Any trend for overpricing properties in your area?

Vomityspice

This house was bought last year for less than £250k

http://www.rightmove.co.uk/property-for-sale/property-38276077.html

The owner now wants offers in the region of £285k

We did go and have a look (nice area, close to open fields etc) to check out the 35K worth of improvements they had made (Swimming pool, large conservatory?).

The owners has done nothing apart from decorate badly and break a window.

As the house is on with an 'Internet only estate agent' I am sure the overpricing is solely down to the current owner smoking something.

In additon, the same house accross the road sold last week for less than £250K

It's on my 'monitor' list to see how long it takes for reality to make an appearance.

Another one we have yet to view (the EA stated the vendors wouldn't accept an offer below the asking price)

http://www.rightmove.co.uk/property-for-sale/property-36440452.html

has been on the market sine Novemeber 2012. Strangely, it has just been relisted by another agent at the same price!! You'd think the new agents might have a word with the owners that it is overpriced......

shortchanged_2

Vomityspice wrote: »

This house was bought last year for less than £250k

http://www.rightmove.co.uk/property-for-sale/property-38276077.html

The owner now wants offers in the region of £285k

We did go and have a look (nice area, close to open fields etc) to check out the 35K worth of improvements they had made (Swimming pool, large conservatory?).

The owners has done nothing apart from decorate badly and break a window.

As the house is on with an 'Internet only estate agent' I am sure the overpricing is solely down to the current owner smoking something.

In additon, the same house accross the road sold last week for less than £250K

It's on my 'monitor' list to see how long it takes for reality to make an appearance.

Another one we have yet to view (the EA stated the vendors wouldn't accept an offer below the asking price)

http://www.rightmove.co.uk/property-for-sale/property-36440452.html

has been on the market sine Novemeber 2012. Strangely, it has just been relisted by another agent at the same price!! You'd think the new agents might have a word with the owners that it is overpriced......

As you said though I think many of these overvalued places are prices actually set by the owner/vendor not the EA's.

Wobblydeb

Yep, market has really surged upwards in the last 18 months where we are looking. Anything nice / competitively priced is selling fast - often to "best and final" offers only a week or two after coming to market.

Anything with a really ridiculous asking price (and there are a few chancers) is taking a bit longer to sell.

How about this. On the market for £400k and was last bought in 2010 for £300k...... no sign of obvious renovation work. http://www.rightmove.co.uk/property-for-sale/property-41760911.html

shortchanged_2

Wobblydeb wrote: »

How about this. On the market for £400k and was last bought in 2010 for £300k...... no sign of obvious renovation work. http://www.rightmove.co.uk/property-for-sale/property-41760911.html

Chancers.

Wobblydeb

Vomityspice wrote: »

Another one we have yet to view (the EA stated the vendors wouldn't accept an offer below the asking price)

http://www.rightmove.co.uk/property-for-sale/property-36440452.html

has been on the market sine Novemeber 2012. Strangely, it has just been relisted by another agent at the same price!! You'd think the new agents might have a word with the owners that it is overpriced......

Oh, I really like that. I wish I could transport it up north and keep the price tag!

shortchanged_2

Wobblydeb wrote: »

How about this. On the market for £400k and was last bought in 2010 for £300k...... no sign of obvious renovation work. http://www.rightmove.co.uk/property-for-sale/property-41760911.html

Do people realise how easy it is to access previous sold prices these days?

Only a numpty would pay anywhere near that asking price knowing what they paid for it a few years ago having done little or nothing to the property.

Vomityspice

Wobblydeb wrote: »

Oh, I really like that. I wish I could transport it up north and keep the price tag!

I quite like it as well, but not enough to shell out £279,995!!

It appears other 'potential' buyers have also been dissuaded by the price! On the market since Novemebr 2012! At what point will it sink in......

Also currently bemused as to why one vendor (won't post link as we may buy it!) has paid to have a prime listing on Rightmove (At £125 ish) but have gone away on holiday this week so no one can view!?!?!? Cockwombles!

rob404uk

Where I live in London new property is going up and I always think they are chancers, but they seem to have a sold board up within a week or 2. mine was 262 a couple of years ago and 2 doors down, same size house, sold within a week at 375. Zoopla, land registry prices do have a few months lag (Zoopla reckons about 290)

DRP

Having spent last summer intensively examining our local market (BS3) and tut-tutting at the prices which seemed exhorbitant, I just looked up 3 of the properties we were interested in and found they sold at between 96 and 99% of asking price.

It goes to show that 'overpriced' houses will sell in some areas!

Vomityspice

Just spotted this one

http://www.rightmove.co.uk/property-for-sale/property-38955946.html?premiumA=true

Haven't checked the price they bought at (so may well be correctly priced), but was confused by the street view (go on, you know you want to......)