Why did this house sell so cheaply?

RHemmings

There is a house near to me that sold really cheaply in February 2023. For £117,000. 

https://www.zoopla.co.uk/property/uprn/2465194521/

I believe this is the property. 

https://www.google.com/maps/@52.6575218,-1.1341536,3a,75y,306.84h,90.83t/data=!3m6!1e1!3m4!1sLWVaDVhBLMcf3n25yM4aLQ!2e0!7i16384!8i8192?entry=ttu

It seems to have been extended, but similar looking properties on the same road are typically 2 bedrooms, but this one is claimed to be 5 bedrooms on Zoopla. That seems to be a lot of extension. 

This all seems very strange to me, but can anyone spot something about this property that might have made it sell so cheaply? Or know where to look for information about it that might shed light on it?

la531983

Shared ownership?

Then again looking at it, maybe not. 

BlueVeranda

Rightmove has it as 2 bedrooms with a separate annexe (though also "bills included" and "furnished property" which is odd to see on a sale listing). One of the two listings must be wrong, but which?

https://www.rightmove.co.uk/house-prices/details/england-70179794-17739037?s=7ac6eb6f952677b526be63e59d3a5d2ee44c3b8eb7fc79bdaa5205dff0d8cc5e#/

RHemmings

That's interesting. I just ignore shared ownership as a concept and properties offered for sale as shared ownership, as I'm not looking for that. So, I didn't even think of shared ownership as a cause. 

If that £117,000 was for 50%, and the interior isn't too weird to make 5 bedrooms (and it could be weird inside if it's a house full of only box rooms or something), then that would certainly be a plausible, or even reasonable, price. 

I had a search for the cheapest three bedroom houses in Leicester, and I found one older style semi-detached house. But, only one. 

https://www.rightmove.co.uk/properties/137363261#/?channel=RES_BUY

user1977

Was it actually on the market recently? Although the house price info is meant to include only "normal" arm's-length sales, I think other things sometimes creep in, so could be e.g. couple splitting up and transferring equity.

RHemmings

user1977 said:

Was it actually on the market recently? Although the house price info is meant to include only "normal" arm's-length sales, I think other things sometimes creep in, so could be e.g. couple splitting up and transferring equity.

Oh, that's another thing I didn't think about. 

There are some internal photos, and here it's described as a two bedroom property. https://themovemarket.com/tools/propertyprices/282-abbey-lane-leicester-le4-2aa  

The 'themovemarket' page on it isn't very informative, however. 

Tucosalamanca

It might be occupied under an assured tenancy. 

RHemmings

Tucosalamanca said:

It might be occupied under an assured tenancy. 

Thanks. Another thing I didn't think of. 

MobileSaver

user1977 said:

Was it actually on the market recently? Although the house price info is meant to include only "normal" arm's-length sales, I think other things sometimes creep in, so could be e.g. couple splitting up and transferring equity.

It could well be this. I can't remember the actual numbers off the top of my head but, when I split up with my girlfriend and bought her out, it was reported on Land Registry and all the other price index sites that my £200k+ house had been sold for something like £60k.

peterhjohnson

I've seen houses  sold via Homewise that get listed on LR at the discounted price

jonnydeppiwish!

It could be a family sale at at a preferential price, or the new owner may have inherited part of it and had to buy someone else out.