Actual sale prices on Rightmove

HappyFrog

Hello everyone

We've just sold our property, and it is now listed as SOLD STC on Rightmove - but at the original asking price. We actually sold for slightly less than this, but I have been thinking that this practice actually gives an over inflated sense of what properties are selling for in a certain area. We will now be looking to purchase a new property, and have no idea whether the properties listed as SOLD STC in the area we are looking to move to were actually sold at that value, or at a discount. Makes it a little more difficult to work out what the market is actually doing. Is there any reason why Rightmove don't update the details on their website to reflect the actual sale price when a property is sold. Surely this would be of more value to people using their site?

need_an_answer

The actual sold for price is shown on rightmove if the details are updated,but this will not be until after the sale is complete.

You should see those under the sold prices tab, although it can take several months to update.
However by using the tab you can get an idea of what properties in the street or postcode have sold for over the years.

Lokolo

The SOLD STC is the estate agent marking the property as sold on the Rightmove advert. Noting to do with Rightmove itself.

3-6 months after completion Land Registry will update their records and then Rightmove and Zoopla etc. will then update the property profile to show the actual price paid.

Slithery

Have you completed yet?

hazyjo

Are you meaning sold as in completed, or just under offer?

lotteryman

The actual price sold for will not be shown on Rightmove until it appears on the Land Registry site i.e. about 3 months after all the legals have been done.
You can get details of what properties sold for by going to the Land Registry Site https://www.gov.uk/government/organisations/land-registry or another site is ourproperty.co.uk (although this site seems to be down at the moment)

Lokolo

BTW Zoopla is good in this regard as it also saves some previous listings.

https://www.zoopla.co.uk/property/1-oxford-road/worthing/bn11-1xg/2264309

An example is this property. You can see it was previously listed in June 2015 for £160,000. It was sold March 2016 for £145,000.

HappyFrog

No we have not completed yet, and yes I realise I can get actual sold figures once sales have been completed, land registry details updated, etc, but as noted above this has a time lag of quite a few months. If EAs updated the sale figure with the amount actually offered at the 'under offer' stage then it would be possible to have much more accurate up-to-date info.

Thinking about this though as a seller, I might not like that, as the sale might fall through and then if I had to put the property back on the market potential buyers would know what I was willing to accept in terms of an offer. Oh well, it was a good idea while it lasted....

hazyjo

Considering 1 in 3-ish falls through, as you've realised, it's not the best idea to advertise the price someone else was paying. Their situation and the market might be entirely different to when someone else might be buying it. Someone may accept more from a chain free or cash buyer than say a divorcing couple or someone with a tiny deposit!

Comms69

HappyFrog wrote: »

No we have not completed yet, and yes I realise I can get actual sold figures once sales have been completed, land registry details updated, etc, but as noted above this has a time lag of quite a few months. If EAs updated the sale figure with the amount actually offered at the 'under offer' stage then it would be possible to have much more accurate up-to-date info.

Thinking about this though as a seller, I might not like that, as the sale might fall through and then if I had to put the property back on the market potential buyers would know what I was willing to accept in terms of an offer. Oh well, it was a good idea while it lasted....

If you're using rightmove (or zoopla) to work out what you should offer, you're doing it wrong.

nadmaj

Oh really how should it be worked out??