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Can I trust this regional data - (implies I'm underselling)?

Slumbershade
Slumbershade Posts: 667
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edited 26 November 2023 at 2:32PM in House buying, renting & selling
Had a probate valuation done near start of 2020. Since then:
In my city for both, all house types and the relevant type (terraced) It says that prices have gone up by 25% looking on https://landregistry.data.gov.uk/

20% is showing on https://www.home.co.uk/ but they have a lot less data points and the graph is jumping an awful lot.

If I am to believe  20% then I am underselling by 40k.
If I am to believe we have gone back done 10% then losing 15k.

Had a new tenement roof, rendered the whole house and a new bathroom put in.
It was valued in a delapidated state, plaster was rotting off half the walls, awful water ingress through the render, bathroom wall was bowing in badly from water coming through the old roof and render. It looks ok now.

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Comments

  • user1977
    user1977 Posts: 13,360
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    You can trust it, but do you understand it? The averages for a whole city (assuming you've drilled down the data that far) won't disclose any differences between the various neighbourhoods. And bear in mind the data is only of completed transactions, there's a long lag from a price being agreed, the transaction completing, being registered and then being released in the public data sets.
  • user1977 said:
    You can trust it, but do you understand it? The averages for a whole city (assuming you've drilled down the data that far) won't disclose any differences between the various neighbourhoods. And bear in mind the data is only of completed transactions, there's a long lag from a price being agreed, the transaction completing, being registered and then being released in the public data sets.
    Thanks, I have August 2023 data, which is recent enough.

    How do I get data for the specific neighbourhood haha? I can only think of going through rightmove sold prices for several close by streets and comparing similar houses on them across several years. Is there a faster way? Thankyou. Its a good neighbourhood though, just no parking for a bighouse and not the best view. Wonder if that limits the capita growth potential achieved for the whole city. BUT thats the average, so if some areas went up by less than 20-25% then others went up by more than that. I find it hard to belive my property went up less than the citys average!
  • Also had 4 offers in one week. 3 were by the same couple though. I think maybe I shouldnt close off viewings and accept yet? Its a lot less than I think its worth still.
  • GDB2222
    GDB2222 Posts: 24,338
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    How are you allowing for the work that you had done? Are you adding on 100% of the cost?
    No reliance should be placed on the above! Absolutely none, do you hear?
  • Doozergirl
    Doozergirl Posts: 33,718
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    Also had 4 offers in one week. 3 were by the same couple though. I think maybe I shouldnt close off viewings and accept yet? Its a lot less than I think its worth still.
    How long has it been on the market? 
    Everything that is supposed to be in heaven is already here on earth.
  • Grumpy_chap
    Grumpy_chap Posts: 14,437
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    I am not sure that it is possible to massively undersell or oversell a property if using regular EA selling process.

    The variance indicated of "up £40k" or "down £15k" really is just the vagaries of the market.
    Let's assume a property has a "true" value of £460k
    Market at £500k, get a poor interest and one offer that knocks you down a chunk from the asking price.
    Market at £400k, get overwhelming interest, multiple proceedable buyers, bidding war.
    Both approach probably still end up arriving at the same "true" value, or within a very narrow band.
  • Albermarle
    Albermarle Posts: 21,185
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    How many estate agents did you have around, and where their suggestions about the value similar, or not?
  • Slumbershade
    Slumbershade Posts: 667
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    edited 26 November 2023 at 6:16PM
    GDB2222 said:
    How are you allowing for the work that you had done? Are you adding on 100% of the cost?
    Yes, I didnt add above 100%. The cost of the works were expensive but still within reason.
  • Also had 4 offers in one week. 3 were by the same couple though. I think maybe I shouldnt close off viewings and accept yet? Its a lot less than I think its worth still.
    How long has it been on the market? 
    7 weeks, 2 at a reduced price. got a big wave of new viewings, but worried that might be about it as we are heading into December and the couple were not technically competing with anybody else, although I did have another viewing from somebody new that  the EA cancelled.
  • Slumbershade
    Slumbershade Posts: 667
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    edited 26 November 2023 at 6:17PM
    How many estate agents did you have around, and where their suggestions about the value similar, or not?
    I went with the lowest and then still reduced it another 8% a month in.  4 over several months. The online ones all ridiculously inflated the price.
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