£85,000 price rise in 3 years?

ACG

Crashy_Time wrote: »

What you describe is a form of mental illness, what I describe is not going neck deep in property debt on the cusp of a WTO Brexit and the strong possibility of a JC government. These events are happening now, not in ten years time, and the effect on property prices will be instant IMO.

According to Paddy Power, Conservatives are currently marginally favourite to win the next election (but it is more or less 50/50), so "Strong possibility" is a little OTT.

martinbuckley

Why not ask the vendor or EA "What improvements have been done since it was sold for £240K in 2016?"

Crashy_Time

ACG wrote: »

According to Paddy Power, Conservatives are currently marginally favourite to win the next election (but it is more or less 50/50), so "Strong possibility" is a little OTT.

If they don`t deliver Brexit they won`t be winning a GE IMO and I can`t see them having the policies to appeal to all the priced out/zero hours/Degree educated but work in Tesco voters TBH. JC doesn`t really have the answers either but his "Tax the Rich" message will go over perfectly, people just want to smash the system now, that is what debt/property bubbles and unlimited immigration do to society.

bouicca21

To get back on track, it all depends on what the market is doing. During the London bubble, a house that I fancied sold for well over 35% more than the last sale before the bubble began - a period of just about 5 months. And neighbouring houses subsequently sold for even more.


It takes something like 3 months for the sold prices to appear publicly, so the beginning of a bubble is hard to evidence, except by constantly missing out because you are outbid.

Crashy_Time

bouicca21 wrote: »

To get back on track, it all depends on what the market is doing. During the London bubble, a house that I fancied sold for well over 35% more than the last sale before the bubble began - a period of just about 5 months. And neighbouring houses subsequently sold for even more.


It takes something like 3 months for the sold prices to appear publicly, so the beginning of a bubble is hard to evidence, except by constantly missing out because you are outbid.

Sounds just laughably sad now TBH, zero interest rates certainly saved more than a few idiots for sure.

bouicca21

Sad, depressing, yes. But why laughable? Sorry to disappoint you, Crashy, but prices in my bit of London don’t seem to have fallen much, if at all.

KK14

Prices in my area are going through the roof. But if there is something “wrong”with a property they stay on the market & don’t sell for ages. There is a house in my area that was sold a few years ago in 2016. It’s a lovely house & pictures back then to now show that the current owners haven’t done much to it at all yet the price has gone up by £40k & if people are savvy enough to check it out then that price hike will be questioned or the property sits on the market & doesn’t sell.

A property is worth only what someone is prepared to pay for it!

Crashy_Time

bouicca21 wrote: »

Sad, depressing, yes. But why laughable? Sorry to disappoint you, Crashy, but prices in my bit of London don’t seem to have fallen much, if at all.

Brexit should help them on their way I think.

Mickygg

Crashy_Time wrote: »

What you describe is a form of mental illness, what I describe is not going neck deep in property debt on the cusp of a WTO Brexit and the strong possibility of a JC government. These events are happening now, not in ten years time, and the effect on property prices will be instant IMO.

You have been consistently wrong in your opinion over the last 10 years for house prices to crash. Your opinion on house prices is rubbish and most people know to ignore your usual ‘the house is overpriced by 50% IMO’ nonsense.

What you describe is a hope or a wish as you are stuck renting and see no way out.

AlexMac

As regards your Qs

pioneer22 wrote: »

I've been informed by a colleague that the area the house is in, is a bit of a !!!! hole. But I really like the house and potentially if they're open to offers in budget.

Any suggestions how to progress?

You have two options (assuming that you have no problems living in a 5h17hole that is)

1.- calculate the House Price Inflation expected by this optimistic buyer's asking price; I make it 35.4% in the three years;

and to challenge this, mount a scientifically constructed argument:

- carefully analyse house price data locally; for example the zoopla info mentioned above. This points to house price inflation over the past 5 years of only about 18%, but static or even negative HPI over the past 12 months of under 1%. Revealed if you search the "12month" or " 5 year" HPI ranges in the "Market Activity " bit of
https://www.zoopla.co.uk/house-prices/sheffield/fox-hill-road/s6-1hh/

- equally carefully interrogate the charts at
https://www.zoopla.co.uk/market/s6/
which point to inflation of about 16.45% over 3 years in the wider S6 postcode

Summarise this as a lucid and well-argued thesis with examples, illustrations, diagrams and charts.. evidencing that the only justifiable and rational price for this house is £279,359

Then check it in the bin, as the estate agent will laugh at you and the vendor will ignore it!

2. Just offer what you think iy's worth to you; less £5k-£7k or so to permit the agent to talk you up/

- look at the gazillions of similar posts on this subject, such as this recent one
https://forums.moneysavingexpert.com/discussion/6018068/house-overpriced-making-an-offer-fears

Good luck