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The Wanderer

Price Increase On Property

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We were interested in a property in July last year which sold in October for 5K below the asking price. The property is back up for sale again at 20k above the sale price !

I emailed the EA to ask what improvements had been carried out to justify the huge price increase. His reply was that the property had been decorated throughout, rendered on a wall on the outside and had the bathroom upgraded (new shower cubicle).

We are still interested in the property and offered what the vendors had paid in October last year but were advised that another offer had been rejected 7k over our price.

I thought property prices were falling not rising !

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We currently rent a property in a converted mill. There are flats, terraced houses in the old mills and several new build terraces with one new build detached also. The development was completed in 2005.

We like living here, our eight year old loves it, plenty of other kids and there's 19 acres of communal woodland to run riot in. The detached house sold last May (2010) just before we moved in to our current rental, sold for 400K.

Detached house has gone back on a few months ago for 460K. I also rang the agent asking for details of any improvements, they've installed a new log burning stove and built a wood store, presumably out of solid gold then, I asked..

No, they bought it as a distressed sale so got it for way less than market value so the new asking price is it's true worth. Or so I'm told.

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