£85,000 price rise in 3 years?

pioneer22

Hi,

Thinking about making an offer on this place but it was sold in 2016 for £240,000 and it is being listed now for £325,000 I really am struggling to see where the massive £85K price rise has come from?

I wondered if I am missing something?

Current Listing: https://www.rightmove.co.uk/property-for-sale/property-71344177.html

2016 Listing: On post 4

thanks!

G_M

2016 listing....?

societys_child

There appears to be a large extension, but can't see the original, to compare.
Anyway, a seller can price their property at whatever they want, and a prospective buyer has the right to offer or not.

davidmcn

G_M wrote: »

2016 listing....?

As usual this site breaks the copied-and-pasted Rightmove link (by inserting a space in "country") - this link might work better. I can't see any significant differences in size etc.

zagubov

I don't see how to find out what's different between the house in 2016 and now.

I'm in London and we're used to bizarre changes in house prices. We were in one house which earned more than my salary several years in a row. We also made major improvements to a house and saw a 25% increase in value. It seems a lot more random than we expected.

Maybe they made improvements to the layout (although I can see how they could split the bathroom more logically than it is now).

Okay, just seen the different layouts via davidmcn's link.
The downstairs is better laid out. The upstairs not really.

pioneer22

G_M wrote: »

2016 listing....?

Added the updated link.

pioneer22

societys_child wrote: »

There appears to be a large extension, but can't see the original, to compare.
Anyway, a seller can price their property at whatever they want, and a prospective buyer has the right to offer or not.

Extension was there in 2016.

updated the link

ACG

pioneer22 wrote: »

I really am struggling to see where the massive £85K price rise has come from?

You do not have to see where the price rise comes from. If the value 3 years ago was x and now it is y, that is the market.

The price 3 years ago does not dictate what it is today. There could be a million and one reasons why the price was lower 3 years ago - new school(s), schools rated poor and now excellent, better connections to somewhere, it could just be the new "hip" place to be. We did a mortgage for a lady 3 years ago and last year the price had risen by about £30k, we are talking about £110-140k so percentage wise quite a big difference, all because of the area.

Or looking closer to home, the buyer may have bought it off a relative for below market value.

There is no point worrying about what happened 3 years ago, is it valued at what it is on for now? That is the only question that matters.

pioneer22

ACG wrote: »

You do not have to see where the price rise comes from. If the value 3 years ago was x and now it is y, that is the market.

The price 3 years ago does not dictate what it is today. There could be a million and one reasons why the price was lower 3 years ago - new school(s), schools rated poor and now excellent, better connections to somewhere, it could just be the new "hip" place to be. We did a mortgage for a lady 3 years ago and last year the price had risen by about £30k, we are talking about £110-140k so percentage wise quite a big difference, all because of the area.

Or looking closer to home, the buyer may have bought it off a relative for below market value.

There is no point worrying about what happened 3 years ago, is it valued at what it is on for now? That is the only question that matters.

35% seems excessive.

Do you mean would a bank mortgage it at what it is on for?

lookstraightahead

It would have to be something significant, or an area that has generally grown way above average, for the price to have gone up at all. Have you checked the percentage rise of properties in the same area?

pioneer22

lookstraightahead wrote: »

It would have to be something significant, or an area that has generally grown way above average, for the price to have gone up at all. Have you checked the percentage rise of properties in the same area?

No not huge increases.