Help evaluate this property

fsttb

Thanks for all your feedback so far on this. I did further research and found this.
This is the best of all that we have seen so far and my biggest fear is accumulating negative equity. I found a "5-bed" property exactly a street behind this house sold for 505000 mid last year(initially listed for 540k). Somewhat same standard and in a quieter street than this one being on the main road. That one was sold at £360/sqft and this property is at 470/sqft, that is about a 30% increase in just over a year. How much would offer would you make if you were in my situation? thanks

Here is the property we are interested in - 

Crashy_Time

fsttb said:

Crashy_Time said:

Looks not bad, no idea if the price will hold up in future, as for drunks/take away shop/groups of people that is just normal part of big town/city living, some people like the feeling of life going on outside their front door.

Why do you say that about the price holding up? If we end up buying this won't be our forever home but likely 2 to 5 years. We don't want to make a loss of course if we ever to sell or rent. 

Because presumably the last time it sold was before we entered the most unstable economic period in living memory?

MandM90

To be honest, if you only want to stay 2-5 years I would be holding fire until next year or just renting until you're in a position to buy a longer term family home. We're likely to see more effects of Covid on the economy over the next year and, unless you have a large deposit, you'll be exposing yourself to the risk of owing more than the house is worth. Plus next time you move and aren't first time buyers you're likely to have to pay £15,000+ of stamp duty. People can be so negative about renting, but it's better than buying the wrong place and being stuck there.

Some of the increase you're seeing in house prices in that area is because of the stimulation of the housing market during covid (first time buyers likely lower down in the chain than these houses getting things going and pushing up prices somewhat) but it doesn't mean the price for that house is reasonable. If you do decide to continue house hunting, try to view many before putting an offer in and don't lose your head...there will always be more houses!

Crashy_Time

Even with a large deposit you are still losing money by paying too much.