Thinking of selling - how to price our house? Help please!

ladyfairlop

We are thinking of selling our home in London and moving further out to Essex now that Crossrail is running. It's a small 4 bedroom townhouse that we bought it in 2015 for 41x,000. It's a fairly recent build in a terrace of 4 houses and unfortunately there aren't any similar houses in the area. I looked on rightmove but couldn't find any similar properties for sale, all the 3/4 beds in the vicinity are older larger houses.

I'd rather not give the full address but the post code is IG6 2QB.

Zoopla isn't showing an estimate but I think London prices have been stagnant/falling since then? So should we just price it the same or maybe a bit more - 420k or so? Estate Agents are saying 500-550k which I think is absolute nonsense just to reel us in. I don't want to end up like those ads which keep reducing asking price every 2 months, seems desperate.

Help please!

pinkteapot

Have a frank conversation with agents when they come to value - "We're serious about selling. What price is this going to achieve right now and what would you market it at to get that price?" Explain your concerns with the price they're suggesting and see what they say. While you don't want to overprice and be sat on the market for ages, you may genuinely be slightly undervaluing it - not worth costing yourself money! 

ladyfairlop

I see what you are saying and we have done that, believe me! I just think the agent competition is so intense (I made the mistake of putting my details in Zoopla and got flooded with calls) that they just want to get the listing any which way.

Is there no price index or guide which will at least provide a rough idea of how prices have moved in the larger postcode?

millwalls

It might be worth close to 500,000? There are only 4 houses in IG6 2QB and one of them (end-terrace) sold for 500,000 in August 2019. Google streetview shows a row of 4 identical newish build houses.  

ladyfairlop

millwalls said:

 one of them (end-terrace) sold for 500,000 in August 2019.

Are you sure?

Rightmove says no recent sales

landlordspv

RM and ZPG do not always have correct or up to date information. The land registry says that 1 Regent Mews sold for 500,000 a few months ago. So for a very similar property, you could start with pricing it at the same level and adjust upwards/downwards if necessary to account for condition, extensions, upgrades, etc.

SuperHan

ladyfairlop said:

millwalls said:

 one of them (end-terrace) sold for 500,000 in August 2019.

Are you sure?

This is what Rightmove says. No sales since 2015. I haven't seen any estate agent hoardings, etc

4 sold properties found

Sorted by:

xxxx

Just so you know - you've now given the full property address away, so you may want to redact/delete that post. 

ladyfairlop

That is a very pleasant surprise and needless to say you have made my day (and year!). We will start off at 510 (our property looks much better from the outside and the garden is better tended) and this should get us a better property in Essex than we initially hoped for.

landlordspv said:

RM and ZPG do not always have correct or up to date information. The land registry says that 1 Regent Mews sold for 500,000 a few months ago. So for a very similar property, you could start with pricing it at the same level and adjust upwards/downwards if necessary to account for condition, extensions, upgrades, etc.

hazyjo

Know round there. Prices were rising significantly all around from 2013 to 2016. Mine in Chingford went up around £100k per year for those three years, then plateaued a bit. I should imagine there was a fair chunk added to the price in the first year you owned it (not as much as that around Fairlop, but enough to make a difference). 

Bear in mind townhouses are often slower to sell (I speak though knowledge and experience!). Without knowing the layout, it's hard to comment further.

Shout if you want any advice re areas - I've lived in Brentwood too, and now in Leigh-on-Sea (my fave area so far).

dange7777

Like the above poster, mine in Chigwell went up by around £125k per year for the 5 years from 2012 to 2017, then plateaued a bit. 

tickledpinx

    

dange7777 said:

mine in Chigwell went up by around £125k per year for the 5 years from 2012 to 2017, then plateaued a bit. 

hazyjo said:

Prices were rising significantly all around from 2013 to 2016. Mine in Chingford went up around £100k per year for those three years, then plateaued a bit.