Estimating a realistic offer price for an unusual 1970s house

the_midnight_Wolfboy

Dear all,

Any advice on valuing a large unusual shaped 1970s house that has been lived in for 50 years? 

I just want to make sure our family are not going in too high price wise , given current economic conditions.

I have plotted sqft vs zoopla house value est, very crude but on this basis it looks overpriced. However it naturally doesn't factor aspects in such as garden plot or state of the house decor.

House in question
https://www.rightmove.co.uk/properties/138504941

Comparables
17 - sold 2020 £510k , much better spec, ~80% smaller garden
House Price History (rightmove.co.uk)

8 - sold 2017 £525k, again much better spec, ~80% smaller garden
House Price History (rightmove.co.uk)

33 - sold 2016 £420k, atypical layout due to extension and ~66% smaller garden
House Price History (rightmove.co.uk)

4 - sold 2023 £385k, not comparable in size, but recent sale for something about 50% smaller.
4 bedroom detached house for sale in The Heights, Market Harborough, LE16 (rightmove.co.uk)

Crude plot of zoopla value vs sqft - I think it's skewed as most of the property mix is in the <£400K 3-4 bed region.

MultiFuelBurner

Yep you get your RISC surveyor to value it for you.

ProDave

I like that house a lot.  About the best position you will get on that road, nice big garden, ample parking, south facing garden, 

lika_86

They're asking for £175k more than the next highest sold price which was at a time when interest rates were much lower (albeit pre-Covid so fewer hybrid workers who might commute into London a few days a week). Allowing for say a difference of £100k for a difference in size, the most recent sale https://www.rightmove.co.uk/house-prices/details/england-124408340-93604806?s=8c14332a489348f03a2e346f62b58e5cbd23b28e7a744c0efe42b70bc6638317#/floorplan doesn't suggest that it's worth £700k. 

I haven't dug into it much more than looking relatively superficially at a few sold on the same street but based on what I've seen I'd be surprised if they got anywhere near current asking price. 

Flugelhorn

I like it too 

user1977

I would look further afield than just the same street for comparables, assuming there are similar properties in the neighbourhood.

RHemmings

Personally I prefer the garden to the house. Tastes differ and I'm not expecting the OP or anyone to agree with me, but I find that house a bit 'fussy' somehow. I prefer this one for the house:

https://www.rightmove.co.uk/properties/139518323#/?channel=RES_BUY

but, the garden simply doesn't get anywhere near matching up. 

I did have a look for new properties, but there's nothing I saw that really was a direct comparison. It's not like my price range where there are plenty of cookie-cutter semis in the area and very close matches can be found. 

Personally, I got a bit bored with all the reasonably new-ish build 'Georgian-inspired detached homes' in Market Harborough. It made me think that perhaps with MH being an upmarket town (or at least parts of it) there is an attempt to cash in by building loads of detached houses there, which may lead to the market for those being a bit saturated. 

the_midnight_Wolfboy

MultiFuelBurner said:

Yep you get your RISC surveyor to value it for you.

Haha  - to be fair we will definitely be getting a survey given the house cost vs survey cost, but wanted to sense check initial offer before sending in the surveyor. 

ProDave said:

I like that house a lot.  About the best position you will get on that road, nice big garden, ample parking, south facing garden, 

I agree, our family does like the house - probably one the best plots, but I just don't know if it's "£650k - £700k good", given where interest rates are now, and the comparables in the area.

 lika_86 said:

They're asking for £175k more than the next highest sold price which was at a time when interest rates were much lower (albeit pre-Covid so fewer hybrid workers who might commute into London a few days a week). Allowing for say a difference of £100k for a difference in size, the most recent sale https://www.rightmove.co.uk/house-prices/details/england-124408340-93604806?s=8c14332a489348f03a2e346f62b58e5cbd23b28e7a744c0efe42b70bc6638317#/floorplan doesn't suggest that it's worth £700k. 

I haven't dug into it much more than looking relatively superficially at a few sold on the same street but based on what I've seen I'd be surprised if they got anywhere near current asking price. 

Completely agree - this is the main issue I'm having, I'm just not sure if the sellers expectations are reasonable given the current market conditions, but it is a good plot, house prices have only fallen ~5% year on year. 

But it's very much a buyers market here at the moment.

RHemmings said:

Personally I prefer the garden to the house. Tastes differ and I'm not expecting the OP or anyone to agree with me, but I find that house a bit 'fussy' somehow. I prefer this one for the house:

https://www.rightmove.co.uk/properties/139518323#/?channel=RES_BUY

but, the garden simply doesn't get anywhere near matching up. 

I did have a look for new properties, but there's nothing I saw that really was a direct comparison. It's not like my price range where there are plenty of cookie-cutter semis in the area and very close matches can be found. 

Personally, I got a bit bored with all the reasonably new-ish build 'Georgian-inspired detached homes' in Market Harborough. It made me think that perhaps with MH being an upmarket town (or at least parts of it) there is an attempt to cash in by building loads of detached houses there, which may lead to the market for those being a bit saturated. 

I've seen that house which I thought was pretty good in terms of the interior decor and much better insulation levels, plus you can negotiate quite hard on them, because as you say, there is a lot of them in MH.

What do you think of this house? Again needs modernising, but traditional build and more sought after road, it's the other house we are considering, again I feel may be over priced.
5 bedroom detached house for sale in Great Bowden Rd, Market Harborough, LE16 7DG, LE16 (rightmove.co.uk)

lika_86

the_midnight_Wolfboy said:

Completely agree - this is the main issue I'm having, I'm just not sure if the sellers expectations are reasonable given the current market conditions, but it is a good plot, house prices have only fallen ~5% year on year. 

But it's very much a buyers market here at the moment.

Personally I think they're being wholly unrealistic. I'd speak to the agent involved though and see what the sellers' position is. The agent may also feel they need to come down and should have a sense of whether they're the type that are likely to be sensible if they don't get any interest. 

Out of the houses that have been posted I think it's the one I like best but I do lean towards a more mid-century style house. It's horses for courses though, the house another poster linked leaves me absolutely cold, despite it probably being the one more people would go for.

RHemmings

RHemmings said:

Personally I prefer the garden to the house. Tastes differ and I'm not expecting the OP or anyone to agree with me, but I find that house a bit 'fussy' somehow. I prefer this one for the house:

https://www.rightmove.co.uk/properties/139518323#/?channel=RES_BUY

but, the garden simply doesn't get anywhere near matching up. 

I did have a look for new properties, but there's nothing I saw that really was a direct comparison. It's not like my price range where there are plenty of cookie-cutter semis in the area and very close matches can be found. 

Personally, I got a bit bored with all the reasonably new-ish build 'Georgian-inspired detached homes' in Market Harborough. It made me think that perhaps with MH being an upmarket town (or at least parts of it) there is an attempt to cash in by building loads of detached houses there, which may lead to the market for those being a bit saturated. 

I've seen that house which I thought was pretty good in terms of the interior decor and much better insulation levels, plus you can negotiate quite hard on them, because as you say, there is a lot of them in MH.

What do you think of this house? Again needs modernising, but traditional build and more sought after road, it's the other house we are considering, again I feel may be over priced.
5 bedroom detached house for sale in Great Bowden Rd, Market Harborough, LE16 7DG, LE16 (rightmove.co.uk)

I assume you're asking everyone that, not just me. 

My opinion, for what it's worth, is that it again has a nice garden. The house is certainly big enough. But, at that price range, I'd personally (out of ignorance?) expect the interior to be better than that. The inside looks a bit like the semis at the lower end of my much lower price range that really need a bit of modernisation (you mentioned modernisation). E.g. the kitchen is rather disappointing to me given the price range. And the shelves next to the fireplace: similar. The extension at the back looks quite run-of-the-mill to me. And, the utility room is perhaps the biggest utility room I remember seeing, but those cupboards and the general decor is very disappointing. The house in general doesn't have anything distinctive about it. It's just big. 

The garden is really nice, and I like the corner position and the front garden still being nice and green. I'm starting to guess you're very garden-focussed. 

But, overall, I'd expect a lot more for a £700K property. 

EDIT: Apologies for getting the quotation wrong and dropping your name. 

EDIT2: What about this one. Smaller plot, but more interesting inside, I think. https://www.rightmove.co.uk/properties/138736619#/?channel=RES_BUY

I'm not sure I've ever been to that bit of Market Harborough. I've been there many times for things like the book fairs, and to go to Foxton Locks and an animal sanctury near there on that little bus. (I hope it still runs.) I don't remember seeing big estates of big detached houses and think I haven't been that far out.

the_midnight_Wolfboy

RHemmings said:

RHemmings said:

Personally I prefer the garden to the house. Tastes differ and I'm not expecting the OP or anyone to agree with me, but I find that house a bit 'fussy' somehow. I prefer this one for the house:

https://www.rightmove.co.uk/properties/139518323#/?channel=RES_BUY

but, the garden simply doesn't get anywhere near matching up. 

I did have a look for new properties, but there's nothing I saw that really was a direct comparison. It's not like my price range where there are plenty of cookie-cutter semis in the area and very close matches can be found. 

Personally, I got a bit bored with all the reasonably new-ish build 'Georgian-inspired detached homes' in Market Harborough. It made me think that perhaps with MH being an upmarket town (or at least parts of it) there is an attempt to cash in by building loads of detached houses there, which may lead to the market for those being a bit saturated. 

I've seen that house which I thought was pretty good in terms of the interior decor and much better insulation levels, plus you can negotiate quite hard on them, because as you say, there is a lot of them in MH.

What do you think of this house? Again needs modernising, but traditional build and more sought after road, it's the other house we are considering, again I feel may be over priced.
5 bedroom detached house for sale in Great Bowden Rd, Market Harborough, LE16 7DG, LE16 (rightmove.co.uk)

I assume you're asking everyone that, not just me. 

My opinion, for what it's worth, is that it again has a nice garden. The house is certainly big enough. But, at that price range, I'd personally (out of ignorance?) expect the interior to be better than that. The inside looks a bit like the semis at the lower end of my much lower price range that really need a bit of modernisation (you mentioned modernisation). E.g. the kitchen is rather disappointing to me given the price range. And the shelves next to the fireplace: similar. The extension at the back looks quite run-of-the-mill to me. And, the utility room is perhaps the biggest utility room I remember seeing, but those cupboards and the general decor is very disappointing. The house in general doesn't have anything distinctive about it. It's just big. 

The garden is really nice, and I like the corner position and the front garden still being nice and green. I'm starting to guess you're very garden-focussed. 

But, overall, I'd expect a lot more for a £700K property. 

EDIT: Apologies for getting the quotation wrong and dropping your name. 

We have two kids aged 3 and 1, so garden is quite useful for exhausting them so they go bed in time! 

I'm of a similar mindset to you, I think both over priced, we are potentially planning to bid no more than £650k on either of these, but worry we could still be at the top end of their value.