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House Price Crash Forum


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About thesmiths

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  1. We are looking at a 2 bed ground floor flat for investment purposes. Initially in January it was up for £90k but over the last few months it has now come down to £80k. There have been no offers on it and it is vacant possession. When I looked up on nethouseprices what it was sold previously they bought it for £60k in July 2004. I put in these figures into the nationwide/hpi calculator (it is in Wales) and it says it should be worth around £64/65k now. Doing the reverse, if it is worth 80k now then it should have been sold for around £73k. It is ex-local authority and so I am wondering if the seller bought it at a reduced rate under the right to buy scheme, which is why the figures are a bit off. OR, are they just asking too much? Would you offer a figure based on what they bought it for? Similar sized flats are between £65k to £75k. I am tempted to offer around £65k, but thought this might be too much of a drop on an 80k asking price. Any advice gratefully received. Thanks!
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