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mctav

Survey Anecdotals

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Twice in the last two days have I heard the same story. Very reasonably priced houses, actually sold with a decent amount off the asking price have been valued at a lower amount by the buyers mortgage providers.

1. Property originally up at £170,000 sold for £155,000 (beautiful house, dodgy area) the mortgage providers surveyor valued the property at £148,000. Property back on the market again, the seller needs 155k as they are moving to Spain.

2. Property advertised at £96,000 which is a very reasonable price for the area, sold for £90,000 . The mortgage providers surveyor valued at £85,000. Luckily for my workmate, the seller dropped the price to 85k and the sale is currently going through.

Sign of the times?

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where about is this?

I do recall over 12 months ago - this happened to my mates MUM. Was selling up to go live with her daughter in Oz. On at £95,000K offer of £93,000, was accepted and surbeyor valued as £88,000.

Property back on Market and same scenario but dropped it to asking price of £93,000 F.Q.S. - Got FULL asking price and another mortgage lenders surveyor valued at £88,000 again!

The buyers got the £88,000 mortgage and borrowed the other £5,000 off their parents.

WHY ARE PEOPLE STUPID - If the lender says £88,000 then thats the max you should pay - you've overpaid!!!!

Like Lambs to the slaughter FTB's :(

Edited by teddyboy

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One in Wolverhampton and one in Walsall.

The property in Walsall that went back onto the market was valued last year at £220,000 around this time last year.

The house really is a gem but is is sandwiched between an off-licence and a mosque. They turned down some really stupid cash offers for around £180,000, which in retrospect turned out not to be stupid after all when a more realistic EA valued it a couple of months ago at £170,000 and lenders reckon its worth £140,000.

I feel a little sorry for them to be honest.......suckered in by Con-Hells and their utterly stupid initial valuation, they belived for a year they were sitting in a £220k property only for a reasonably honest local estate agent to put them straight.

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One in Wolverhampton and one in Walsall.

The property in Walsall that went back onto the market was valued last year at £220,000 around this time last year. 

The house really is a gem but is is sandwiched between an off-licence and a mosque.  They turned down some really stupid cash offers for around £180,000, which in retrospect turned out not to be stupid after all when a more realistic EA valued it a couple of months ago at £170,000 and lenders reckon its worth £140,000.

I feel a little sorry for them to be honest.......suckered in by Con-Hells and their utterly stupid initial valuation, they belived for a year they were sitting in a £220k property only for a reasonably honest local estate agent to put them straight.

Shame for them but they shouldn't have let that figure play on their vanity, I doubt there is much around there that goes for more than that, for that sort of money people would just look in places like Litchfield or Sutton.

The whole UK market is of course made up of local markets, and those are made up of micro-markets. The house could be great but if it's in a less salubrious area and surrounded by lesser properties they will determine the price, you'd be lucky to achieve 15% over the medium average.

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  • 302 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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