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HoP House Prices
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Anotherjohn


Posts: 376
Joined: May 2005
Post: #81
11-09-2011 05:58 PM

Megan - what the hell are you going on about!!!

I didn't say it set the benchmark.

I didn't say it was to my taste.

And doesn't your, 'many developer refurbishment projects on Rightmove'- broadly in line with my 'it's been done to death in the more affluent parts of London' - comment, tell you something, which should negate your stupid argument?

Bottom line - someone wanted the house and pulled the resources together buy it - what's your problem?

Get over it.

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megan


Posts: 49
Joined: Mar 2004
Post: #82
11-09-2011 08:04 PM

Sorry Anotherjohn, you have misunderstood.

Are you always so incredibly rude?

The benchmark comment was with reference to something another person made about the prices in the area. I was merely stating that the odd unusual sale, doesn't set a trend.

If you read my post I actually agreed with part of what you said.

I'm not looking to start a virtual fight with a keyboard warrior.

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Jane2


Posts: 221
Joined: Jan 2007
Post: #83
11-09-2011 08:05 PM

I do wish that Bovill Road house was still on the website now so that I knew what you were all debating!

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megan


Posts: 49
Joined: Mar 2004
Post: #84
11-09-2011 08:14 PM

Jane

It isn't anything much at all. Its just a property that appeared to be priced rather high in the context of other houses in the area. Some thought it was amazing.

Other schools of thought were that it looked very property developer (stripped of what makes it a character house).

Some have mentioned that due to this sale their own houses must be more as they are comparing and suggesting they are bigger / nicer/ etc

I thought the amount it sold for was unusual and unlikely to boost house prices in the area to such a level - as it bucked the trend a little.

Property is generally said to be worth what a person is prepared to pay for it. However many people buying are at the mercy of their lenders assessment and my guess is that most buyers fall into this category.

Many users on sites like this have similar property of their own and thats why house prices topics arouse a lot of sentiment. In fact my own property is similar to what was sold (obviously in my opinion better).

However a conversation with a RICS surveyor friend of mine rather deflated me when he told me that he didn't think the property sold (and therefore my own) would not be worth that amount to a valuer acting for a mortgage lender!

If anything though, it goes to prove that if you are selling and find the right person you might achieve a sale at a better price than expected.

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Jane2


Posts: 221
Joined: Jan 2007
Post: #85
11-09-2011 08:39 PM

I agree with your earlier points though that a lot depends on what your mortgage company values the property at, as the majority are reliant on a mortgage to finance a sale and this is why quite a few sales fall through.

We are in the process of moving at the moment so keeping a close eye on what is available and there are some properties in Forest Hill over £500k/£600k that have been on the market an awfully long time - lovely houses, but there are going to be a limited number of buyers that can afford that. I guess it depends on whether the seller is willing to hang on until they are lucky and someone comes along who can afford it.

Mind you I don't know why I am reading all this, I can't afford Honor Oak anyway! We are in the triangle between Stanstead Road, Perry Vale and Catford Hill - much more affordable, the properties are a good £50k cheaper!

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IWereAbsolutelyFuming


Posts: 531
Joined: Oct 2007
Post: #86
12-09-2011 10:37 AM

Dusting off my lapsed RICS membership and Chartered Surveyor's hat...

Mortgage valuations rarely match sales prices but that doesn't necessarily mean a mortgage wont be approved, the lender will consider a number of other factors.

Your friend should also be able to tell you how crudely valuation methods are applied to domestic properties. Very rarely does they stray outside of the Comparison Method and within that method there is very little stringency applied in assessing how similar properties really are; the most important factors being general things such as numbers/sizes of rooms etc, general location and the most recent sales prices. So the Bovill Road price has a very real chance of affecting the price at which other properties in the area are marketed.

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megan


Posts: 49
Joined: Mar 2004
Post: #87
13-09-2011 09:43 PM

So in your opinion, so you think 4 bedroom semi detached houses of similar or better quality than the house in question will start to sell at £600,000?

I read a news article today on the internet where RICs were saying house sale numbers falling further and this signals a likely drop in prices.

This sale kind of indicates the opposite and its strange as it seems a one off.

I haven't seen any other similar houses in HOP at over £600,000.

Also I'm not too sure what you mean when you say "Mortgage valuations rarely match sales prices but that doesn't necessarily mean a mortgage wont be approved, the lender will consider a number of other factors."

My understanding was that if a lender values a house at say x, and they lend 75% of the value then they will lend 75% of x.

If the seller wants to get a sale at a higher price the buyer either finds the additional money or pulls out. I guess its a contributing factor of why many sales don't go through right now. If the mortgage companies want such big deposits from buyers, where will the extra money come from?

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megan


Posts: 49
Joined: Mar 2004
Post: #88
14-09-2011 08:41 PM

Sorry, should say:

So in your opinion, do you think 4 bedroom semi detached houses of similar or better quality than the house in question will start to sell at £600,000?

Best
M

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Bcm


Posts: 187
Joined: May 2010
Post: #89
14-09-2011 09:25 PM

A loft converted house on bovil went for 585,000 before number 26, a totally unconverted house on Agnew just went for 525,000. The prices are not nearly as wildly out as you are stating based on recent trends.

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star


Posts: 39
Joined: Sep 2010
Post: #90
14-09-2011 10:32 PM

The prices do have seem to have gone up. Although the property in Bovill Road went for what I thought was a really high value of 600k, others are not that different. For example there is a similar one on the market for 550k in Ackroyd. This one doesn't have the loft conversion or recent development which may reasonably account for a lower value (although still a lot!) Maybe the 600k might not be as crazy as it seemed.

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megan


Posts: 49
Joined: Mar 2004
Post: #91
15-09-2011 07:42 PM

As who is stating BCM?

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hoona


Posts: 205
Joined: Mar 2011
Post: #92
15-09-2011 09:27 PM

I heard a house went for 650K on Garthorne Road. Another better one on Ackroyd with a loft conversion got 20 per cent less than asking price. The Old Bank is going to be a drive thru KFC, the honor oak tandoori will be a Waitrose and Babur is closing down (yes, I made that up!). I'm sorry but a lot of this house price chat is just rumour, like a lot of the HOP threads on this site. Unless you're the buyer, seller, conveyancer or estate agent how do you really know what these places have sold for? Yes, I'm guilty of enjoying a bit of a gossip occasionally but really, let's relax about house prices. I've owned a few, rented a lot and it's no big deal. The important thing is that you're happy where you live and can afford it. Okay, rant over.
P.s where's Brian when you need him to stick his oar in?

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IWereAbsolutelyFuming


Posts: 531
Joined: Oct 2007
Post: #93
16-09-2011 10:43 AM

Quote:
So in your opinion, do you think 4 bedroom semi detached houses of similar or better quality than the house in question will start to sell at £600,000?


That's for the buyers to decide, my point was that the sale would influence the prices at which Estate Agents will attempt to market other properties.

Quote:
Also I'm not too sure what you mean when you say "Mortgage valuations rarely match sales prices but that doesn't necessarily mean a mortgage wont be approved, the lender will consider a number of other factors."


There are many things that affect the decision but one of the most important factors the lender will consider is whether their valuation exceeds what is being borrowed against the property so that they don't incur losses in the event that they need to repossess and sell the property. Lenders don't agree to lend a certain percentage of a valuation, they agree to a specific amount of money. The percentage comes into play in assessing risk, offering specific terms/'deals' etc.

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Sherwood


Posts: 1,412
Joined: Mar 2005
Post: #94
16-09-2011 11:00 AM

You can access actual saleprices. I think it is houseprice.co.uk

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hoona


Posts: 205
Joined: Mar 2011
Post: #95
16-09-2011 11:13 AM

Thanks Sherwood. There have just been a lot of rumours on this site lately. However, have just checked the site and whilst the bovill sale is true, I can't seem to see anything for any of the other roads mentioned...

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Jane2


Posts: 221
Joined: Jan 2007
Post: #96
16-09-2011 12:58 PM

http://www.mouseprice.com/

is another one. They take their information from Land Registry so it is accurate, and sellers can't choose whether or not to list their house sale on there - it is public information.

On the other hand it does only tell you type of house, number of bedrooms etc - not the condition it was in.

It does take a few months for sales to be listed, so bear that in mind.

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chantelle


Posts: 40
Joined: Feb 2011
Post: #97
19-09-2011 09:09 AM

yes just want to point out that asking and selling price often are very different indeed. really have to wait for the land registry records to know for sure.

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