Huge Down Valuation

getmore4less

using rightmove (all of mainland UK)


You might think rare but under £250k 6 beds or more there are 700 


if you limit to 6 bed only that brings it down 450

and close the price gap 240-250  just 6 bed  100

Stick to houses and remove the new builds retirement and schemes   for sale 27/58  SSTC  (85 total)

(some slip through the exclusion)


if you whittle that down to exclude any with £250 and look for 3 stories and been on a while and SSTC 

left with a handful none have 5 bathrooms.  one has 4 and 2  toilet rooms.

https://www.rightmove.co.uk/properties/85386268#/


Quite surprised there are some decent properties at that size and price range when you throw a very wide net for location



There are still a few large properties that never got converted to flats or HMO.

MWT

getmore4less said:

Quite surprised there are some decent properties at that size and price range when you throw a very wide net for location

The problem though, as you know, for valuation there needs to be comparable properties locally with relatively recent sales and '6 beds + 5 baths' is probably giving no comparable local sales at all which makes it difficult to contest the valuation.

tezzywezzy

getmore4less said:

using rightmove (all of mainland UK)


You might think rare but under £250k 6 beds or more there are 700 


if you limit to 6 bed only that brings it down 450

and close the price gap 240-250  just 6 bed  100

Stick to houses and remove the new builds retirement and schemes   for sale 27/58  SSTC  (85 total)

(some slip through the exclusion)


if you whittle that down to exclude any with £250 and look for 3 stories and been on a while and SSTC 

left with a handful none have 5 bathrooms.  one has 4 and 2  toilet rooms.

https://www.rightmove.co.uk/properties/85386268#/


Quite surprised there are some decent properties at that size and price range when you throw a very wide net for location



There are still a few large properties that never got converted to flats or HMO.

Thanks for your response... ive actually just realised ours is listed as 6 bed 3 bath on Rightmove even though there are 5 toilet rooms in the property (downstairs wc, 1st floor wc, 1st floor 3 piece bathroom, 1st floor 3 piece ensuite, 2nd floor 3 piece bathroom)

tezzywezzy

MWT said:

getmore4less said:

Quite surprised there are some decent properties at that size and price range when you throw a very wide net for location

The problem though, as you know, for valuation there needs to be comparable properties locally with relatively recent sales and '6 beds + 5 baths' is probably giving no comparable local sales at all which makes it difficult to contest the valuation.

this is very much the case... only one house comparible house in the immediate vacinity (within 3/4 streets) has been sold in the last 5 years

tezzywezzy

Here is the floorplan of the house

MWT

tezzywezzy said:

Thanks for your response... ive actually just realised ours is listed as 6 bed 3 bath on Rightmove even though there are 5 toilet rooms in the property (downstairs wc, 1st floor wc, 1st floor 3 piece bathroom, 1st floor 3 piece ensuite, 2nd floor 3 piece bathroom)

6 bed/3bath is how I'd list it as well having seen the floor plan...

A room needs a shower or bath to be considered as a 'bathroom'

tezzywezzy

MWT said:

tezzywezzy said:

Thanks for your response... ive actually just realised ours is listed as 6 bed 3 bath on Rightmove even though there are 5 toilet rooms in the property (downstairs wc, 1st floor wc, 1st floor 3 piece bathroom, 1st floor 3 piece ensuite, 2nd floor 3 piece bathroom)

6 bed/3bath is how I'd list it as well having seen the floor plan...

A room needs a shower or bath to be considered as a 'bathroom'

thanks for that, i didnt know that.

getmore4less

Remember that floor plan from the list I pulled up.

End terrace  nice plot 

sold listing look a bit odd as think it might be this one.

price history

Sale Date	Property	Price Paid	Source
18 Dec 2009	Semi-Detached, Freehold	£163,000	Land Registry
07 Apr 2000	Semi-Detached, Freehold	£77,000	Land Registry
08 Oct 1999	Semi-Detached, Freehold	£78,000	Land Registry

2 recent(2020) local sales of 7 beds are under £200k both terrace

£175k April 2020.
£135k July 2020
Both on the same street one opposite one next door.

Very much guest house territory
no floor plans so difficult to assess layout and sizes
(next door looks smaller from the frontage but goes back a lot further).


last 12 months within a mile only 2 properties achieved over £250k out of 120
last 24 months within a mile only 7 properties achieved over £250k out of 364

sammyjammy

sink and toilet would be a "half bath" in the USA I believe but a cloakroom or plan old toilet here

tezzywezzy

getmore4less said:

Remember that floor plan from the list I pulled up.

End terrace  nice plot 

sold listing look a bit odd as think it might be this one.

price history

Sale Date	Property	Price Paid	Source
18 Dec 2009	Semi-Detached, Freehold	£163,000	Land Registry
07 Apr 2000	Semi-Detached, Freehold	£77,000	Land Registry
08 Oct 1999	Semi-Detached, Freehold	£78,000	Land Registry

2 recent(2020) local sales of 7 beds are under £200k both terrace

£175k April 2020.
£135k July 2020
Both on the same street one opposite one next door.

Very much guest house territory
no floor plans so difficult to assess layout and sizes
(next door looks smaller from the frontage but goes back a lot further).


last 12 months within a mile only 2 properties achieved over £250k out of 120
last 24 months within a mile only 7 properties achieved over £250k out of 364

Thanks for this, we werent expecting the full amount from the bank but were just shocked at the 220 valuation.

We are in the process of gathering the funds to increase our deposit and we may ask the owner to come down on the price given the information we have