house prices

[goldface]

So....bit of a piece of string question this but.... Out house was valued at £180000 in 2006. Since then we have knocked down the scary, asbestos garage and had an extension done adding a porch, additional front room and double bedroom downstairs. Is lush so an v happy. Having it valued on Monday but do any of you know how the prices would have changed since 2005 without the extension? And/or have any idea what value the extension would add?

[Parisbanana]

Really depends on where you live.

[MairzyDoats]

According to an estate agent who came to value my house, immediately after you have an extension you can realise approx 40% of the money you've paid for it. An additional bedroom would add more than that. But why don't you just look at comparable houses on Rightmove? Depending on where you are in the country the value could be twice what it was in 2006.

[goldface]

We live in yorkshire. Have had a look but everything seems much smaller or much much posher!

[Bearbehind]

No one can answer this without seeing it.

The price you paid and what you've done aren't the only factors, in fact their not even the biggest factors- the main one is what the market around you has done.

Surveyors base their valuation on your proprry and how it fits with similar sold prices in your area so a mooch around on Rightmove at sold house prices will give you an idea.

[Bearbehind]

They're not their

Property not proprry

Grrr

[hereandtherex]

In my area of Yorkshire, houses are selling at prices from around 2002-2004.

There are a lot of houses listed, priced at higher than 2004 prices but they rarely sell.

Frankly, the local market has been dead since 2002ish. And still more houses pile onto the market.

[Whatthefoxgoingon]

In London, you'd get your money back within a few years, but I doubt the same is the case everywhere in the uk.

[TheUnwillingNarcheska]

I live in Leeds so West Yorkshire and house prices have increased.

I used both Nationwide House price calculator and have been watching house prices since about 2005. I get emailed a quarterly sold prices list in my area, I think it is through Mouseprice.

It would only be a rough guide but it may help you.

[namechangedtoday15]

Guessing £200 - 220k? Was it a single storey extension (you say bedroom and front room but all downstairs?). It will have increased the floor area so it should have had an impact on value but not sure that will hold if it's a downstairs bedroom. It would also depend when in 2006 you had it valued (and whether it was a mortgage valuation or just an estate agent).

[Bimblywibble]

Look on Mouseprice, it'll give you an estimate assuming no extension etc.

TBH you will get a much better estimate by asking the agent directly.

[goldface]

Thank you, never heard of mouseprice, will have a look. Is a downstairs extension, two rooms and a porch, one which we are using as a double bedroom. But guess could be used for anything? Agent booked for mon!

[goldface]

Nationwide calculator very encouraging so fingers crossed. Financial advisor says we need a valuation of £190000 to sort mortgage to absorb extension loan

[goldface]

£225,000! You were right name changed! V good news as it means we can remortgage and absorb the extension borrowing...phew

[namechangedtoday15]

Oooh I'm good Pleased it has worked out for you!

[Bimblywibble]

Excellent!

[poocatcherchampion]

Great!
How much did the extension cost out of interest?

[goldface]

well was my neighbour and so v cheeky mates rates but it did take a loooong time!

[Hairy1]

Starting to get nervous about house prices in London. Just heard that EA's have confirmed volumes and prices down by up to 40% and 10%.

Time to move I think. It seems with Osborne's incessant campaign to kill btl and squeeze everyone's pips, that prices are stagnant, or going down.