Council house valuations

russelluk

Hi hope someone can help me.

In 2005 I put in to buy my council home it was valued at £85.000 But at the time I was unable to purchase. So last month I put into buy it, again and the valuation was £110.000 WOW I said thats a big increase I was excpecting and increase of around 1% at the most 2% per year. But a huge £25.000 increase does this really sound correct,or is the council pulling a fast one?

Please any advise

Thanks

Russell

Sugarplumfairy_2

My house was the same. When I purchased it in 2004 it was valued at £66,000. Friend across the road got hers valued end last year and it was £89,000.

Debt_Free_Chick

Depends on where you are and when in 2005 the previous valuation was given.

House prices in the UK, generally, have risen - on average - by 20% since the beginning of 2005 and by 17% since the end of 2005.

There are, however, immense regional differences, so it depends on where you are.

And remember that if the average increase is 20%, then some properties will have increased by more than this - and others by less.

Try this calculator on the Halifax House Prices page.

moneysavinmonkey

russelluk wrote: »

Hi hope someone can help me.

I was excpecting and increase of around 1% at the most 2% per year.

:rotfl: Afraid not!!!
! Just be grateful you are not trying to buy on the open market & spare a thought for those who don't qualify or are still on the list for council housing!

Running_Horse

russelluk wrote: »

Hi hope someone can help me.

In 2005 I put in to buy my council home it was valued at £85.000 But at the time I was unable to purchase. So last month I put into buy it, again and the valuation was £110.000 WOW I said thats a big increase I was excpecting and increase of around 1% at the most 2% per year. But a huge £25.000 increase does this really sound correct,or is the council pulling a fast one?

Please any advise

Thanks

Russell

I smell a rat.

Ama

On the same note, my next door neighbour bought her house for £157,000 on the open market in July 06. I put in a request to my landlord (which is a housing association) to buy the property I live in in November 06 and it was valued at £175,000. The properties are identical so I can't help it but think they are either pulling a fast one on me or there was a typing error and someone somewhere confused 157 with 175! The properties in my neighbourhood are not exactly hot cake. Does this huge increase make sense to anyone?

dmg24

I am assuming that the OP's valuation was done by a professional valuer? If so, I cannot see that he has grounds for complaint.

Also, the converse of the OP's argument is that the previous valuation was too low?

flying_solo_2

This is a similar situation my brother(and his wife) found himself in 2yrs ago,he was entitled to the full rtb discount and expected to buy at a value of approx 55k(based on a neighbours purchase 8 months earlier)Due to the increasing speculation of the area becoming a regeneration 'zone' i urged my brother to stop putting off his intention to buy because other areas in regeneration had seen massive growth and new investment which in turn pushed up house values!I'm happy to say he acted quickly, however when the valuation was eventually done(3 months after he submitted his application!valued by the council,not independants!)they returned a value of 76k!!!!! My brother was 'gutted' but held the opinion that it was still ok because the full rtb discount meant it was still 'affordable'. WAKE UP DARLING BROTHER DON'T YOU SEE WHATS HAPPENED HERE?? :mad: The council knows what the councils planning and have over valued your house knowing the discount will soften the blow... I persuaded him to test my theory by getting 3 local estate agents to value his house with a view to selling asap(they didn't know he didn't own it yet did they?) surprise surprise he got 2 agents.. 1 valued at 60k the other 64k. A telephone call to the rtb people followed questioning how they could justify their valuation being deemed "fair market value" blah blah. Eventually but reluctantly they informed him he could request a valuation by the 'district valuer' but warned that their valuation would be binding on both parties therefore he could end up in a worse position!! Ah but so could they;) :beer: :beer: :beer: My brother is still buying the beer since the valuation came in at 64k

smousie

My Dad's neighbour bought his house in September 2004 for £36k, with the discount they paid £16k. In February 2006 the council valued my Dad's house at £85k (£65k with discount), almost treble the price in just over a year. So my Dad would be paying £50k more than his neighbour paid just over a year before. We appealed and had the house re-valued, to no avail. The councils are getting greedy, they're beginning to ask more than council tenants can afford to pay.

Does anyone think it's unfair that the prices are going up but the maximum discount is fixed? A couple of years ago £20k discount was about 75% of the house price, nowadays your £20k discount isn't even 25% of the house price.

missk_ensington

Have you looked on www.houseprices.co.uk to see how much other houses in your street have sold for recently. It's a good way to get an indicator of what yours is worth (although by no means an exact science).

Unfortunately for you, house prices have shot up everywhere and like a previous poster has said, count yourself lucky that you're getting it at a subsidised rate because most people don't have that privilage

lynnexxxo

smousie wrote: »

My Dad's neighbour bought his house in September 2004 for £36k, with the discount they paid £16k. In February 2006 the council valued my Dad's house at £85k (£65k with discount), almost treble the price in just over a year. So my Dad would be paying £50k more than his neighbour paid just over a year before. We appealed and had the house re-valued, to no avail. The councils are getting greedy, they're beginning to ask more than council tenants can afford to pay.

Does anyone think it's unfair that the prices are going up but the maximum discount is fixed? A couple of years ago £20k discount was about 75% of the house price, nowadays your £20k discount isn't even 25% of the house price.

Yes, how unfair you can't buy a house for 25% of the market value.