Interested in house, but the price has DROPPED 40K in the last 10 years, how to figure out why??

Splatfoot

nannyto2 said:

Splatfoot said:

And it shouldn't be the Radon. That's in huge areas of the country, including where I live. 

Are you concerned about it at all, or do you test your house for it? I'm personally not too concerned myself, just when I was searching for Somerset this is mostly what came up as it's the worst levels in the country apparently.

Nope. As long as the house is ventilated, it shouldn't be a problem. I live in the South Downs, which a lot of is medium risk. 

royalmike

I looked at somerset and North Devon and many properties have stagnated in the last 5/10 years or been on the market for plus 6 months.
Although nice area and good quality life not many jobs may be partly to blame.

[Deleted User]

Have you checked the flood risks https://flood-warning-information.service.gov.uk/long-term-flood-risk ?

RelievedSheff

nannyto2 said:

artyclarty said:

I would also say that house prices may have not recovered since 08. My current house I purchased for £55k 5 years ago but they paid 81k in 08! They were slumlords who had cowboyed the boiler, electrics, rendering and plumming so I have no sympathy!

I have had it valued since and its probably worth around £65-70k now.

Thank you, and thank you @ProDave & @AdrianC for the charts. Seems property is not as safe an investment as I previously thought. My best guess from the responses so far, and looking at the graphs, is that they purchased whilst still in the the peak at beginning of 2018, and never fully recovered from the crash, now this has combined with the COVID (which seems to have hit the area hard for job losses/business).

Searching the area, there is another similar size property nearby that has been on the market at a similar price since way back in January.

It can just be luck of the draw. There is an estate just up the road from where we live that was built between 2006 and 2009. The properties on that estate are now worth less than when they were built. One example is for sale at the moment for £215k and struggling to sell. When it was new it was sold for £265k.

Other estates built at similar times in the area do not seem to be suffering with price drops in the same way and are either at or above their original selling prices based on recent sales. We do not know why that particular estate has suffered price drops quite so badly when compared to the rest of the area. There is nothing obvious to suggest why they have dropped in price quite so badly.

Crashy_Time

ProDave said:

More charts here. https://propertydata.co.uk/charts/house-prices

E.g. scroll down and see how the NE of England has still not got back to 2008 levels

What do the charts for transactions look like?