If you bought in 2020 would you say you bought at the top of the market?

[Eskimole]

And that house prices are lower now, relatively? am just working out what to offer for a house last sold in 2020 which I think is now overpriced ( current owners have done nothing to it since last in the market)

We bought Jan 21 (that's when we completed we offered in Sept 20) for 250k it is now worth 340k. Yes we have done some work on it, but it has still gone up in value.

We bought August 2020, got it valued in 2022 at 20% more than we bought it and we’d only done some visible cosmetic work.
Zoopla has dropped the value back a little but we are still 17% higher than purchase.
Have you signed up to Zoopla?

Bought in south west in Feb 2020 and house prices rocketed up afterwards. Zoopla valuation for our house is 200k over the price we paid. I think that would be unachievable, but would probably get 120 K more and we’ve done nothing to it.

Zoopla is a really unreliable way to gauge the value of a house.

The best thing is probably to get a couple of local EAs round to do valuations, though they will almost certainly be on the optimistic side.

We offered on ours in September 2020.
Its gone up in value by at least 20k.

A slightly nicer one than ours up the road (converted attic) went for £35k more this month.

In my area prices are up significantly since I bought in 2020, so I would expect more than purchase price. What % difference is £60k?

We bought in July 2020 just as they announced the stamp duty freeze. Things seemed to go nuts after that. We where lucky

It’s the same here, we had a small decrease from 2022 prices and now they’ve gone up again..

It depends what the 60k more was on?

Was it 250 and now 310
Was it 900 now 960

Need some clarification really.
The former means quite a hike
The latter, barely anything

@Twiglets1 I mean, I wouldn’t base my mortgage on a Zoopla valuation and I’m not suggesting that the OP (or anyone else) does but the house she wants to buy has more than likely been valued by agents and she thinks it’s overpriced, so checking the online channels can’t hurt.

Plus of course a house is only valued at what a person is prepared to pay.

Offer what you feel its worth. They can always say no

Depends when in 2020, we reserved our new build in early summer, completed in the September, houses our type now are selling for about £50,000 more than what we bought it at, which is about 15% increase, that's a new build and in an area where prices have been relatively stagnant for a while.

It's absolutely true here!
A few obviously had 2/3 year fixed rates as many have gone back on the market at vastly inflated prices.
All have had to reduce their price by at least 30%.

I think it’s about 15%

I also think much of the impact of the economy is still to play out, I don't think there will be big drops but stagnation & drops when accounting for inflation.

Energy bills are only keep going up.

We had our offer accepted in summer 2020 and moved early 2021 in SE. Our house has gone up an enormous amount (around 25 to 30%) since then because people flocked to my town once it became clear that WFH would be a permanent thing for some people.
If we hadn't bought when we did we would not be able to afford it.
It's definitely worth checking the house price index.

According to HPI, ours has increased 20% since we bought in May 2020 - just before the Stamp Duty freeze. We'd been due to complete in March, but lockdown prevented it.

I think that’s right - there are a lot of inflated prices here. Things which are keenly priced go very quickly indeed

No. We put an offer in and accepted on a house two weeks after the stamp duty freeze was announced - not enough time for the house to increase in price to make up for the lack of stamp duty. I think it was later that year/ early 2021 when they shot up.

Ours has gone up by 25% since 2020. So no I would not be anticipating a drop.

We bought for £358k in July 2020 and sold for £435k in Sept 2024. No major improvement just cosmetic stuff.

In any case, the house is worth what you're willing to pay for it, I don't think you can anchor it to the previous sale price.

South London, four bed house, brought Jan 2020. Based upon recent sales on our street it’s gone up about 15%. Certainly no signs of any falls around here.

I'm in burbs of SW London, prices here were pretty stagnant, maybe slowly rising from 2020 to 2023/4 but now they are up again and certainly more than 2020.