Jump to content
House Price Crash Forum
Sign in to follow this  
stillLooking

How Do You Find The Ceiling Price Of A Road?

Recommended Posts

Hi guys

Am wondering how you go about discovering the ceiling price for a type of house on a road? Also can u take a old price from nethouse prices eg 2001 and then simply multiply this to make an accurate predication of what it's asking price might be today?

Sensible advice only please.. Am viewing a 2 bed house tomorrow that appears to have most things that we'd like, and in the last 3 years I've not seen many appear in the area (and none that we could afford, but since then we've saved and wages have increased)... so if we like what we see we'll seriously considered putting in an offer (we are FTBers)

Not too much gloom mongers please, but all sensible advice is very welcome. :)

Share this post


Link to post
Share on other sites

Hi guys

Am wondering how you go about discovering the ceiling price for a type of house on a road? Also can u take a old price from nethouse prices eg 2001 and then simply multiply this to make an accurate predication of what it's asking price might be today?

Sensible advice only please.. Am viewing a 2 bed house tomorrow that appears to have most things that we'd like, and in the last 3 years I've not seen many appear in the area (and none that we could afford, but since then we've saved and wages have increased)... so if we like what we see we'll seriously considered putting in an offer (we are FTBers)

Not too much gloom mongers please, but all sensible advice is very welcome. :)

I would advise you to pay attention to this forum for two months before you splurge £150,000 on a pile of 10,000 bricks each costing 24p, and a tiny patch of land which is actually an abundant resource.

Thus exposing yourself to the weakest of the industrialised economies for the next 15 years, minimum.

Share this post


Link to post
Share on other sites

Whereabouts are you looking? & what sort of price?

I would check the prices of surrounding roads which have sold more recently. Get some agents details for teh surrounding roads. If tehy have square footage on tehm, work outthe asking price per square foot and also look at last price achieved.

It is really difficult. If they are below 250k then there is the stamp duty influence - things stick below 250 for a while and then pop over by a long way.

Share this post


Link to post
Share on other sites

We are looking in North London, pleasant area in zone 4 and can afford 300k without taking any stupid risks with our finances. It's a massive descision of course, having done alot of hard saving over the years. It's all our own money, no handouts from relatives or anything like that!

Having lived here for years and years, we are pretty familar with the sort of housing stock that usually appears. Decent small houses are rare in the area. Suddenley I'm not so confident about securing a 10-15% discount !!! :o

Share this post


Link to post
Share on other sites

Ok. You need to establish what the supply/demand is like in the area. Try & find something that has been hanging around for a while as they may be keener to take an offer. You can offer what you like - offer 20% below & negotiate up. If the market is busy, then you may miss out but there will aways be other places. If you get in a situation where there are other "interested parties" - pull out as you will be forced up. Just don't fall in love with something! there will always be another. If a property is on with 2 agents, again you could be talked up - we always use 2 agents to sell as they fight each other and get the best price. Also, the EA's in the little green cars (no names mentioned) are the worst! they are all on individual commission and I think (don't know) their base salary is pretty low but commission is high. Of course, if you are selling, the reverse is true. Finally, try and look for somewhere which has not been "done up" or made over as you will be able to negotiate a much better deal. Remember, asking price is NOT selling price.

Share this post


Link to post
Share on other sites

StillLooking

I am surprised you are even asking that sort of question on here. Have you read and understood the nature of the forthcoming house price correction? Rent another year and buy a three bed rather than a two bed house. If you are planning kids at any stage with will regret having a two bed house in negative equity. If you can afford a £300k mortgage without issue you can save another £20k for have an even smaller mortgage for a larger house.

I am guessing you are up against the nesting instinct of your partner? Mine announced yesterday despite everything she knows about the state of the market that she wants to stop renting and get a house :angry:

Good luck.

Share this post


Link to post
Share on other sites

Also, if you decided to start a family in the future, could you still afford the mortgage payments on one salary?

Edit: And don't believe a word the EA tells you. Remember, they need you more than you need them.

Edited by libitina

Share this post


Link to post
Share on other sites

Also, the EA's in the little green cars (no names mentioned) are the worst!

These guys seem to have a very dominant market share in London now, but they seem to overvalue everything. They really are the worst offenders in this respect.

Share this post


Link to post
Share on other sites

These guys seem to have a very dominant market share in London now, but they seem to overvalue everything. They really are the worst offenders in this respect.

They gave us a valuation which was 40% above the other agents! I told him that his lack of research prior to our meeting did not give me huge confidence! They were also the highest fee and not prepared to negotiate at all. Just kept saying "we will get you the best price"

Share this post


Link to post
Share on other sites

i'm lucky enough not to be dealing with the little green car people, infact I am put off a property if they are selling it as I can't be bothered with their bully boy tactics. EA's generally annoy me, and I wouldn't trust one at all

2112 - Actually it's my own nesting instinct I am up against i'm afraid!!! But the older you get the more you crave to start buying a place, security I suppose, having things how you want, things that sounds stupid to others, etc. And don't get me wrong we've saved a lot of money over the years renting.

I guess it is probably the wrong place to ask any questions about buying :) but I read a lot of interesting stuff on this site and I like getting all different povs.

When will we know if it's the right time to buy thou? afterwards I think. hindsight is a wonderful thing.

I've been on quite a few viewings spread out over the last 2+ years so I've seen a fair few houses to compare to, but in several different areas. But as ftber go we are very fussy, which I think s natural when u have to wait so long to buy.

libitina - We could afford the mortgage repayments on 1 salary if needed, although we wouldn't exactly be rolling in it afterwards. We have a big deposit also, so we wouldn't be borrowing 300k, and I wouldn't expect to be in negative equity, rather, if prices fall we are more likely in the short term to lose our deposit. not a great thought thou! :(

thanks Given up, some interesting thoughts :)

Share this post


Link to post
Share on other sites

Sounds like yout money is burning a hole in your pocket :D

Don't go spending £300K just because you can - despite the spin,

it is very much a buyer's market out there.

Use your finanncial strength to your advantage - haggel hard, and

be ready to walk away at the slightest hitch - because you can!

You worked hard for your savings, if you can spend £30-40K less than you had

budgeted for, then that is £30-40K you can spend on furniture, a new car,

your pension, the kids etc.

ABB

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 301 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%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.