price index over the whole period? if it is, then taking the nationwide price rise between 1970 and 1982 makes more sense. if it's different, then the question would be when this house diverged from the nationwide index.

PasturesNew

It's likely to be £2-5k.

Innys

grey_gym_sock wrote: »

is the rise in price from the purchase price in 1970 to estimated current value similar to the rise in the nationwide house price index over the whole period? if it is, then taking the nationwide price rise between 1970 and 1982 makes more sense. if it's different, then the question would be when this house diverged from the nationwide index.

I think you're asking is the calculated current price using the index correspond to its current market price?

If so, when I do that calc, it's N'wide price is about a third of the current market price, which, I reckon, is solely due to the fact that it's in London.

I have attempted to work out when this house, or similar, diverged from the N'wide index. A house sold in Feb 1995 of the same size and style on the same street for £124,250. When I use the N'wide index on the house I am interested in, the selling price on that date should have been just over £108k, based on its purchase price in 1970.

So, I don't think it's unreasonable to say that the big divergence from the index happened after then. Plus, I'd also say the index was probably applicable over ten years earlier, in March 1982.

Innys

PasturesNew wrote: »

It's likely to be £2-5k.

Sadly not, unless its price halved in the 12 years from 1970 to 1982.

John_Pierpoint

I had to do this calculation and went boss-eyed squinting at microfilm of the local paper's housing adds in the local library, before fudging up a valuation. I too was trying to value a "unique" architectural property.

In reality I was claiming an exemption from CGT and the new owner turned up with a big ball hanging on a chain from a crane.

However I am sure the resulting figures were accepted and proved useful to some sort of statistical make work exercise.

A surveyor offered to represent me for £350 probably plus VAT and that was 10 years ago.

Has the property enjoyed events changing its value (extensions, nearby developments for good or ill ?).

Are there any special features that might apply to your realisation of this gain or is it simply "I have owned it all these years and suddenly woke up with a desire to sell now"?

lincroft1710

Innys wrote: »

Sadly not, unless its price halved in the 12 years from 1970 to 1982.

More likely to have tripled or quadrupled. In 1970 we sold my grandparents' house for £3,200. By 1972 had we held on to it, we would have achieved over £5,000.

And yes that is Three Thousand Two Hundred Pounds, for a 10 year old 3 bed semi, garage space, no CH in a pleasant and popular residential area. Makes you cry, doesn't it?