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Pauly_Boy

If A House Sold For £170K In 2001

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As per topic title, how much would you pay for a house that sold for 170k in 2001?

Well you could look at the graph on the front page of this website and do a ball-park calculation:

160/110 x 170k = 247k.

Then say, "I'm not paying that."

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Difficult to say. Has it been updated, left to rack and ruin, new kitchen, bathroom etc? More importantly, does it come with twigs in a vase? Total guess here...200k.

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quite a wide spread!

Well I can't tell if it's been updated as it's just come on the market, but the outside doesn't look cared for so the inside is likely to be similar, esp as wooden floor boards is a selling point. It's come on for £230, its 3 bed semi with a downstairs dunny (doh) but it's pretty much what I've been looking for.

I think i'll view it and put in a cheeky offer, nothing has been selling in the area and properties are coming on the market thick and fast so I think there is a high chance of some big falls coming up so just like everyone else, I don't want to over pay.

Edited by Pauly_Boy

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As per topic title, how much would you pay for a house that sold for 170k in 2001?

£120k. No more.

i.e. Just tell the seller - "Take it or leave it".

If more people/ALL FTB's did this - the whole problem would be solved - and this country would be MUCH the better for it.

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£120k. No more.

i.e. Just tell the seller - "Take it or leave it".

If more people/ALL FTB's did this - the whole problem would be solved - and this country would be MUCH the better for it.

Provided the property remained in good nick on a like for like basis with the same updated "style" from between 2001 and 2010 I was going to suggest about £270k but apparantly it is on for £230k.

At the endof the day something is only worth what someone is willing (able) to pay.

There are just so many unknown variables i.e. local area, authority, employment prospects etc etc

The original post was fair but lacking in too many specifics and generally too vaghue to be able to proffer a fair response.

Eric is probably a little too keen but I agree with his sentiment.

Also as an aside I met a very senior FSA person earlier this year at a social function. We had a long chat and all the time you were in my mind as I talked about "liar loans". I did you proud I assure you. The look on this individuals face whilst I spouted all YOUR comments was fantastic as it was total shock, horror, alarm, concern, anxiety. You would have given me a medal. I was not rude at all but asked for a simple explanation as to why the FSA had left it all too late. There was no comment, for none could reasonably be made. Eric I absolutely promise you your message reached the very top.

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£170k in 2001 sounds like a very high price.

I looked at selling my house in 2001 following a relationship break-up and had it valued at £110k. I didn't go ahead at the time and sold it in 2004 for £180k.

The house sold again in 2007 for £250k. Similar houses are selling now for around £200 - £220k

On that basis the house you're looking at would be around £320k. However, I suspect some regional difference in play. I'm in Manchester, and in 2001 the market was only just picking up speed. In your area the bubble must already have had some air in it...

£230k sounds a reasonable asking price. How much below that they accept depends on how much they want to sell, how big their mortgage is, and what other offers they get. There is no magic figure to tell you how much a house is "worth".

Offer £200k.

Edited by Mr Yogi

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snip

Also as an aside I met a very senior FSA person earlier this year at a social function. We had a long chat and all the time you were in my mind as I talked about "liar loans". I did you proud I assure you. The look on this individuals face whilst I spouted all YOUR comments was fantastic as it was total shock, horror, alarm, concern, anxiety. You would have given me a medal. I was not rude at all but asked for a simple explanation as to why the FSA had left it all too late. There was no comment, for none could reasonably be made. Eric I absolutely promise you your message reached the very top.

People at the top have no idea about the World, other than the one they are moving through...IE, their career.

they swing from hanging vine to hanging vine....just looking for the next one to catch.

It beggars beleive that ANY of these guys do any work at all.

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Well as you all stated, there are a lot of variables, lets see what my head says!

I'm located in the down south where I think we boomed a lot earlier, but there was another mini boom 2006-2007, which is when I was first buying a place, That fell through and I've been a HPCer since :)

Edited by Pauly_Boy

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quite a wide spread!

Well I can't tell if it's been updated as it's just come on the market, but the outside doesn't look cared for so the inside is likely to be similar, esp as wooden floor boards is a selling point. It's come on for £230, its 3 bed semi with a downstairs dunny (doh) but it's pretty much what I've been looking for.

I think i'll view it and put in a cheeky offer, nothing has been selling in the area and properties are coming on the market thick and fast so I think there is a high chance of some big falls coming up so just like everyone else, I don't want to over pay.

What area of the country are you in?

Frankly, provided the inside hasn't been torched, I think it's a reasonable asking price. I assumed you would say it's come on at £350K or something. That said, I'd be looking to start offers at £190K - £195K with a view to getting it for roughly 10% less than asking. £200K "feels" about right?

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quite a wide spread!

Sorry about that, not quite getting within 5% of the actual asking price from the information you gave was a bit sloppy of me, I only managed 7%. :rolleyes:

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Depends where it is. By 2001 the bubble was well advanced in London/SE and was maybe just starting to pick up in the North. You should be looking to pay less than 2001 prices in London/SE.

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Depends where it is. By 2001 the bubble was well advanced in London/SE and was maybe just starting to pick up in the North. ..

an oft-overlooked point. 2003/04 seemed to be the years when house prices mega-exploded in most parts of the country whereas in london it was more 2001/02.

anyway, the answer is about £340k plus an extra £10k per twig vase.

Edited by the flying pig

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As per topic title, how much would you pay for a house that sold for 170k in 2001?

Difficult to say because in 2001 I wasn't in the market for a 170K house. This sort of price was outside the expectations of most normal buyers.

tim

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Well you could look at the graph on the front page of this website and do a ball-park calculation:

160/110 x 170k = 247k.

Then say, "I'm not paying that."

I think you've been reading the chart wrong

N/W says: 341,552

tim

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quite a wide spread!

Well I can't tell if it's been updated as it's just come on the market, but the outside doesn't look cared for so the inside is likely to be similar, esp as wooden floor boards is a selling point. It's come on for £230, its 3 bed semi with a downstairs dunny (doh) but it's pretty much what I've been looking for.

Wow! If I could get a 2001 170K house for 230K today I would snap their hands off.

There must be something wrong with it!

tim

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  • 261 Brexit, House prices and Summer 2020

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      • down 5% +
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