House Pricing

[Menelaus]

Yep, done it.

That suggests a valuation of £337K so I should offer £303K?

I'd *love* to know why he's going for a value that's so much reduced - indeed, if there's a reason (e.g., pending repossession) I suspect I could get it a bit lower.

[DimPrawn]

How is £385K "much reduced" compared with £337K?

[Menelaus]

How is £385K "much reduced" compared with £337K?

Apologies - I live in London at the moment and someone who expects there to have been only £5K appreciation in value between 2006 and now (even with a recession) suggests someone who's either brutally honest or critically dumb.

[DimPrawn]

Apologies - I live in London at the moment and someone who expects there to have been only £5K appreciation in value between 2006 and now (even with a recession) suggests someone who's either brutally honest or critically dumb.

Eh?

Have you not heard property values have fallen. 2006 is pretty close the peak. Prices at the moment are back at 2003/2004 levels.

http://www.housepricecrash.co.uk/gra...ouse-price.php

He bought an asset that has fallen in price. You gain, he loses. Or he waits for the greater fool.

[ASB]

TBH, £350 was the number I had in mind ... cheers.

Seems too much, but depends where it is of course.
http://www.nationwide.co.uk/hpi/historical.htm

Dec 06 to Apr 09 on Nationwide index (national) shows a decline of about 13% or about 15% using the seasonally adjusted figures. So, actual value now might be in the order of 323. Be thinking about 300 myself....

Look for comparables in the same postcode, it's possible the 380 was a good price at the time.

[expat]

Stick the postcode and select the house:

http://www.zoopla.co.uk/home-values/

You'll know what it is worth now. Offer that -10%

Interesting: it shows my neighbour's house as worth more than 50% more than mine, but they are identical.

[Menelaus]

Seems too much, but depends where it is of course.
http://www.nationwide.co.uk/hpi/historical.htm

Dec 06 to Apr 09 on Nationwide index (national) shows a decline of about 13% or about 15% using the seasonally adjusted figures. So, actual value now might be in the order of 323. Be thinking about 300 myself....

Look for comparables in the same postcode, it's possible the 380 was a good price at the time.

Yep, the property is fairly unique in its area - lots of 3-bed semis around, this is a 4-bed detached with the garden, garage, the whole nine yards.

[Menelaus]

Interesting: it shows my neighbour's house as worth more than 50% more than mine, but they are identical.

Yep, it can be adjusted by logging on to the site.

[TheBigD]

Interesting: it shows my neighbour's house as worth more than 50% more than mine, but they are identical.

Same here... Although my neighbour on the other side's house is worth 20% less than mine. All three identical.

[DimPrawn]

Interesting: it shows my neighbour's house as worth more than 50% more than mine, but they are identical.

I live in an architect designed house. There is no house identical to mine. Every house near mine is a unique design.

You must live on one of those "housing estate" thingies?