Will anybody pay £40k more on house that sold for £295k 8 months ago?

nicknameless

getmore4less said:

nicknameless said:

Am I just naive?  Who is taking the **** here - vendor or EA.  Why sell after 8 months?  Estate agent has a few 'overpriced' sticky properties on books.

https://www.rightmove.co.uk/properties/112091723#/?channel=RES_BUY

What's the game here?

previous listing  

https://www.rightmove.co.uk/properties/112091723#/

asking £315 Aug 2020  Completed Dec for £295

Asking uplift is only £20k in a year, 6.3%

Many thanks.  Think that's the current listing though.

Newnoel

There is a lot of craziness in the market at the moment. One of our neighbours put his on for £1.8m at the start of the Summer, went to "last and finals" a week later and it finally completed at £2.2m recently

eidand

What a strange question. You're not buying the property 8 months ago, are you?

My own property, which I bought 8 months ago is now worth 100k more. If I were to sell, that would be the price asked. The market moves and the only thing that matters is what the price is now. if anyone does not like it then the solution is simple, buy another property.

nicknameless

eidand said:

What a strange question. You're not buying the property 8 months ago, are you?

My own property, which I bought 8 months ago is now worth 100k more. If I were to sell, that would be the price asked. The market moves and the only thing that matters is what the price is now. if anyone does not like it then the solution is simple, buy another property.

Well good for you

getmore4less

nicknameless said:

getmore4less said:

nicknameless said:

Am I just naive?  Who is taking the **** here - vendor or EA.  Why sell after 8 months?  Estate agent has a few 'overpriced' sticky properties on books.

https://www.rightmove.co.uk/properties/112091723#/?channel=RES_BUY

What's the game here?

previous listing  

https://www.rightmove.co.uk/properties/112091723#/

asking £315 Aug 2020  Completed Dec for £295

Asking uplift is only £20k in a year, 6.3%

Many thanks.  Think that's the current listing though.

Woops.  Try
https://www.rightmove.co.uk/properties/95921492

Thrugelmir

nicknameless said:

What's the game here?

The vendor wishes to achieve the best possible price. 

Same road. 4 bed detached at £355k. 

https://www.rightmove.co.uk/property-for-sale/WR11-8TR.html?radius=0.5&minPrice=300000&maxPrice=375000&minBedrooms=4

lookstraightahead

eidand said:

What a strange question. You're not buying the property 8 months ago, are you?

My own property, which I bought 8 months ago is now worth 100k more. If I were to sell, that would be the price asked. The market moves and the only thing that matters is what the price is now. if anyone does not like it then the solution is simple, buy another property.

How do you know it's 'worth' £100k more? Don't tell me you've asked an estate agent 😂

you must have paid a lot for your house with that as a percentage increase in 8 months.

What alterations have you done?

Newnoel

lookstraightahead said:

eidand said:

What a strange question. You're not buying the property 8 months ago, are you?

My own property, which I bought 8 months ago is now worth 100k more. If I were to sell, that would be the price asked. The market moves and the only thing that matters is what the price is now. if anyone does not like it then the solution is simple, buy another property.

How do you know it's 'worth' £100k more? Don't tell me you've asked an estate agent 😂

you must have paid a lot for your house with that as a percentage increase in 8 months.

What alterations have you done?

Plenty round my way getting those sort of price increases in 2021 so far, and still a lot of upward price velocity in the market with mortgage rates falling and record QE still pumping out cash 

Beartricks

We've looked at at least one property a week since Christmas. The past few weeks the number of properties advertised, as well as the quality, has dropped dramatically. We made a number of realistic offers and we're priced out by people paying way above what the house would be worth had their not been a huge inflation in price.

Prices still seem to be holding and my guess is that there's a number of people about (like us) who weren't able to buy during the last few months' rush and who might be panicking because they feel like they've missed their chance. EAs and sellers know this and they're pricing properties to get maximum return before a potential drop in prices. 

eidand

lookstraightahead said:

eidand said:

What a strange question. You're not buying the property 8 months ago, are you?

My own property, which I bought 8 months ago is now worth 100k more. If I were to sell, that would be the price asked. The market moves and the only thing that matters is what the price is now. if anyone does not like it then the solution is simple, buy another property.

How do you know it's 'worth' £100k more? Don't tell me you've asked an estate agent 😂

you must have paid a lot for your house with that as a percentage increase in 8 months.

What alterations have you done?

That's neither here nor there.

The point is that the prices have gone up.

How do I know?

Because I keep an eye on prices, asking and then sold, mostly out of curiosity. I've been looking at this area for 2 years prior to buying and I keep an eye on a whole list of houses that I was interested in myself, just to see how off I was in my own valuations.

One other house was bought at 335k, put up for sale 1 year later with no changes done and it sold for 410k. It's a very good area and properties sell relatively quickly.

Rightmove makes it easier, there are even properties that have been removed and I can still see them, plus they show you the price as well once it's up on Land Registry.