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Bradbury Robinson

Homes Under The Hammer (2005)...

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A repeat of HUTH from 2005 was on this morning featuring a property in Litherland, not far from me, so I decided to have a look at the figures and see how they faired a few years down the line.

http://www.bbc.co.uk/iplayer/episode/b00d8...ons)_Episode_19

If you can't be bothered watching the whole lot the auction is at 04:30 and the EA valuations are at 20:00.

Property purchased at auction for £49,000 and renovations confirmed as totalling £18,000, so a total of £67,000 spent. Estate Agent valuations given as £70,000/£75,000/£80,000 (the guy couldn't decide!) and £87,000. The couple who owned the property went for a figure of £85,000.

I was surprised to find the original sale on houseprices (Date:15/11/2005) as I believed their figures were from the LR, and always thought that auctions didn't make the LR figures:

http://www.houseprices.co.uk/e.php?q=hornb...evard&n=100

Interesting to note that at the time of the show the highest price achieved for a property in that street was £60,000, anything pre-2008 and it's still only £65,000 and the absolute highest of all quoted figures is £80,000.

Somehow I think the £85,000 valuation may have been a bit hopeful!!

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........I was surprised to find the original sale on houseprices (Date:15/11/2005) as I believed their figures were from the LR, and always thought that auctions didn't make the LR figures..............

I think that individual properties are recorded but auction sales are not used for YoY, MoM stats. Something to do with them being commercial sales......don't ask!

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I think that individual properties are recorded but auction sales are not used for YoY, MoM stats. Something to do with them being commercial sales......don't ask!

Makes sense I suppose...well, it doesn't make sense as such...but the explanation makes sense!!

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<snip>

I was surprised to find the original sale on houseprices (Date:15/11/2005) as I believed their figures were from the LR, and always thought that auctions didn't make the LR figures:

<snip>

A lot of people think that auctions are not in the Land Registry figures but they are mistaken. Whilst the LR would like to leave them out of the figures, no questions about auctions appear on their application forms and it is not something that would normally be mentioned in any covering letter from the solicitor.

So they get included by accident just about every single time. (Provided they are not repossessions).

EDIT: If the LR wanted to "fix" this, they need only add a question to their application forms "In the case of residential properties, was this property bought at auction?"

Edited by Driver

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