25% increase to asking price since last sold… very little change to property

Whatdafudge · 2023-12-13T22:04:38+00:00

Just wondering if a 25% price increase is a lot / normal since last sold price in early 2019. The current owners/sellers have knocked through a small wall (doesn’t look to be load bearing) so you can access dining room from kitchen. They have also painted/decorated internal rooms. This is all the work they have done to the property. Most of the work to the property seems to have been done by the owners before the previous owners. I know prices have risen but 25% increase in 5 years. Or maybe this is expected / the reality now.

Frasers · 13/12/2023 22:09

It really depends, yes it is feasible but much depends on area, property, cost etc.

Tracker1234 · 13/12/2023 22:10

It will find its own price. What area is it in and what is the actual price increase in ££ please

KievLoverTwo · 13/12/2023 22:16

I have seen lots of 30% increases in houses last sold since 2020. That doesn't mean they are selling at that price.

So, it's certainly normal to ask for it. Whether it is normal to get it or not really depends on how in demand the area and house of that quality is.

MissLucyEyelesbarrow · 13/12/2023 22:35

You're asking the wrong question. The percentage increase is neither here nor there. The only thing that matters is whether the current price is reasonable for the property and location.

Original poster

Whatdafudge · 13/12/2023 22:38

Yorkshire, £60k increase.

OP posts:

UsingChangeofName · 13/12/2023 22:38

MissLucyEyelesbarrow · 13/12/2023 22:35

You're asking the wrong question. The percentage increase is neither here nor there. The only thing that matters is whether the current price is reasonable for the property and location.

This.

(Although, certainly in ftb homes, around here, yes, that is perfectly within range of the way prices have increased since 2019)

But as others have said, it depends on other factors - there isn't a '% per year' that just applies across the board.

Original poster

Whatdafudge · 13/12/2023 22:50

MissLucyEyelesbarrow · 13/12/2023 22:35

You're asking the wrong question. The percentage increase is neither here nor there. The only thing that matters is whether the current price is reasonable for the property and location.

This is true. Hard to say as not many other properties that are similar are on the market just yet and not many sold recently. So I guess that might account for the price lift. It’s priced higher than the average amount for the whole area. The property looks to be in okay / good condition. Just as an example the kitchen and bathroom were fitted nearly 20 years ago (but kept well enough).

OP posts:

KievLoverTwo · 13/12/2023 22:52

Whatdafudge · 13/12/2023 22:38

Yorkshire, £60k increase.

Which of the Yorkshires?

Seaside3 · 13/12/2023 23:20

Do you think it's priced well? An you afford it? Because really, that's all that matters.

ScaredSceptic · 14/12/2023 02:58

In my area of North Yorkshire prices are up around 30% compared to 2019

WaitingfortheTardis · 14/12/2023 04:03

Since 2019 that doesn't seem unexpectedly high, we live in a different area but would say prices have risen a similar amount.

Twiglets1 · 14/12/2023 04:22

MissLucyEyelesbarrow · 13/12/2023 22:35

You're asking the wrong question. The percentage increase is neither here nor there. The only thing that matters is whether the current price is reasonable for the property and location.

This.

tescocreditcard · 14/12/2023 05:08

How much has your own property increased by since 2019?

Soontobe60 · 14/12/2023 05:57

My DM bought her house in Jan 2020 for 85K. It’s just been sold for £127k. We had 15+ viewings and everyone offered over asking (£120k). I thought the EA was bonkers when he suggested the price to list at!

Refurbishmentino · 14/12/2023 06:09

Yorkshire is a big place. Which part of Yorkshire? For context my house (in Yorkshire) has increased by about £250k in value since 2019 according to Zoopla. Prices have dramatically rises over the past few years.

alwayscrashinginthesamecar1 · 14/12/2023 06:34

I'm not in the UK, but since I bought my house in December 2019, prices have increased by about 50%. So it's certainly more than possible.

Twiglets1 · 14/12/2023 06:50

I’ve just Googled it and found an article that I’ll link later as on my mobile at the moment. The article is from the This Is Money website.

On average, house prices have increased 26% in England between 2019-23. The counties where prices have increased the most are Cornwall & Manchester ( 36%), Lancashire & South Yorkshire (32%).

biscuitcat · 14/12/2023 07:05

A house we viewed in 2019 sold again in February of this year at a 50% increase with no changes - I think the people who paid that price are crackers, but am slightly regretting not having purchased it ourselves back then so we could benefit from the rise!

Globules · 14/12/2023 07:10

I bought a house in April 2022. 48% increase since last sold in June 2019.

Only things that had changed were a new bathroom and plaster to the living room.

It was reflective of prices in the area when I bought, so I paid it.

It's gone up in value since purchase too.

Twiglets1 · 14/12/2023 07:10

biscuitcat · 14/12/2023 07:05

A house we viewed in 2019 sold again in February of this year at a 50% increase with no changes - I think the people who paid that price are crackers, but am slightly regretting not having purchased it ourselves back then so we could benefit from the rise!

Hindsight is a wonderful thing isn’t it?

My in laws live in a nice part of Suffolk that has got very fashionable. Houses there used to be cheap compared to where we are in the South East. We pondered buying a property there years ago but didn’t.

In a way I wish we had because prices have risen there more than our area but we weren’t to know. And anyway, we’re happy where we are.

Onceuponaheartache · 14/12/2023 07:13

Absolutely feasible. I am on the south Yorkshire border, bought my house 4 years ago and whilst I have made some improvements they are not massive amd mine has risen by nearly 50%

FitAt50 · 14/12/2023 07:33

We bought our house in York in 2019 for £365k and sold it 3 years later for £467k (28% increase). Did absolutely nothing to it, not even decorated. Yorkshire prices had huge increase due to people moving from the south thanks to rise in working from home etc.

MovingToPlan · 14/12/2023 08:04

We found a house we liked that hadn't been done up inside since it was sold by the previous owners x2. The vendors were strangely blasé about how grimy the house was, and we offered under after viewing and researching. They didn't accept and wouldn't negotiate - they were offended at our offer. It did sell a few months later, though I don't know for how much, they may have accepted an offer under but closer to their asking price. 🤷🏼‍♀️ Houses on that road don't come up very often so it's a bit of a bubble regardless of house conditions.

I think some of the chatter on these threads forgets that there are people on the other side of a house sale, and there is more to house prices than statistics. I'd forgotten that myself, and didn't secure a house I wanted as a result.

Offer what you feel it's worth, and what you can afford.

Twiglets1 · 14/12/2023 08:07

MovingToPlan · 14/12/2023 08:04

We found a house we liked that hadn't been done up inside since it was sold by the previous owners x2. The vendors were strangely blasé about how grimy the house was, and we offered under after viewing and researching. They didn't accept and wouldn't negotiate - they were offended at our offer. It did sell a few months later, though I don't know for how much, they may have accepted an offer under but closer to their asking price. 🤷🏼‍♀️ Houses on that road don't come up very often so it's a bit of a bubble regardless of house conditions.

I think some of the chatter on these threads forgets that there are people on the other side of a house sale, and there is more to house prices than statistics. I'd forgotten that myself, and didn't secure a house I wanted as a result.

Offer what you feel it's worth, and what you can afford.

There’s definitely more to house prices than statistics. I think it’s good that people seek advice on Mumsnet but personally I wouldn’t listen to others opinions if I really wanted a particular house. I would just go for it before some other bugger snapped it up.

MovingToPlan · 14/12/2023 08:10

Yep.