Help to Buy valuation - sold property and lost value

nicolejryle

No problem - did Target inform you that HE would respond by the end of the week or is that you just being hopeful?  

Target have now sent over the documents to HE and so we await HE to review and respond although Target have said again that they cannot share any timescales on this....

Mizydoscape

That was what Target told us. 

However we have just received authority to exchange today from Homes England and our price drop was much higher than yours so hopefully it's good news for you too soon!

RelievedSheff

Without wishing to sound rude, could I ask where these properties are located and what they are to have lost so much money in a rising market?

I only ask as the new build we bought a couple of years ago has just been valued for remortgage purposes at a good deal higher than the purchase price. (We bought for £210k and it has just been valued at £237k)

GDB2222

RelievedSheff said:

Without wishing to sound rude, could I ask where these properties are located and what they are to have lost so much money in a rising market?

I only ask as the new build we bought a couple of years ago has just been valued for remortgage purposes at a good deal higher than the purchase price. (We bought for £210k and it has just been valued at £237k)

You are near Sheffield, which is a really hot market at the moment. Other parts of the country are an awful lot less hot. 

London, for example. I don’t think that there’s been much price growth here in the last 3 years. Maybe the statistics will contradict me, but it certainly doesn’t feel like a hot market here. That partially reflects the pandemic. The night life has largely been closed for a year, and people don’t have to commute, so some have decided to relocate to better value areas, such as where you are perhaps. 

GDB2222

@nicolejryle. I suppose that you can’t throw some bits and pieces into the sale, so as to get the price up by £2k? That would take you within the 10%. I guess that’s something that you would already have thought of.

Mizydoscape

@RelievedSheff of course. It is a 2 bedroom ground floor flat purchased brand new right at the top of the housing bubble in 2008 in a cheap(ish) area in the South West. It was priced high as a new build (and way too high for the location) and no one wants to buy flats at the moment.

nicolejryle

Mizydoscape said:

That was what Target told us. 

However we have just received authority to exchange today from Homes England and our price drop was much higher than yours so hopefully it's good news for you too soon!

That is great news! Congratulations! Did you have to send any documents at all or did they just approve it after reviewing the valuation report? 

Mizydoscape

They had to confirm to Target that they accepted the valuation report so that Target could issue authority to exchange and we can set a date

Mizydoscape

Sorry you meant us! No we didn't have to provide anything further.

Crashy_Time

RelievedSheff said:

Without wishing to sound rude, could I ask where these properties are located and what they are to have lost so much money in a rising market?

I only ask as the new build we bought a couple of years ago has just been valued for remortgage purposes at a good deal higher than the purchase price. (We bought for £210k and it has just been valued at £237k)

SD holiday is pushing prices up (as it is designed to do) this price uplift probably isn`t sustainable IMO.