Have house prices went down?

Polly05

edgex said:

Polly05 said:

I bought my place 8 years ago, and have done a lot of work to it.
I have recently got valuations with a view to selling but they seem to be coming in with quite low valuations. One especially low.
The valuations I have gotten are lower than what it was valuated at when I bought it. Its in much better condition now. New kitchen, bathroom, double glazing etc. 

but double-glazing is standard, so not better than other properties.
Unless the kitchen & bathroom were done in the past year, then they aren't 'new', & again won't be any better than other properties. (unless you've gone all out on them, & then you've got to think about the ceiling price for the street/area)

I mean it's in better condition now than it was when I bought it, so I'm a bit confused as to why the valuation lower now than it was before. 

Crashy_Time

Polly05 said:

edgex said:

Polly05 said:

I bought my place 8 years ago, and have done a lot of work to it.
I have recently got valuations with a view to selling but they seem to be coming in with quite low valuations. One especially low.
The valuations I have gotten are lower than what it was valuated at when I bought it. Its in much better condition now. New kitchen, bathroom, double glazing etc. 

but double-glazing is standard, so not better than other properties.
Unless the kitchen & bathroom were done in the past year, then they aren't 'new', & again won't be any better than other properties. (unless you've gone all out on them, & then you've got to think about the ceiling price for the street/area)

I mean it's in better condition now than it was when I bought it, so I'm a bit confused as to why the valuation lower now than it was before. 

It is a good question actually, but some experts are saying that the main effort and spending should now be on gardens, not kitchens and bathrooms, due to lock-down etc. I don`t buy that myself though, house prices are set by the prevailing sentiment towards property, the availability of credit and general economic conditions, unfortunately for sellers none of these are going to be very positive going forward, maybe you just need to stay where you are or adjust your price expectations a bit?

davidmcn

Mickey666 said:

Angela_D_3 said:

I'd get an independant valuation done, £300 ish then you know what the banks think it's worth who's only opinion matters tbh.

I know what you mean but that's not the only opinion that matters.  What about cash buyers who don't need a mortgage?  A bank valuation is of no direct interest to them.

But the cash buyers are still going to look at the Home Report valuation. I doubt many will ignore it.

Crashy_Time

davidmcn said:

Mickey666 said:

Angela_D_3 said:

I'd get an independant valuation done, £300 ish then you know what the banks think it's worth who's only opinion matters tbh.

I know what you mean but that's not the only opinion that matters.  What about cash buyers who don't need a mortgage?  A bank valuation is of no direct interest to them.

But the cash buyers are still going to look at the Home Report valuation. I doubt many will ignore it.

Absolutely none of them will ignore it, unless they just won the lottery and are drunk at the time.