Long shot - House prices??

[Twixabix]

We are thinking of selling up and are wondering about current house prices.

We bought our house in Dec 2007 for £83,000. It is a terranced house. 2 reception rooms, 2 bedrooms, study, kitchen, large family bathroom, front and back enclosed gardens and parking at the back for 2 cars.

When we moved in we had a new bathroom and kitchen fitted as the previous ones were horrible.

Does anyone know roughly how much it might be worth now??

Thanks

[plimple]

Ask an estate agent. It won't cost anything as they'll hope to get the fee when you sell.

[Twixabix]

Thanks, will be calling the estate agents this week. Thanks for the site hana, our street very very rarely comes up for sale. No other houses have come up for sale in our street since we bought ours so not really anything to compare it to.

Thanks

[kd73]

We were told knock off about 20% off the peak price...

[Bonneville]

Have prices not dropped dramatically since 2007? They have where we live. Maybe it varies from area to area.

[ABetaDad]

The Halifax house price index is off about 20% from the peak in August 2007.

I would also say for a quick sale you would have to accept a 20% loss now. If you held out for more it would take longer to sell.

[Bonneville]

Twix - do you have to sell? can you not 'ride it out'?

[Twixabix]

bonneville - i've not noticed any drop in house prices round our way tbh. We live derbyshire/nottinghamshire border in an old mining village and house prices seemed to have stayed/risen slightly. The only drop I have really noticed is in new build prices.

[Twixabix]

we'd really like to move just now. there are a couple of houses that we like just now. is there going to be another rise predicted then???

[Bonneville]

Twix you are very very lucky to be in an area where prices have risen. I honestly didn't think they had risen anywhere. Hope you make a good profit then.

[unavailable]

Twix - remember that the asking price you see is not (in fact v rarely) the price the house eventually is sold for. You cant go by asking price alone.

[ABetaDad]

What unavailale said is correct.

The reason that the volume of housing transactions (number of sales) has collapsed is because people are still being encouraged to market property by EAs at prices that are far above the price that willing buyers can be found. hence few peole are buying. The asking price is irrelevant in this market.It is the price that transactions are taking place that matters and they are 20% off the peak asking prices in August 2007. Volumes will only pick up once sellers get realistic. The last housing slump took 7 - 8 years to play out. We are only in year 2 of this one.

Many new build repossessed flats are selling at 50% off their original purchase price.
Comercial buildings (offices, shops, warehouses) in repossession are also selling at 50% off. If wages keep falling and unemployment keeps rising then house prices will keep falling.

[acebaby]

hi
have you looked at zoopla? I think (not sure though) that they project the house price trend onto your house. You can also put in home improvements you have done

good luck! I've heard that things are moving a little quicker now, and first time buyers want to get mortgages before the fixed rates increase even further

[whereeverIlaymyhat]

Nobody seems to be seeing drops where they live and yet nationally they are down 20% tis most strange

[WorkInProgress]

Ours has dropped 20% from peak. Taking a 10% drop from what we originally paid. Due to exchange this week, tis very painful.

[Elibean]

Our has too, WIP, but we agreed a price back in April (taking forever, another story) and the past few weeks have seen prices getting silly again in our area of SW London. Even the EA says they think its a seasonal 'blip' and they will drop again...people are rushing to buy before the school holidays/new school year, and there is very little supply.

On that basis, Twix, you might get a good price if you can sell fast - but I'd not hang around till the autumn, personally. That said, if you're buying in the same area it might not matter much - prices will rise or fall in line with your sale, no?