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Big_Head

What They Bought Off The Council For?

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I have been trying to put a value on a house. Nothing has sold on said estate since 2002 (only 2 relevant sales in the last 5 years). In April 2002 - 2 houses were sold apparently (so says EA) by the coucil to the tenant - the problem is they may have only said this because I was calculating todays figures on these sale prices.

Does anyone know a way to check this? If they were sold by the council then it would be difficult to value it today.

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you have looked on houseprices.co.uk

or nethouseprices.com

?

I have found the houses and the selling prices. But the EA's argument is that these examples should not be used because the houses were bought (apparently) from the council - meaning prices artificially low.

I was wondering if I could find out if they were sold by the council?

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Is it all a council estate?

You're after knowing the value - well the council sell at a discount to tenants - but I'd probably say the prices will be way out with current market values BUT you have none to compare to which are recent enough

WHY?

Has no one else bought their home? Ask yourself why.

What value does the estate agent put on it? Why are you disputing EA's valuations (Heck why not!)

What is your aim? You want to buy onto an estate that is majoritively council.

Now I know not to be cynical but an area where no one wants to buy their council house has to be seriously bad.

Compare other streets nearby from 2002 prices maybe?

Edited by SarahBell

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I have been trying to put a value on a house. Nothing has sold on said estate since 2002 (only 2 relevant sales in the last 5 years). In April 2002 - 2 houses were sold apparently (so says EA) by the coucil to the tenant - the problem is they may have only said this because I was calculating todays figures on these sale prices.

Does anyone know a way to check this? If they were sold by the council then it would be difficult to value it today.

Are you "in love with the house"? If so, then you're in trouble.

If you think that the EA has over-valued the house, then you could make a lower offer, and if it's not accepted, walk away. If the house doesn't sell, then the seller might start reconsidering after a few months.

If I was an EA, and you were saying that the house was overpriced, but were putting effort into arguing the case, then I'd conclude that you were very interested in the property, and my inclination would be to sit tight on the price and wait to see what you do.

Billy Shears

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It is a small ex-council estate, about 30 houses or so. All except 1 or 2 are now private (they must of all bougtht before 2000, except the 2 houses in 2002).

I think the EA's valuation is too high - they can't tell me where they plucked the figure from. I can work out (ballpark only) what the price should be if I knew that the 2 houses sold in 2002 were NOT bought from the council, if they were bought from the council then I'd be lost. I guess the only way to do it is to knock on the door and ask them! (which I won't do).

Are you "in love with the house"? If so, then you're in trouble.

If you think that the EA has over-valued the house, then you could make a lower offer, and if it's not accepted, walk away. If the house doesn't sell, then the seller might start reconsidering after a few months.

If I was an EA, and you were saying that the house was overpriced, but were putting effort into arguing the case, then I'd conclude that you were very interested in the property, and my inclination would be to sit tight on the price and wait to see what you do.

Billy Shears

Not in love with the house, happy to put in a low offer and walk away if rejected

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You need to find out if there was a 'cap' on discounts offered by the council in that area at the time the last two houses where sold.

There is now a 'cap' on the discount given to council tenants who buy (in my area it is £26K. The council will also value the house on the low side.

If there was a cap of £26K on the discount at the time the houses sold then as a ballpark figure I would take the sale price...add about 10% to account for the low valuation and then add £26K. This should give you a very rough idea about what the house was worth at the time.

You then need to think about how much house prices have been rising in your area since then and you can check this by looking at other streets in the neighbourhood and calcuating the percentage increase since 2002. This would give you an idea of what an EA should value the house at (but of course not what you should be offering)

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I find it quite funny how f*cking stupid people will be, in my road (its a council road) we have..

number 85 sold for £27K on 22 april 2002

then

number 85 sold for £104K on 18th Jan 2005

I just hope i get the oppotunity to f*ck the system and someone over at the same time.

Oh how i laugh :lol:

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number 85 sold for £27K on 22 april 2002

then

number 85 sold for £104K on 18th Jan 2005

Ex-council rubbish at the rotten end of my housing estate is also being put on the market regularly for over £100K these days.

If people are paying that then I think they need their heads examining.

I am particularly angry actually at the kind of values being put on ex-council houses. These houses were built for poor people to live in, so where on earth are these unfortunates going to go now?

No wonder violent crime is on the up and society is falling apart because this country can't sort out the most basic need of putting a roof over people's heads and making them feel secure.

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FFS, i just lost my whole post because of my fat fingers and now i cant be botherd to redo it all. I might think about it after ive had my cornflakes.

In short.

My road has improved because of decent people moving into it.

A bad family on a good road can be better dealt with by the good people on that road compared to a whole road of bad families who just encourage eachother into crime/drugs/ anti social behavoiur.

If it was all part of some master plan i would think it a stroke of geniuis as it is i think its a by product of crap management of the economy. Still food for thought.

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number 85 sold for £27K on 22 april 2002

then

number 85 sold for £104K on 18th Jan 2005

this is a carbon copy of every little terrace in the north west.

compare this to wages:

employee number 85 earned £17K on 22 april 2002

then

employee number 85 earned £17K on 18th Jan 2005

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erm what the heck does it matter what the estate agent says the price is?

if your not happy with the price then move on

and comparing the past is not realy a good way of calculating what the increases should be, some houses have gone up in value more than others.

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  • 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%



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