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A New Game To Play

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Keeping a keen eye on house prices in my area, as you all know I do (and I know you all do), I am becoming increasingly aware of somewhat gobsmacking variations in the asking prices for extremely similar properties in the same or adjacent streets.

Now, we all know (thanks to the tireless work of such talented 'experts' as Krusty Allsloppy and her gang of goons) that a new IKEA kitchen and bathroom and a dab of white paint can add practically millions of pounds to the value of your home, whilst costing you an outlay of little more than £3,000.

Yet, even if we take into account that some houses have been 'improved' in this fashion, there are still some pretty amazing discrepancies out there. And I thought it might be interesting to monitor them on this site, because they are probably a pretty good indicator of how far prices are likely to fall (ne c'est pas?).

For instance, take this two-bed, semi-detached bungalow (I can tell you're already enticed...), a mere snip, I'm sure you'll all agree, at £290K:


Yet, in the same street, there's also this two-bed, semi-detached bungalow (notice any similarities there?) for £240K:


Now, I admit, the second property is somewhat grannyish (it's a bungalow, for heaven's sake) and would probably benefit from having about £5,000 lashed at it (well, in all honesty, they both could probably do with being razed to the ground, but that's beyond the scope of this argument), but what really makes the first place worth another £45K?

I'll tell you what: a big, fat bubble, that's what.

I have a few more local examples, but I'd love to see some from other areas, if anyone has spotted any.

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Some people will chase the market down and some will price a bit more realistically. I have myself noticed a few instances of this. Hopefully its only a matter of time before the people overvaluing their houses have to match other identical houses in their streets.

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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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