Okay, so if you have your house valued, and it is £95k for a 2 bed, and then some housing development is being built down the road to hold a couple 3 beds / 2 beds, starting price £170k...

[ELF1981]

... what happens to the value of my house?

Does it go up or down?

judging by current market trends and weighing up all of the forces in either direction - interest rates, lack of decent housing, affordability etc, I'd say you need to reduce your asking price by 10%, then multiply by 3 and divide by the number you first thought of. simple as that.

sorry... it doesn't necessarily do either. bt it might be worth looking at eg double glzing or something if they can sell similar sized properties for that much more.

Wow, elf, where do you live?
i didn't think it was possible to get even a flat for 95k now.

I'd get a diff estate agent to do a valuation TBH...that seems like tooo much of a differnece IMO

Is yours an ex-council property? Sometimes this can cause a big discrepancy as there is still an element of snobbery around them. Even so it does seem a big difference.

I am in Nottingham.
Well, my house was valued originally at 95k (I could link, but got no internal pics anyway!)
My house has living room (large) kitchen (average) bedroom 1 (lovely size) bedroom 2 (fits a double bed, just, plus furniture) and average size bathroom. has double glazing etc, front and back garden, drive way for two cars.
We have had it on the market for £89k and it has fallen through 4 times (people just changing their mind, nothign wrong with survey etc).
I took it off the market today as we are going to fit a new kitchen in Jan, plus cant cope with another fall through!
Now am worried not the best ides as they have just started to build the houses down the road, literally a two min walk from me. Looked on their website, average house price for a 2 bed has been £170k (most likely 50% ownership, that has become really common!) and not sure if I need to keep on market and avoid any devaluation!

No, not ex council, house was built about 25 years ago now, by a housing company, always private ownership.

The new houses are going to be built where a pub used to stand where somebody got stabbed, and was set on fire about six times this year alone

Not sure if the loss of the pub and high value property would push ours up in valuation?

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It sounds to me that the new houses are very over-priced. Property is only worth what someone is willing to pay for it. So wait and see if anyone buys at that price before you worry too much. If those houses do sell at that price it theoretically means that yours should increase in the long term.

new house prices are often a false economy though. We have some here which start at £270000 for a 4 bed. However in order that you get an excellent deal they'll:

pay your deposit (5% =£13500), pay your stamp duty (3% =8100) pay your solicitors fees (approx 1500), so you're actually getting a massive discount and are getting your £270000 house for just £246900.

But what they fail to tell you is that the new houses are hugely overpriced to allow for these "discounts", and that if you sold that house straight away, you would probably actually get less than you paid for it, even including the discounts.

I am in Thorneywood, which is on the outskirts of about everywhere - surrounded by Carlton, Sneinton, and St Anns. We are on the Carlton road side, a road away from their council rather than city council, but these houses are closer to the city side than me (albiet two minutes!)

House prices in Notts are relatively reasonable to be honest - you can get a three bed house for £90k in some areas (Clifton, which is where we are hoping to move, nearer my parents who are in Keyworth).

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This is the details from the website

Carlton View
Marmion Road, Nottingham
NG3 2NZ

I think it may bump yours up a little and the new builds are over priced. I think getting rid of the pub etc will make yours more saleable. I don't know the area though - ask estate agent what they think the affect will be.

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many thanks for all your help everybody

Elf -check out www.nethouseprices.com to see what properties in your area actually sold for. It is public information.

This will give you a good idea of the market near you and hopefully a property similar to yours has sold recently and you can compare.

You have said that you are replacing your ktichen so are suggesting that yours needs some work doing to it. New houses need very little work so it could be why they are more expensive. They may also have en-suite bathrooms and parking. Just a thought. If it were me I'd be down there looking at the show house or the plans to see what the competition is. [nosy emoticon]

I would also take yours off til the spring (I have just done that).

There is a development being built twenty feet from my front door which has one bed flast staring at £195,000 - when they are built they are going to make my three bed detached look like a bargain.(at £250k)

At the moment of course the noise and ugliness of the development is putting people off.

When I put it back on in the spring I will paint the front door a different colour and replace a window so that nooone will necessarily know it was on five months ago (it also fell through)

If you leave it on over winter it might look 'stale' come the spring