Value of property

brfc

Hi
I've seen this property and like it, but unsure if its value is above 550k, as this is slightly further away than the properties i have see which i believe were worth 550k or above

i cannot seem to provide the link to the property but the property is on right move:

4 bedroom semi-detached house for sale
Castleton Road, Ilford, IG3
Offers in Excess of
£550,000

any help would be good, so i can decide what i should offer.

Thanks

pinkteapot

https://www.rightmove.co.uk/property-for-sale/property-83324594.html

edgex

Sold 2001 for £190k

Most recent 4bed in the same postcode, & similar property, sold Sept 2015 for £440k

davidmcn

Ah, the shower room near the back door made me suspicious - I see we're in "beds in sheds" territory.

muhandis

OP, in your place, my guide would be the sale price in 2015 of 440k. Prices in Greater London haven't gone up much since then (5-6% according to the Nationwide house price index) though outer east London has probably done a bit better than that.

Based purely on the limited information that I have, I myself would offer no more than 490-500k at most. Unlikely that the seller will consider such a low offer though unless he/she is highly motivated to sell.

edgex wrote: »

Sold 2001 for £190k

Most recent 4bed in the same postcode, & similar property, sold Sept 2015 for £440k

BelowTheLine

We are in the process of buying in Redbridge and it's a buyers' market in the East London/essex borders area at the moment, with lots of landlords selling up (tax changes, stricter landlord licensing, etc) and buyers not willing to commit until Brexit is "sorted" one way or the other so proceed-able buyers are like gold-dust to EAs.

You might well be able to get a much bigger discount than you imagine, we did.

hazyjo

Got a friend in Eccleston Crescent which is nearby. Hers is a 4 bed (the basement is like a suite with bedroom, lounge area and bathroom) and it was up for around £500k a few months back. She had lots of viewers and an offer (she withdrew).


Seems on the high side.


Are you sure it's an area you want to move to? Lots of research?

brfc

From the properties, I've seen the prices have gone up considerably, i just haven't seen any this far out, most have been closer to seven kings, so most of the replies are pretty much saying 550 isnt the value of the propery, rather closer to the 500k?

brfc

hazyjo wrote: »

Got a friend in Eccleston Crescent which is nearby. Hers is a 4 bed (the basement is like a suite with bedroom, lounge area and bathroom) and it was up for around £500k a few months back. She had lots of viewers and an offer (she withdrew).


Seems on the high side.


Are you sure it's an area you want to move to? Lots of research?

sort of, as mentioned seven kings is the ideal area i was looking at... but have never been able to get an offer accepted, whenever i went lower than the asking price it always got rejected, so with this property is roughly the size i want... hence i was interested in offering possibly the asking price, but just dont what they are worth

muhandis

At the risk of sounding glib, the "value" of the property is just what someone is willing to pay for. Or more accurately what a lender is willing to lend against it.

An FTB with a young family buying the house to live in for the long term with a stable secure job might be willing to offer 550k. OTOH someone who expects to move on in a few years might be worried about house price movements in the short/medium term and thus unwilling to pay 550k.

brfc wrote: »

From the properties, I've seen the prices have gone up considerably, i just haven't seen any this far out, most have been closer to seven kings, so most of the replies are pretty much saying 550 isnt the value of the propery, rather closer to the 500k?

edgex

Block paving at the front is at air-brick level, same at the back. How close is it to breaching any dpc, does it splash back up & over it? (you'd need to actually go & look)
Flat roofed extension, what condition is it in?
Condition of chimney?

Opposite 2 schools & a nursery, so parking issues?
Looks like that isn't your side access...
Next door has had a massive extension + loft conversion, so could be a lot of people living there.

4beds & only 1 bathroom on the same level


All things that affect the value.