Property value affect on mine ?

gingercordial

Any idea why the same individual bought three separate houses?

Are the houses next to each other, and if so could they be considering knocking them down and (subject to planning permission) developing the land into something else? If so, that's even more of a concern for your house price.

Or are they buying up houses to let out as, say, student accommodation, changing the character of the area?

There are other reasons of course, but just be aware that having a few low selling prices out there for comparison may not be the only way this could affect your house's value.

Crashy_Time

gingercordial wrote: »

Any idea why the same individual bought three separate houses?

Are the houses next to each other, and if so could they be considering knocking them down and (subject to planning permission) developing the land into something else? If so, that's even more of a concern for your house price.

Or are they buying up houses to let out as, say, student accommodation, changing the character of the area?

There are other reasons of course, but just be aware that having a few low selling prices out there for comparison may not be the only way this could affect your house's value.

Yes, very true.

travelmonster

Thanks guys. The issue with these properties were that they were owned by very elderly people living alone and therefore the houses needed some work doing to them. But how do we tell potential buyers this ??? And more importantly the valuer will only probably look at how much they were sold for.

travelmonster

gingercordial wrote: »

Any idea why the same individual bought three separate houses?

Are the houses next to each other, and if so could they be considering knocking them down and (subject to planning permission) developing the land into something else? If so, that's even more of a concern for your house price.

Or are they buying up houses to let out as, say, student accommodation, changing the character of the area?

There are other reasons of course, but just be aware that having a few low selling prices out there for comparison may not be the only way this could affect your house's value.

He's letting them out. And lives in 1 himself now.

Keezing

It sounds like the houses sold for 180k because they were worth 180k.

It sounds like you're confident your's is worth more, this will be confirmed when you choose to sell your property

travelmonster

Like I said the 3 latest houses that were sold were too very old people who required work doing to them. Ie double glazing windows new central heating system. Etc changing floor boards etc. So he clearly used this for bargaining. And the families of these old people live abroad or 100s of miles away who are doing well and didn't really care about the property price.

Keezing

travelmonster wrote: »

Like I said the 3 latest houses that were sold were too very old people who required work doing to them. Ie double glazing windows new central heating system. Etc changing floor boards etc. So he clearly used this for bargaining.

Exactly. The properties were worth 180k because they needed a lot of work.

travelmonster wrote: »

And the families of these old people live abroad or 100s of miles away who are doing well and didn't really care about the property price.

That's a very unrealistic assumption.

If your house is worth 250k, you're got nothing to worry about.

Crashy_Time

Any house worth it`s price should sell pretty quickly?

Crashy_Time

travelmonster wrote: »

Like I said the 3 latest houses that were sold were too very old people who required work doing to them. Ie double glazing windows new central heating system. Etc changing floor boards etc. So he clearly used this for bargaining. And the families of these old people live abroad or 100s of miles away who are doing well and didn't really care about the property price.

Somebody researching last sold prices for the street doesn`t know that though, and you are taking a guess at that, unless you spoke to them about it?