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Original poster

House price

27 replies

Evamoda · 16/09/2018 19:27

Hello,

I am after some views on the price of a property. This is a house in the area of Bromsgrove which has just recently been put on the market. I had a look at its old listing when it was bought by its current owners in 2013. I can see that they haven't done any improvement work to it but they are asking for almost 25% more than they paid for it! Does this seem a fair increase to you?

Thanks for your help :)

OP posts:
Inferiorbeing · 16/09/2018 20:15

use nationwide HPI calculator to help you figure it out!

user1471462428 · 16/09/2018 20:17

Are you sure? Things like a new roof or damp proofing would make that kind of price difference

Bluntness100 · 16/09/2018 20:18

That's not how it works. It's based on market value. So look at what similar properties are selling at in the area.

RandomMess · 16/09/2018 20:19

A house is worth what someone is willing to pay "fair" doesn't come into it!

AnalyticalChick · 16/09/2018 20:24

Are you willing and able to pay that price? If not, how much would you pay for it? And how much would an independent surveyor value it at?

AnalyticalChick · 16/09/2018 20:33

@user1471462428 Someone can spend all the money in the world on a house, but it doesn't necessarily make it worth a penny more, if the market won't support a price increase.

Bluntness100 · 16/09/2018 20:48

Exactly, house pricing is, and always has been, about market based pricing. What someone is willing to pay for it. It is not and never has been about what the person selling it bought it for and if the increase is a fair one.

It's simply not how it works.

Original poster
Evamoda · 16/09/2018 20:49

Inferiorbeing, thank you for the advice, I didn't know about the calculator :)

User it is true that I have just gone by what the pictures show and there are things that would not be immediately obvious to me.

Bluntness I am trying to get an idea of the market, but I'm a bit unsure as this house is on a particular road and there are not many others like that that have sold recently.. :(

Analytical, I wouldn't want to pay the full price as there are a number of compromises that come with the house. But it I would consider buying it. I guess as Random says I need to decide what I would be willing to pay for it.

OP posts:
LittleBLUEsmurfHouse · 16/09/2018 21:44

When you say it's old listing, what do you mean? If it was via Rightmove sold prices, once a new add for a house goes on it changes, the images on sold prices section too.

Also house prices rise without anything being done to the property. How does condition and price of it compare to others locally?

Bluntness100 · 16/09/2018 22:00

Can you post a link?

Original poster
Evamoda · 16/09/2018 22:08

Hello Littleblue, yes it was via rightmove sold prices but could see pictures with previous furniture, etc

OP posts:
Bluntness100 · 16/09/2018 22:08

Well a quick look at bromsgrove from 13 till now would indicate a 27 percent increase, so looks accurate or a little under.

Original poster
Evamoda · 16/09/2018 22:11

Bluntness, yes I can see big increases in the nationwide calculator.
Link below (sorry not clicky)

www.rightmove.co.uk/property-for-sale/property-67294483.html

OP posts:
Alexalee · 16/09/2018 22:44

Zoopla values it at 440k
New builds close by are 410 to 420
So 370 seems about right.

Original poster
Evamoda · 17/09/2018 06:42

Thank you Alexalee

OP posts:
Bluntness100 · 17/09/2018 08:32

Yes, it looks fairly priced to me also. Potentially a bit low even.

Original poster
Evamoda · 17/09/2018 10:48

Yes, as you've all said at the end it's down to what each person would pay for it. The house is on a very busy A road and 2 bedrooms out of 4 are very small. This might be a problem for some but not others. I guess I have some thinking to do! :)

OP posts:
Magstermay · 17/09/2018 14:33

It looks fair price wise to me, it’s under offer now though, is that you OP?

Bluntness100 · 17/09/2018 14:55

Yes, looks like they've accepted an offer. I don't think it can be the op this quickly but you never know.

Original poster
Evamoda · 17/09/2018 15:36

It looks like an offer has been accepted so the search continues!

OP posts:
Hideandgo · 17/09/2018 15:38

That’s not how it works OP. They are entitled to get every penny they possibly can for the sale ie. the most anyone will pay for it. Or would’ve you be willing to make up the difference if the price had gone down since they bought it?

Original poster
Evamoda · 17/09/2018 15:41

Hi Bluntness, not me! Maybe for the best as I wasn't 100% sure. I was concerned about noise, access in/out during busy times, lack of bedroom space... it's being so difficult to find something we really like AND don't loose to someone else 😟

OP posts:
Frankenterfer · 17/09/2018 15:52

Am I the only one that was amused by the address? Grin

Frankenterfer · 17/09/2018 15:52

Good luck with your search for a new home OP.

Original poster
Evamoda · 17/09/2018 20:12

Thank you Frankenterfer xx
I'm used to the name now as I've been looking for property in the area for some time but I found it quite amusing in the beginning 😆

OP posts:
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