Are sold prices always correct on Rightmove?

mj2014

Sorry if this has already been answered. I have been looking at properties after waiting for 14 months for another house only for the purchase to fall through recently. I am interested in a new listing which only came to market yesterday- it’s a recent build and looking at sold prices the address of this house says they paid £232k for it in April 2018 and it is now listed for orio of 335k. Based on other sold prices in the area and other houses we’ve seen, I thought their asking price seemed in a reasonable range. What I am surprised about is that they bought it for 232k which just doesn’t seem plausible. Am I missing something?

A smaller house on the same development (7 convent close, Dl104ff) originally bought for 269950 recently sold and was listed for 285k. It just seems odd to me that a smaller house of the same quality on the same development sold for that much more than this larger house only about 18 months ago? Is there a reason the house at 1 convent close would have been sold for so much less than the smaller houses around the same time?

I know a house is worth what someone will pay for it, but this just seems really discrepant from the rest of the houses in the area of the same size...

VincentVincent

Yes. The small print at the bottom of their 'House Prices' section:

Source acknowledgement: House price data produced by Land Registry

This material was last updated on 14 January 2020. It covers the period from 01 January 1995 to 28 November 2019. and contains property transactions which have been registered during that period.

Contains HM Land Registry data © Crown copyright and database right 2020. This data is licensed under the Open Government Licence v3.0.


If you have found an error with the data please contact Her Majesty's Land Registry (HMLR)

mj2014

So if this is correct can someone think of why this house may have sold for so much less than the smaller houses built at the same time on the same development? I am either missing something important or they have actually added 100k onto their asking price of a house built and bought less than 2 years ago? There’s been no extensions or any work done on it- literally bought as a new build in April 2018 and now on sale for 100k more? I don’t get it....

It’s at 1 convent close, DL104FF

kuratowski

Could be shared ownership - price paid might not be for 100%.

gingercordial

The Land Registry amounts paid might be accurate in terms of what money changed hands, but won't tell you the full story of what else might have gone on as well. For example if there was a part exchange of another property that part of the "purchase price" might not be reflected.

Similarly if a couple split up and the one staying buys the one leaving out, or if a new partner buys into a house, the LR figures will be for that transaction and not necessarily 100% of the real value of the property.

Just a thought as to why things may not stack up.

MovingForwards

No 1 is terraced house

No 7 is detached house

https://www.rightmove.co.uk/house-prices/detail.html?locationIdentifier=POSTCODE%5E4585668&referrer=propertyDetails&referrerPropertyId=65376861

whambar

Opposite our house is a block of new build shared ownership - right move shows various “values” for them (as already said by another” it is only showing the value of the share bought not overall Puchase cost - so flats that on open sale full market at £165-185 are showing as bought at £40-£60k. Might be worth paying the few£ and buying the title document off of land registry website if you know full address it will show any titles on it

mj2014

Ahhh ok good thoughts. I am not sure if what the vendor told me left out some details...it says the property is freehold, but does that mean it could have been shared ownership and now all ‘shareholders’ are selling? The vendor said this is the first house he and his girlfriend bought, so I didn’t think there was a part exchange behind it, but maybe for some reason he lied ? He said they are moving because he got a new job, but maybe they are splitting up and there were more details behind the price listed on Rightmove.

Yes 7 convent close is detached and 1 is attached to another/end terrace, but it’s also much larger so it didn’t make sense to me that it sold for like 40k less than the much smaller detached one (which was also recently listed for a much lower price than this larger one is )

MovingForwards

I don't think this one is shared ownership as the adverts normally say how much % is being sold

https://www.rightmove.co.uk/property-for-sale/property-65376861.html

Also, just because the advert says £285k SSTC, that's just the price it was advertised for, when its sold and the land registry is updated, then you will know how much it's actually sold for.

PasturesNew

I've seen shared ownership houses listed with their share price showing (so lower than the whole value).... I wonder if your sellers bought a bit, then bought a bit more?

Could be a typo, they happen.

Sometimes RM gets confused if 1-2 houses were bought/demolished and 4-6 built on the plot.

I've seen a price appear where somebody didn't move, he just remortgaged and for some reason it appeared on RM as a sale.

amandacat

My property is wrong on rightmove, it says I bought it in 2010 for 65k and that it’s a leasehold flat. It’s a semi detached house and I paid 163k for it.