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Bought our 3 bed in Totterdown April 2004 : £134,950

Just had 3 seperate independent valuations this week all >£160,000

Was very surprised myself, but just letting you know the facts.

Ah, "valuations", from vested interests trying to win you over. You're not really that much of a sucker, are you? Try and sell it. And then try and move into something bigger. Only then will you know whether the "magic" of your house going up in price whilst the one you want to buy going down in price really works.

Nomadd

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Bought our 3 bed in Totterdown April 2004 : £134,950

Just had 3 seperate independent valuations this week all >£160,000

Trouble is, we're starting to run out of fools who are willing/able to pay ever increasing monthly figures

A fool & his Borrowed money are easily parted........ B) (or not as the case is becoming over time)

Edited by A Fool & His Borrowed Money
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Ah, "valuations", from vested interests trying to win you over. You're not really that much of a sucker, are you? Try and sell it. And then try and move into something bigger. Only then will you know whether the "magic" of your house going up in price whilst the one you want to buy going down in price really works.

Nomadd

Um, hold on a miunte...

I'd prefer not to be called a sucker, thankyou.

And I'm trying to find the part of my original message which says I'm trying to sell my house to move into a bigger one.

And I can't find the part where I refer to the 'magic' of my house going up in price.

For your information my wife is due a 2nd child & I needed a 3rd bedroom. I expect to be here for at least 5 years.

I find a forum called "what are house prices doing in your area" & post what i percieve to be a fair enough comment.

Even if the estate agents are adding 10k - 15k, my point is that the house is still up at least 10k year on year.

My point was that the forthcoming expected slowdown does not appear to have reached this area yet - fairly on topic for the title of this forum?

I am fully aware that my current house is not *that* much bigger than the first one we bought in the 90's for £29,950 .... I am not claiming to be suddenly rich, even though I'm only 2 years from clearing my mortgage, as I know a fall of 30 - 40% over the next few years is possible, although unlikely.

Why is there so much anger in this group??? Why am I getting called a sucker for making a completely on topic post??

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Hi

I agree there "the jump down your throat attitude" is a bit harsh. I think people want to see prices fall here (so do I), will come on a bit strong if a point seems a bit silly.

I do think Once Bitten x2 Shy sums it up though. Untill you get that price for house it means nothing. Even then it might be a bit of luck. Only larger sample sizes give a real indication.

However, what would be nice would be if you could keep us informed of offers and what you sell your propety for plus a bit of info about it.

Cheers mate

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Bought our 3 bed in Totterdown April 2004 : £134,950

Just had 3 seperate independent valuations this week all >£160,000

Was very surprised myself, but just letting you know the facts.

dear Fatboy,

I know you dont being called a sucker but have you read the article about the Blairs.

It states that thier two Bristols flats have fallen in value by 50k. They bought them for 260k each and that was a discount price. So that is a fall of at least 19%.

Good luck with the sale.

Regards,

Wadisgod.

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Um, hold on a miunte...

I'd prefer not to be called a sucker, thankyou.

And I'm trying to find the part of my original message which says I'm trying to sell my house to move into a bigger one.

And I can't find the part where I refer to the 'magic' of my house going up in price.

For your information my wife is due a 2nd child & I needed a 3rd bedroom. I expect to be here for at least 5 years.

I find a forum called "what are house prices doing in your area" & post what i percieve to be a fair enough comment.

Even if the estate agents are adding 10k - 15k, my point is that the house is still up at least 10k year on year.

My point was that the forthcoming expected slowdown does not appear to have reached this area yet - fairly on topic for the title of this forum?

I am fully aware that my current house is not *that* much bigger than the first one we bought in the 90's for £29,950 .... I am not claiming to be suddenly rich, even though I'm only 2 years from clearing my mortgage, as I know a fall of 30 - 40% over the next few years is possible, although unlikely.

Why is there so much anger in this group??? Why am I getting called a sucker for making a completely on topic post??

I think any fair exchange of views and facts is entirely the right way to conduct a discussion on this forum and if people get personal or abusive then that is very much their problem.

I posted my reply based on the fact that I have sold a property recently and the valuation range from 4 estate agents was approx 25-30% top to bottom. We eventually sold at almost half way and after 15 months and 4 chains. Incidentally we were looking to move due to a growing family as well, but after the experience of selling we decided to rent and look around, and this we are still very much doing.

At present there is very little available at a price we would be prepared to pay and with prices definitely moving in our favour we are being as patient as we can.

Looking around my a

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the house i currently rent in bristol was put on the market for 350k, then reduced to 330k and 310k. Having just spoken to my landlord he has informed me he is reducing it to 290k and would i be interested. Of course i wouldnt but just demonstrates how wild valuations can be.

Wouldnt suprise me if this place gets sucked below the stamp duty threshold given time.

Edited by defweb
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Fatboy,

Why, if you're not looking to move for five years, have you gone through all the hassle of getting three people round to value your house?

You said you expect to be there for five years.

Are you feeling a little insecure? :(

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Guest The dude
Ah, "valuations", from vested interests trying to win you over. You're not really that much of a sucker, are you? Try and sell it. And then try and move into something bigger. Only then will you know whether the "magic" of your house going up in price whilst the one you want to buy going down in price really works.

Nomadd

Nomadd...a very astute post.....I salute you Sir!!

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Um, hold on a miunte...

I'd prefer not to be called a sucker, thankyou.

And I'm trying to find the part of my original message which says I'm trying to sell my house to move into a bigger one.

And I can't find the part where I refer to the 'magic' of my house going up in price.

I never 'called' you a sucker - I asked you if you 'were' a sucker - by believing the nonsense spouted from EA's. Different thing completely.

My sister had her house valued late last year by 3 EA's as she wanted to move to a bigger place (kids). Her house has just *sold* for £60k *less* than the price the EA's gave. So all I'm telling you is to be careful - and not to be a sucker to EA speak. No offence intended. :D

If you're not selling, why all the valuations?

If your house price growth - which seems pretty spectacular for such a short period of time - isn't 'magic' , then how do you explain it? Maybe trying to sell for that price would explain it - i.e. there is no magic, and the EA's are just trying to sucker you. Not that they'd ever do such a thing to their clients! :D

Nomadd

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Bought our 3 bed in Totterdown April 2004 : £134,950

Just had 3 seperate independent valuations this week all >£160,000

Was very surprised myself, but just letting you know the facts.

fatboy,

So you had a valuation that says that your house is worth more than what you paid for it. But why should your house be worth more now than it was back in 2004? Whoever valued your house is probably some crooked surveyor who doesn't really know much about valuing houses in any case or it may be a crooked estate agent and they usually try to talk up house prices anyway.

Surveyors and Estate Agents are just the usual freeloading bunch of crooks and you should expect them to say whatever happens to be in their best interest.

The truth is that a house is only worth what someone is prepared to pay for it, not what someone asks for it. A person can ask whatever price they want for their property but at the end of the day you need to find someone who is actually prepared to pay the price that you want.

People make the same mistake time and time again of believing that the asking price is somehow the proper price for a property when in actual fact it is just the price that the vendor wants for the property, which is not at all the same as the proper price for the property.

A surveyors or estate agents valuation of a property is worthless because at the end of the day a property is only worth what someone is prepared to pay.

You may well get some mug to pay the upwardly revised price for your property but if anybody did offer the revised asking price then they are a bigger fool than you because no doubt you were the one that paid too much for the property back in 2004 when you bought the property in the first place.

Edited by Bill Gates
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Hello Fatboy,

I certainly wouldn't want to discourage anybody if there post seemed "bullish", if there are house prices rises going on then we would certainly need to know otherwise we would get a distorted representation about what was going on.

What I would like to know is did the agents give you any comparisions to make of similar properties that had actually sold in your area? Getting a true image of what is actually going on regarding sales is getting a little difficult to establish these days!

Oh and by the way I suppose this is a bullish statement, and one I can prove any day of the week. In Scotland rural properties under £100k are still going for well over the offers over price. I still can't get a little place for love nor money. Well, I admit I've only tried offering money so far (maybe that is where I am going wrong!)

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ok thanks very fair comments from all

perhaps i was quick to jump down throats

the reason for the valuations was purely curiosity, keep getting EA leaflets through the door, had some days off work so thought i'd make use..

i'm not insecure .. maybe i would be with a 100% mortgage .. but i certainly have not been stupid enough to borrow against my equity

yes it *does* seem like a big jump since 2004, which is why i made the original post, but i conceed that the ea 'valuations' may not be very real

maybe the mandatory valuation for the council tax re evaluation will be more realistic?

my assumptions were just based on the last 10 years or so i've been on the property ladder, during which time i have always got *more* than what the ea quoted, but perhaps this is an indication of the turning tide

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my assumptions were just based on the last 10 years or so i've been on the property ladder, during which time i have always got *more* than what the ea quoted, but perhaps this is an indication of the turning tide

Exactly. The last 10 years have been exceptionally good. 1995 was the real low for property. Your timing couldn't have been more perfect. Look at any graph and you'll instantly see that.

Trouble is, people in this country - and I'm not saying you - have short memories. They don't seem to understand that prices have way overshot any semblence of sanity; price falls are already happening. Early-to-mid last year you couldn't spot a single news item that wasn't positive about house prices, now all of a sudden that sentiment is completely the opposite. Where I live, average prices are 10 times local earnings for a 3 bed semi. That just isn't sustainable, no matter what EAs - who just want to rob you - are saying.

Anyway, sorry if it's been a bit of a rough ride for you, as you've only just joined. Don't worry, we're an OK bunch once you get used to our rantings! :D

Welcome aboard and enjoy your stay.

Nomadd

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Valuation = £160K

Houses on at valuation prices do not sell (at the moment)

so -- advertised price in order to achieve a sale = £150K

Offers now running at 93.5% So selling price= £140K

Deduct EA and solicitor fees = £136.5

Maximum profit = £1.5K

Sounds about right to me.

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Valuation = £160K

Houses on at valuation prices do not sell (at the moment)

so -- advertised price in order to achieve a sale = £150K

Offers now running at 93.5%  So selling price= £140K

Deduct EA and solicitor fees = £136.5

Maximum profit = £1.5K

Sounds about right to me.

Ah, but then you have to find somewhere else. We presume a bigger place, so more stamp duty. plus new carpets, white goods, moving fees, solicitors fees, survey fees, etc., etc., etc. Oops - that 'profit' (and then some) just disappeared! :D

Nomadd

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Yeah, I think you got the message fatboy.

Youre right about the jumping down throats bit, but people have been coming on this board for quite a while with similar stories.

I think you angered people with the "No Slowdown" heading to your post.

No slowdown in valuations, maybe. But there is a very real and very consistent drop in house prices and a large rise in stock levels.

In summary, an estate agent needs no qualifications.

I have no qualifications.

I value your house at £200,000.

See? It doesnt mean a damn thing.

Bought our 3 bed in Totterdown April 2004 : £134,950

Just had 3 seperate independent valuations this week all >£160,000

Was very surprised myself, but just letting you know the facts.

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  • 2 weeks later...
the house i currently rent in bristol was put on the market for 350k, then reduced to 330k and 310k. Having just spoken to my landlord he has informed me he is reducing it to 290k and would i be interested. Of course i wouldnt but just demonstrates how wild valuations can be.

Wouldnt suprise me if this place gets sucked below the stamp duty threshold given time.

Dear Defweb,

Being nosey (about to move to Bristol and renting initially but wanting to buy in a year or so) wear abouts in Bristol do you live???

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Facts from Land Reg :-

7 22/03/2005 £110,000 Semi F/H 7, Totterdown Road, Weston-super-mare, North Somerset, BS23 4LH

9 04/03/2005 £110,000 Semi F/H 33, Totterdown Road, Weston-super-mare, North Somerset, BS23 4LH

So - asking price would be £120,000

selling price maybe £105 - £110

Edited by justanewbie
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