House prices, how much have they actually increased in a year?

RJM90

Prices have shot up here on Merseyside too. We’re hoping to get a house for £170,000. Looks good inside but needs carpets in all the rooms etc. Two years ago the property next door sold for £168,000 and came with a conservatory and small extension on the back of the house... 

amandacat

mrsmortgage said:

amandacat said:

As a bit of anecdotal evidence, I sold my house in Cornwall- went on the market in Mid October 2020, completed early Feb 2021. 3 bed semi and the adjourning house (same layout/standard) went on the market in April for 17% more than we sold for. It was sale agreed within days, I don't know if they got that 17% more but judging by the fact it went so quickly I am assuming so or if not very close. 

Well that's good to hear. Was it a desirable location? We're not that close to the seaside (15-20min drive)  BUT it has the best transport links, the most shops etc... 

Not an area that would be an obvious choice for 2nd home owners, it was inland and about 15 miles to the coast. It was a large village with very little there other than a supermarket and a few shops. Quite scenic when walking about but not what you’d call a desirable area (but not rough either). 

JJR45

mrsmortgage said:

JJR45 said:

SpiderLegs said:

JJR45 said:

Angela_D_3 said:

30% according to one local agent on a nearby flat ... yes a flat,  has a garden but still 

Unlike an EA to overestimate how much the market has gone up by.😂

If houses are selling for over asking prices (which is apparently what is happening according to many on this board), then that is a clear indicator that EAs are underestimating how much the market has gone up by.

So you think 30% is an underestimate then? Or is it more than possible this single estate agent has overegged it a bit? 
I can't see anywhere in the country remotely near 30% YOY
house prices have only increased around  20% in the last 5 years, including the latest figures. 
But I guess certain properties may do better, but I would certainly not say 30% you is an underestimate. Unless we are valuing in bitcoin.

Out of interest, what's the highest you've seen? I think an increase of 20% for mine is way beyond wishful thinking

Can be totally different from house to house, work done, location etc.
But usually Zoopla gives you an average to work from with usually around a 10% sway from low to high.
What were you top and bottom estimates on Zoopla?

SpiderLegs

JJR45 said:

SpiderLegs said:

JJR45 said:

Angela_D_3 said:

30% according to one local agent on a nearby flat ... yes a flat,  has a garden but still 

Unlike an EA to overestimate how much the market has gone up by.😂

If houses are selling for over asking prices (which is apparently what is happening according to many on this board), then that is a clear indicator that EAs are underestimating how much the market has gone up by.

So you think 30% is an underestimate then? Or is it more than possible this single estate agent has overegged it a bit? 
I can't see anywhere in the country remotely near 30% YOY
house prices have only increased around  20% in the last 5 years, including the latest figures. 
But I guess certain properties may do better, but I would certainly not say 30% YoY is an underestimate. Unless they are valuing in bitcoin😂

I have no idea whether 30% is over egged or not, since a one-line example without any context isn’t really enough information to make a generalised conclusion on.

JJR45

SpiderLegs said:

JJR45 said:

SpiderLegs said:

JJR45 said:

Angela_D_3 said:

30% according to one local agent on a nearby flat ... yes a flat,  has a garden but still 

Unlike an EA to overestimate how much the market has gone up by.😂

If houses are selling for over asking prices (which is apparently what is happening according to many on this board), then that is a clear indicator that EAs are underestimating how much the market has gone up by.

So you think 30% is an underestimate then? Or is it more than possible this single estate agent has overegged it a bit? 
I can't see anywhere in the country remotely near 30% YOY
house prices have only increased around  20% in the last 5 years, including the latest figures. 
But I guess certain properties may do better, but I would certainly not say 30% YoY is an underestimate. Unless they are valuing in bitcoin😂

I have no idea whether 30% is over egged or not, since a one-line example without any context isn’t really enough information to make a generalised conclusion on.

Oh, just that I was replying to the 30% YoY increase  and you pulled me up on it, saying agents were undervaluing as most are selling over asking price.
Perhaps you did not read what I was responding to, as that was the context of my reply to that person.

SpiderLegs

JJR45 said:

SpiderLegs said:

JJR45 said:

SpiderLegs said:

JJR45 said:

Angela_D_3 said:

30% according to one local agent on a nearby flat ... yes a flat,  has a garden but still 

Unlike an EA to overestimate how much the market has gone up by.😂

If houses are selling for over asking prices (which is apparently what is happening according to many on this board), then that is a clear indicator that EAs are underestimating how much the market has gone up by.

So you think 30% is an underestimate then? Or is it more than possible this single estate agent has overegged it a bit? 
I can't see anywhere in the country remotely near 30% YOY
house prices have only increased around  20% in the last 5 years, including the latest figures. 
But I guess certain properties may do better, but I would certainly not say 30% YoY is an underestimate. Unless they are valuing in bitcoin😂

I have no idea whether 30% is over egged or not, since a one-line example without any context isn’t really enough information to make a generalised conclusion on.

Oh, just that I was replying to the 30% YoY increase  and you pulled me up on it, saying agents were undervaluing as most are selling over asking price.
Perhaps you did not read what I was responding to, as that was the context of my reply to that person.

No, I understood what you were saying. You made a general comment about EAs overpricing property in response to a specific example that had no detail. 

I didn’t pull you up on that 30% element because, like I just wrote, I don’t know whether that has any merit or not. I just pointed out that what you said about EAs in general was at odds with many other posters’ recent experience.

JJR45

SpiderLegs said:

JJR45 said:

SpiderLegs said:

JJR45 said:

SpiderLegs said:

JJR45 said:

Angela_D_3 said:

30% according to one local agent on a nearby flat ... yes a flat,  has a garden but still 

Unlike an EA to overestimate how much the market has gone up by.😂

If houses are selling for over asking prices (which is apparently what is happening according to many on this board), then that is a clear indicator that EAs are underestimating how much the market has gone up by.

So you think 30% is an underestimate then? Or is it more than possible this single estate agent has overegged it a bit? 
I can't see anywhere in the country remotely near 30% YOY
house prices have only increased around  20% in the last 5 years, including the latest figures. 
But I guess certain properties may do better, but I would certainly not say 30% YoY is an underestimate. Unless they are valuing in bitcoin😂

I have no idea whether 30% is over egged or not, since a one-line example without any context isn’t really enough information to make a generalised conclusion on.

Oh, just that I was replying to the 30% YoY increase  and you pulled me up on it, saying agents were undervaluing as most are selling over asking price.
Perhaps you did not read what I was responding to, as that was the context of my reply to that person.

No, I understood what you were saying. You made a general comment about EAs overpricing property in response to a specific example that had no detail. 

I didn’t pull you up on that 30% element because, like I just wrote, I don’t know whether that has any merit or not. I just pointed out that what you said about EAs in general was at odds with many other posters’ recent experience.

Which, is of course not a generalisation in itself?
I said "Unlike an EA to overestimate how much the market has gone up by😂", not, all estate agents are overvaluing?
Not entirely sure why you have a fascination responding to my responses, to other people.
Especially when it was clearly a joke.
I'll take it as flattery.
PS my brother and sister-in-law are estate agents, so they would at least have a laugh about it.

mrsmortgage

Well the "webuyanyhouse" type of people said they'll definitely buy it for £240k! So there you go. To me it seems that £260k is not even that unrealistic any more 

68ComebackSpecial

mrsmortgage said:

Well the "webuyanyhouse" type of people said they'll definitely buy it for £240k! So there you go. To me it seems that £260k is not even that unrealistic any more 

Don't get too caught up in these online estimates. The "webuyanyhouse" company will start off with a very inviting offer and will drop it massively at the point at which they know you will find it hard to withdraw and lose your onward purchase. As for Zoopla - their estimates are a total joke - my house, according to them, is worth a low of £866, mid £911 and high £957 whilst I would expect £800-£850 max based on what I can see in my locality. Quite a difference and a huge variance.

Keswick1uk

Cornwall is crazy, but not sure how long it will last once people need homes again near their work and can jet off to the sun again.

Our neighbours were on the market for 400k two years ago. Very overpriced.  I would have said it was worth about 320k. It stayed unsold for 15 months  until the mania started to set in and he got 370k. I reckon at the height it would have gone for nearer 400k,  but then he's moved around the corner so probably that one would have increased too.

Thing is with a lot of Cornwall the houses are quirky and unique. So it's really hard to say. We were told the fact we can park 6 cars within 300m of the Quay (albeit up a steep hill) added 100k to the price. Crazy times. Can't continue, surely.