Someone explain these house prices to me (Hitchin)

[TremoloGreen]

I am looking at house prices in my local area as I want some reassurance that the money I am spending on my renovation project is right. I don't want to end up with too much house for the area IYSWIM. However, I can get no clue whatsoever as to what the market is doing as local house prices seem to be completely arbitrary. A lot of stuff is sitting around at the moment, I know we've had Christmas but there must be some overpricing going on. I'm not used to the property market outside London so the idea of a proper slow down is new to me.

These three houses are on the same street:
3 bed semi, modernised to a good but not super-duper standard, £450k
3 bed terrace of similar layout/size, slightly nicer decor, £535k
3 bed semi, slightly bigger/better layout and bigger garden. Needs redecorating £595k

None of them are on the other side of a brilliant school catchment or anything like that. So what's going on??

[wizzywig]

Its Herts my friend. Very overpriced

[HollyMaingate]

Without looking too closely, the 595 one is over a metre wider, that = a lot of extra square footage over a whole house. The terrace is a similar size but isn't a semi so is slightly less, the cheapest one is the smallest.

[Bearbehind]

The cheapest one looks to have serious damp problems judging by the green bedroom and bathroom pictures.

The most expensive is nearly 50% bigger than the second according to the floor plan footages.

[SantasLittleMonkeyButler]

I'm not familiar with the area (at all) but at a quick glance I can't see why there's an £85k price difference between 1 and 2 .

House 3 is bigger isn't it?

I'd have to guess that 1 is priced to sell, 2 is overpriced & unsure about 3 as we can't see inside.

[TremoloGreen]

yes, sorry house 3 is bigger and no idea what "in need of redecoration" really means. House 1 and 2 are the same size but #2 is terraced so neighbours on both sides. Dying to know why there's an 85k price difference though! There is lots of mad pricing like this in the area in general, this is just one example. I guess it just comes down to the individual level of greed vs desire to sell in some cases but it makes it very confusing to try and work out what my house will be worth with the work done. I know I could ask an EA, but I'm not ready to start dealing with them again so soon and it looks like they just pull a price out of a cocked hat anyway.

[TooMuchRain]

The second and third are both about 140sm according to the floorplans, which makes even less sense.

[namechangedtoday15]

It doesn't look that confusing - House 1 is smaller and doesn't appear to have been done up to a particularly good standard at all.

House 2 is 100 sqm, is bigger than House 1 and has been done up to a nicer / more professional standard (from the photos, including lovely kitchen).

House 3 is 140 sqm so significantly bigger than House 2, bigger plot / garden, but you're going to have to spend on it.

[TremoloGreen]

House #1 is 92m2 according to the EPC
House ##2 is 95m2 according to the floorplan

It's done up to a nicer standard, but only the kitchen, bathroom and flooring really matter in that equation and they don't amount to 85k difference, especially when one is a terrace as well.

[Bearbehind]

OP, have you looked closely at the walls on the first house? Many of them look like they have damp problems.

If that is the case then this might have come up at a previous survey and the price has been adjusted accordingly.

[CobblerBob]

It's Hitchin - mad prices at the moment. There are some which make no sense at all.

I understand what you mean as I'm about to extend and I live in the same area but you have to just trust that the work you do will make financial sense. I've always thought that you should do something to your house which makes sense to you, that you will enjoy and if if makes a profit then it's a win win situation...

[BoomChickenSoup]

You are looking at massively inflated asking prices. It does seem to be the trend in Hertfordshire at the moment. People are hoping to sell to other people moving out of London who have no clue about local value and would look at these asking prices as bargains (because they have a lot of money in their pockets from selling at even more massively inflated London prices).

I really hope this madness stops soon.

[namechangedtoday15]

I think perhaps the 2nd house has more potential too - the houses on either side appear to have had loft conversions.

[tethersend]

I've no idea, but I did used to babysit for a family in house no. 3

[Crikeyblimey]

Why not look at recently sold prices instead as these will be actuals rather than potentially over enthusiastic asking prices. One house could be on the market for ages if there are damp / other issues.

[NewLife4Me]

You pay more for a semi than an equally sized terrace irrespective of decor.

[NewLife4Me]

Good grief, you wouldn't pay anymore than 220k tops for any of those round here.
If they need work doing even less.

[enderwoman]

Look up how long they have been on the market. Some people are in a rush to sell where as others can afford to wait it out. We bought from a divorcing couple who hadn't sold in 2 months so were happy to accept 15% less than the asking price. There's a similar sized house across the road that's pricier and being sold as a result of someone passing away so the sellers can afford to wait until someone is willing to pay asking price.

[namechangedtoday15]

It looks like a relatively long road, house numbers go up to at least 160. I', guessing that there is a range of housing stock, perhaps part of the road is less desirable than the other end (closer to station or whatever).

[Applesauce29]

House 3 has a south facing garden!