Property Prices in the UK

SGKG102 · #1 (**permalink**) 19th August 2008, 08:02 PM

Hi all

It has been a while since I logged on to the forum.

Just to let you know that I am still trying to sell my house. I had a viewing last Thursday which was really positive. The lady then came back on Saturday for a second viewing with her family, this was also very positive. Then on Monday I get a phone call from the Estate Agent I was so excited then he told me what the offer was. Bearing in mind my house, a 3 bedroomed with garage and off street parking, was originally on for £149,500 fully furnished then reduced to £140,000 fully furnished then reduced to offers between £130,000 to £140,00 fully furnished. I was absolutely dumbfounded that she had the utter ordacity to make an offer of £125,000.

What a cheek talk about taking advantage of the current market place in which there are many vulnerable people in threat of losing their homes and in desperation to sell. To some this could have been seen as a way out but to me an insult. This amount would not even clear my current mortgage.

I just felt that I had to share this with you all to let you know that you really do have to be very careful as there are certainly some sharks out there.

So just to clarify I still have not sold my house and therefore still cannot fulfill my dream

Regards

Karen

kaz101 · #2 (**permalink**) 19th August 2008, 08:19 PM

As investors we always gave low offers but we always stressed it was a negotiating opening offer. We never knew what someone's mortgage was and whether they would accept a low offer. If you had a lower mortgage you may have accepted the offer so you could move and fulfil your dream.

Out of curiosity do the estate agents know that you're leaving the country?

My parents live in Luton and 4 bedroom house there which was going for over £300,000 is now being up for auction with a guide price of £215,000. Unfortunately as people believe what they read in the papers (and hear on television) and panic sell then it makes the situation worse.

There are free websites (you may have to register an email address) where you can check how much properties have been selling for (assuming there are recent sales - it takes a while for the data to go through from the Land Registry):
Free UK Sold House Prices - Nethouseprices.com
Our Property gives free house prices from Land Registry data - OurProperty.co.uk

If there are recent sales of similar properties to yours then it does give you an idea of what recent sales prices have been.

Regards,
Karen

SGKG102 · #3 (**permalink**) 19th August 2008, 08:36 PM

Hi Karen,

Yes the Estate Agent does know that we are leaving the country. Should I not have told them this?

As for the opening negotiating offer this was not put to us neither would she budge on the price.

I know that our property is the second cheapest priced in the area the other is priced at £125,00 which is a wreck and needs loads of work. I am also aware that the last property sold for £144,000. There was also one that sold for £128,00 but that was an absolute wreck and needed loads of work doing on it. The highest priced property is £148,500.

Regards

Karen

kaz101 · #4 (**permalink**) 19th August 2008, 09:06 PM

Quote:

Originally Posted by SGKG102

Hi Karen,

Yes the Estate Agent does know that we are leaving the country. Should I not have told them this?

We've been property investors for several years and we're always amazed by how much info an estate agent will tell us about the vendors circumstances. On that basis we didn't tell our estate agent that we were moving country because we thought that if they told the potential buyers that then we could get lower offers - people trying to take advantage of the situation. Your agent may not be like that but it may be worth confirming that they are NOT telling your potential buyers that you are moving country. I assume that you are end of chain and they should be telling them that since that's important to people.

As an example last week my Mum was curious about whether a house opposite her had been sold and rang up the estate agent because the 'For Sale' board had gone. She didn't tell them who she was, just that she was curious about what it had sold for. The agent said he thought it was the owners taking the board down since they weren't happy that the house had been re-possessed! Now if I was interested that has given me some info to go in there with a low offer (as a starting point) since the offer will probably go to a bank who may want to get rid of the property.

Quote:

Originally Posted by SGKG102

As for the opening negotiating offer this was not put to us neither would she budge on the price.

I would always ask an agent whether or not that was their opening offer. If you can get people negotiating then you never know what can sway the balance in a house sale.

I wouldn't tell the agent what your lowest price is but I would have one in mind so when you are negotiating you know what you are aiming at.

Regards,
Karen

Bepa · #5 (**permalink**) 19th August 2008, 11:36 PM

Karen,

We are also looking at moving soon. The job is sorted, visas almost done (hopefully), just the house to sell!

So far what we have found is that we will be lucky to get what we paid for the house 5years ago.
Because I have a job waiting, and we can't wait to leave we will be putting the house on the market for full asking price for 6/8 weeks.
If it does not sell, then we will rent it. This may work, it may not, but it has to be tried as we are all itching to get to Aus! We will have to pay £100-00 a month into our mortgage, on top of the expected rent, but we can afford to do it.
This may not be for you, but it is an avenue to explore, plus if Aus does not work out, at least you have a home to come back to!

Good luck though

kaz101 · #6 (**permalink**) 20th August 2008, 12:10 AM

Quote:

Originally Posted by Bepa

We will have to pay £100-00 a month into our mortgage, on top of the expected rent, but we can afford to do it.

I'm sure you've thought of this but £100-00 is over $200 out here in Oz. It seems easy to pay that when you're earning pounds but it not always so easy when you're earning Aussie dollars.

Regards,
Karen

Dolly · #7 (**permalink**) 20th August 2008, 08:52 AM

Quote:

Originally Posted by SGKG102

Hi all

It has been a while since I logged on to the forum.

Just to let you know that I am still trying to sell my house. I had a viewing last Thursday which was really positive. The lady then came back on Saturday for a second viewing with her family, this was also very positive. Then on Monday I get a phone call from the Estate Agent I was so excited then he told me what the offer was. Bearing in mind my house, a 3 bedroomed with garage and off street parking, was originally on for £149,500 fully furnished then reduced to £140,000 fully furnished then reduced to offers between £130,000 to £140,00 fully furnished. I was absolutely dumbfounded that she had the utter ordacity to make an offer of £125,000.

What a cheek talk about taking advantage of the current market place in which there are many vulnerable people in threat of losing their homes and in desperation to sell. To some this could have been seen as a way out but to me an insult. This amount would not even clear my current mortgage.

I just felt that I had to share this with you all to let you know that you really do have to be very careful as there are certainly some sharks out there.

So just to clarify I still have not sold my house and therefore still cannot fulfill my dream

Regards

Karen

Hi Karen,

Sorry to hear the house sale isn't going too smoothly for you. I know it's hard but you did the right thing by not accepting that offer. Tempting though it is, you are far better holding off to get what you want. You will need every penny considering how poor the exchange rate is at the moment.

Keep ya pecker up! Australia will still be here...

Dolly

northern mover · #8 (**permalink**) 20th August 2008, 08:55 AM

What rotten luck, Karen

Like you say, there are some sharks out there, but also some genuine buyers.
We got lucky; our buyers really wanted the house; and because we told them our plans, they agreed to give us until October to get sorted! Happy days!

Hang in there, a proper offer is on the way.

Good Luck
Jane

sikofbrit · #9 (**permalink**) 20th August 2008, 09:40 AM

hi

i no how you feel there are some very cheeky people out there! my house is on the market at the mo ( since april ) and had only 1 viewing since i need to sell the house to actually start my visa application it feels like waiting forever...

at the moment we live in my husbands house (2 mortgages! aarrgghh!!) so we'd have that to sell to once we could get started, did think about renting but i did this with my house and it wasn't really worth the hassle... keep your chin up and dont sell to the sharks things have got to get better!!

karen x

IrishAngel · #10 (**permalink**) 20th August 2008, 02:19 PM

In fairness to the woman that made the offer, i'd be delighted to get a bargain of a house, considering its the most expensive thing you purchase in your life, and i'd also like to think that i'll get a bargain in Australia compared to house prices here in ireland, and so might you....

we considered putting our house up for sale but agreed on maybe renting but certainly hanging on to it as we may want to return in a few months... i know of people who only stayed in australia for 5 days and returned home after going thru the whole visa process, hahahaha (hope thats not me)

your time will come