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PerfectStorm

Property Flipping Back In Reigate

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This bungalow in Reigate sold back in April this year for £363k:

Sale Date Price Type Tenure New Build Map Address

1 20/04/2009 £363,000 Det. F No Map 3, Wrayfield Avenue, Reigate, Surrey, RH2 0NF

http://www.houseprices.co.uk/e.php?q=wrayf...enue%2C+reigate

Now it's been decorated, the front lawn dug up and replaced with gravel and back on the market at £500k:

http://www.rightmove.co.uk/property-for-sa...on%26index%3D70

And they haven't even bothered to paint the faded old gararge doors!

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Well you'd have to be a moron to buy it. Aaagh, thats where it goes wrong. There are morons around! Nice white paint though.

This bungalow in Reigate sold back in April this year for £363k:

Sale Date Price Type Tenure New Build Map Address

1 20/04/2009 £363,000 Det. F No Map 3, Wrayfield Avenue, Reigate, Surrey, RH2 0NF

http://www.houseprices.co.uk/e.php?q=wrayf...enue%2C+reigate

Now it's been decorated, the front lawn dug up and replaced with gravel and back on the market at £500k:

http://www.rightmove.co.uk/property-for-sa...on%26index%3D70

And they haven't even bothered to paint the faded old gararge doors!

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I see that it's under offer!

My first guess was that I can't think an offer more than £360k would have been placed - and looking at the Wrayfield Avenue data that would seem to be the case.

1 20/04/2009 £363,000 Det. F No Map 3, Wrayfield Avenue, Reigate, Surrey, RH2 0NF

2 07/12/2007 £475,000 Semi F No Map 9, Wrayfield Avenue, Reigate, Surrey, RH2 0NF

3 15/11/2007 £200,000 Flat L No Map 1a, Wrayfield Avenue, Reigate, Surrey, RH2 0NF

4 25/07/2007 £317,500 Semi F No Map 20, Wrayfield Avenue, Reigate, Surrey, RH2 0NF

5 03/01/2007 £296,000 Semi F No Map 9, Wrayfield Avenue, Reigate, Surrey, RH2 0NF

6 20/10/2006 £185,000 Flat L No Map 1b, Wrayfield Avenue, Reigate, Surrey, RH2 0NF

7 05/05/2006 £285,000 Det. F No Map 11, Wrayfield Avenue, Reigate, Surrey, RH2 0NF

8 09/07/2001 £250,000 Det. F No Map 2, Wrayfield Avenue, Reigate, Surrey, RH2 0NF

9 09/07/2001 £250,000 Det. F No Map 4, Wrayfield Avenue, Reigate, Surrey, RH2 0NF

10 05/07/2001 £285,000 Det. F No Map 5, Wrayfield Avenue, Reigate, Surrey, RH2 0NF

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But I wouldn't have thought that the "developer" would have accepted anything that wouldn't make him/her a substantial profit when it had only been on the market for 3 weeks? Will be very interesting to see what the surveyor makes of it if it needs a mortgage.

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My first guess was that I can't think an offer more than £360k would have been placed - and looking at the Wrayfield Avenue data that would seem to be the case.

1 20/04/2009 £363,000 Det. F No Map 3, Wrayfield Avenue, Reigate, Surrey, RH2 0NF

2 07/12/2007 £475,000 Semi F No Map 9, Wrayfield Avenue, Reigate, Surrey, RH2 0NF

3 15/11/2007 £200,000 Flat L No Map 1a, Wrayfield Avenue, Reigate, Surrey, RH2 0NF

4 25/07/2007 £317,500 Semi F No Map 20, Wrayfield Avenue, Reigate, Surrey, RH2 0NF

5 03/01/2007 £296,000 Semi F No Map 9, Wrayfield Avenue, Reigate, Surrey, RH2 0NF

6 20/10/2006 £185,000 Flat L No Map 1b, Wrayfield Avenue, Reigate, Surrey, RH2 0NF

7 05/05/2006 £285,000 Det. F No Map 11, Wrayfield Avenue, Reigate, Surrey, RH2 0NF

8 09/07/2001 £250,000 Det. F No Map 2, Wrayfield Avenue, Reigate, Surrey, RH2 0NF

9 09/07/2001 £250,000 Det. F No Map 4, Wrayfield Avenue, Reigate, Surrey, RH2 0NF

10 05/07/2001 £285,000 Det. F No Map 5, Wrayfield Avenue, Reigate, Surrey, RH2 0NF

I think you'll be surprised...

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Well someone fell for this cheap makeover, it went for £475k!

Sale Date Price Type Tenure New Build Map Address

1 30/10/2009 £475,000 Det. F No Map 3, Wrayfield Avenue, Reigate, Surrey, RH2 0NF Properties for sale near RH2 0NF

2 20/04/2009 £363,000 Det. F No Map 3, Wrayfield Avenue, Reigate, Surrey, RH2 0NF Properties for sale near RH2 0NF

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Well someone fell for this cheap makeover, it went for £475k!

Sale Date Price Type Tenure New Build Map Address

1 30/10/2009 £475,000 Det. F No Map 3, Wrayfield Avenue, Reigate, Surrey, RH2 0NF Properties for sale near RH2 0NF

2 20/04/2009 £363,000 Det. F No Map 3, Wrayfield Avenue, Reigate, Surrey, RH2 0NF Properties for sale near RH2 0NF

That is very depressing. The idiot who bought it needs their head examined.

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Being Reigate, it doesn't surprise me as I suggested in my post at the time. I live very near here and the front-page headline on the local paper this week says "House Prices Bounce Back" with an article saying that "Reigate homeowners can boast an average £30,000 rise in the value of a two or three bedroom property" and that "scores of Reigate homes have actually increased in value by almost 10% over the past 12 months." Reigate sellers will be even more entrenched in the "It won't happen in Reigate" scenario now.

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Being Reigate, it doesn't surprise me as I suggested in my post at the time. I live very near here and the front-page headline on the local paper this week says "House Prices Bounce Back" with an article saying that "Reigate homeowners can boast an average £30,000 rise in the value of a two or three bedroom property" and that "scores of Reigate homes have actually increased in value by almost 10% over the past 12 months." Reigate sellers will be even more entrenched in the "It won't happen in Reigate" scenario now.

I'm now out of the immediate Reigate area, as I moved West from Reigate (in fact past Dorking), but still spend a lot of time in Reigate.

All the towns in Surrey seem very similar in this view, certainly it is prevalent in places like Reigate, Guildford, the nicer parts of Woking and Godalming.

I do keep an eye on all these areas and overall I'd say the market in reality is still down from 2007 peaks, but not as much as it was. And certainly a lot of sellers are still trying to get crazy prices,and when I say crazy, what I mean is that they are trying to sell for what they thought it worth 2007 prices plus 15% as they haven't let go of what they actually thought the 2008-9 prices would be had growth continued at 10 percent per year. Yes in 2007 EAs were still saying if it sold today it would be worth x, but as it is likely to complete in 2008, we ought to add another 10%.

Unfortunately some idiots do seem to have fallen for this due to a quick makeover.

Edited by mikelivingstone

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