% increase in house prices website?

Libra1975

Hello all,

We saw a house yesterday valued at 270K and liked it so as part of my background research I found out it had been bought in March 2006 for 205K which made me quite hopeful as our top budget was £250K and having seen a lot of houses in the area for £250 this one seemed overpriced at £270K.
Today as our final offer we proposed £249999 and it was rejected I said to the estate agent that I know house prices had risen in the area (just outside Farnham) but a 45K rise in 18 months equates to a 21% rise (his asking price would be 31% rise), in response she said she would get her property valuer to speak to me on Monday to explain the valuation.The house has been on the market for 8 weeks which around here is very rare.
Before this call I was wondering if anyone knew of a website that shows house price increase percentages per area?
Thanks for your help.

Melissa177

Hi Libra, check out http://www.upmystreet.com/enter-location/property/prices/trends/l/

I think there are some more out there as well...

Libra1975

Thank you

Libra1975

Well the property valuer spoke to me and ended up agreeing with me that the house was overpriced and that we had made a reasonable offer. Isn't this odd seeing as he would have suggested the original price!!

does anyone know if the hometrack reports on the value of the house (you have to pay £20!) are any good?

Doozergirl

I wouldn't pay for a Hometrack report. I'm sure it will only give you averages based on info available from the Land Registry and a panel of random estate agents. Spednding £20 isn't going to convince the vendor that the house isn't worth what they are asking.

The house is on the market at £270,000 because of the 3% SDLT threshold. You can't justify prices at between £250-265k so they punt it over in the hope of duping people like you. Your gut instinct will no doubt be right that the house is only worth £250,000 either because house prices haven't risen that much or simply because houses are held under that threshold unless they are something really special, inwhich case they will genuinely sell for over £270,000k.

Leave your offer on the table and keep looking. The SDLT threshold is for porerties purchased at £250,001 so you can offer a round £250k on houses like that.

kingkano

Libra1975 wrote: »

Well the property valuer spoke to me and ended up agreeing with me that the house was overpriced and that we had made a reasonable offer. Isn't this odd seeing as he would have suggested the original price!!

not necessarily. whoever went out might well have said stick it on at 270 see how it goes maybe settle for 250. then again they might have said 250 top and the vendor may well have simply ignored them and decided their own price, which they are free to do.

Sometimes a vendor won't be swayed on their own valuation! If you have decided thats all its worth dont be sucked in.

We are currently paying 260 for a house that was marketed at 275. They reduced slightly and we offered under. They rejected 250 from someone else and 255 from us. But we feel its worth the 265 we are actually paying for it so thats fine

IHateDida

This house that we liked http://www.muskermcintyre.co.uk/more_details.php?propertyID=48 was initially was on the market for £275k (or it might have been £279k) and we ruled it out completely as like you, our top budget was £250k. However, as you can now see the price has fallen so don't give up, state your offer and make it clear that you are looking at other places. You never know, they might come back to you.

Unfortunately we have found another house and are near to exchange, although are still tempted by this one now the price has dropped!

Libra1975

wow I'm tempted by that house and it's nowhere near where I need to live

Thanks for the advice from the rest. I've told the EA that my final offer is £249,999 end.of. and that if the vendor wakes up and changes his mind in 2 days then fine but meanwhile I am still looking. EA said he would talk to vendor again.

Libra1975

The house is still on the market (that's coming up to 10-11 weeks for a house just outside Farnham!), the agents when we were talking kept saying they had had interested parties look around (obviously hoping I would raise my offer) but I haven't talked to them for over a week.

If it is still on the market in say a week would it be worth ringing the EA and asking them to make my offer again to the vendor or is that just rude?

IHateDida

I would go for it and state your offer as £250k - sounds more than £249999! Just say that you are still looking at other properties but the offer is still there on the table for them to take or leave. I would also ask the EA for a feel of how its going - eg. how many viewings they've had etc... to get a feel of whether they will ever accept your offer!

BTW the house above has just sold at the lower asking price! So keep a watch out for yours - I would also inform the EA that you want to hear from them if they drop their price, as they might forget that you are still interested.

Debt_Free_Chick

Libra1975 wrote: »

Before this call I was wondering if anyone knew of a website that shows house price increase percentages per area?
Thanks for your help.

Net House Prices will return the prices for which properties have sold in that area. But be careful - be sure you're comparing "like for like".

Otherwise, try the Halifax House Price Index - but, again, be careful .... the current buyer might have paid over the odds simply to get the property they wanted.

Presumably, the EA put the offer to the vendor and they turned it down? They may just be being hopeful .... greedy .... or holding out for a better offer. Sit tight for a while - or simply risk losing the property to a higher offer. If you are really interested, then stay close to the EA. Leave your offer on the table and ask the EA to let you have an update in a week or two.