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BillyShears

Setting A New Benchmark Price?

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I posted yesterday about a five bedroom three story fairly new townhouse going up for auction.

This tickled my interest, so I have dug further.

On Rightmove, there are a number of similar three story 5 bed townhouses for sale in the same (Larchmont) road, and similar developments nearby (e.g. Blackbird road). The asking prices on these properties are considerably higher than the guide price for auction of £134K.

The cheapest I can see is £160K, which I suspect is the same house as the picture of the house on the auction site has a "Connells" board outside, and it's Connells who are trying to sell for £160K. There are a number of similar houses on Rightmove, typically in the £170K-£185K price bracket. I can't find a selling price for the house in question on Rightmove,hence while looking newish, I presume that it's over 5 years old.

Looking though nethouseprices to find selling prices, these houses have been selling for £160K-£185K for quite a few years. To find an example of one going for £134K it's necessary to go back to about 2002. I know from experience that a guide price is not a selling price, but ..., if it goes for anything like £134K wouldn't that establish a lower selling price than previously was the benchmark. Given that it's being sold by auction in London, and there doesn't appear to be a scheduled viewing for the property, and there are no other properties for sale in Leicester that I noticed, I could imagine it going for a smaller amount than it could go for if marketed over time by a local agent. Though I know it (or a very similar property) has been on for 160K for quite some time.

I'm going to be very interested in seeing how much this house sells for. OK, it's just one example, but surely it's from little examples like this that a crash is built from.

Here's the listing for the auction.

http://www.rightmove.co.uk/viewdetails-116...pa_n=1&tr_t=buy

Here are similar properties on Larchmont road for sale on rightmove.

http://www.rightmove.co.uk/viewdetails-760...pa_n=4&tr_t=buy

http://www.rightmove.co.uk/viewdetails-624...pa_n=4&tr_t=buy

http://www.rightmove.co.uk/viewdetails-438...pa_n=5&tr_t=buy

The last one is the one I suspect is the same house.

Here's the link for nethouseprices for Larchmont road.

http://www.nethouseprices.com/index.php?co...ge=&house_type=

The auction site is http://www.barnardmarcusauctions.co.uk/ Click on "current auction" and it's the second to last property.

Other interesting things on that page include

I'm going to go check out Larchmont road sometime soon.

Billy Shears

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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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