Explanation for super cheap house on street

GDB2222

nicknameless said:

Cinders: said:

Our neighbours house keeps depleting in sale price every 5 years - even though the house hasn't changed hands.  There sale price history is to do with the type of mortage on it - they are a muslim family and have a special halal mortgage on the property.  Sorry, I don't know exactly how it works, but seems to be similar to shared ownership and the reducing sale price reflects the amount owned by the mortgage company.

If you don't know how it works perhaps you could delete the irrelevance in the middle of your post?

Why? I’m from a minority group and quite sensitive about these things. I didn’t see anything objectionable about what was written? 

Cinders:

nicknameless said:

Cinders: said:

Our neighbours house keeps depleting in sale price every 5 years - even though the house hasn't changed hands.  There sale price history is to do with the type of mortage on it - they are a muslim family and have a special halal mortgage on the property.  Sorry, I don't know exactly how it works, but seems to be similar to shared ownership and the reducing sale price reflects the amount owned by the mortgage company.

If you don't know how it works perhaps you could delete the irrelevance in the middle of your post?

Just explaining why the price drops on our neighbours' house according to right move, that it's to do with their mortgage as they have to have one with no interest.  I don't know huge amounts of detail about how it works, as I've always had a traditional type of mortgage, so never looked into it.  

Perhaps if you want to control other posters, and dictate what they can and can't say, you start your own forum!

Norman_Castle

Slinky said:

Crashy_Time said:

"Overall, sold prices in Alnwick View over the last year were 32% down on the previous year and 54% down on the 2006 peak of £499,000." ?

Easily explained that 2016 saw two 5 bedroom detached houses sold for over £500K which don't compare with more recent property type sales.

And the £100k lower anomaly the op is asking about.

davilown

HouseHunter223 said:

Looking to buy in a cetain area. What's going on here:
https://www.rightmove.co.uk/house-prices/ls16/alnwick-view.html

The latest sold property is £100k less than everything else.

Would this bring down prices/value of the other properties in the area or is it obvious that it's some kind of gift or similar?

We had this in our first house - neighbours property sold for about £70k less than it should have done. Reason being the new owner had been left 1/4 share in the house so the purchase price didn’t include his share

Crashy_Time

PropertyLog is showing a trickle of price reductions for the area, 15k, 25k, that sort of level but there are still some very basic properties at silly prices, this type of area will be hit hard if rates move up IMO.

peterhjohnson

It could be that it was sold though Homewise. Rightmove sometimes show the "sold" price as the cost of the lifetime lease - which is less than the market price because no one lives forever.

gozaimasu

Might as well chance an offer of £100k lower based on this sold price and see what the EAs say...

Norman_Castle

gozaimasu said:

Might as well chance an offer of £100k lower based on this sold price and see what the EAs say...

Good luck, hopefully the EA is tactful and polite. I doubt the vendors reply would get past the swear filter on here.

MysteryMe

There is nothing to stop the OP asking the EA why a similar house sold for £100,000 less and see what they say.   When it's such a large difference it's usually going to be some anomaly or other.

Norman_Castle

MysteryMe said:

There is nothing to stop the OP asking the EA why a similar house sold for £100,000 less and see what they say. 

There isn't but it might be best doing so before making an offer.