srah

Now that is the truth!

Molko1974

We put our house on the market last year in July for 245,000. We took it off the market as months went by and prices dropped so much. We had an offer of 210,000 at the time. We put our house back on the market in February at 210,000 so the same people have come forward from last year and offered the asking price as it's what they offered last year.

You could wait and see what happens in a couple of months but what if you don't get any other offers. We just want to move on now so we are glad we have had an offer.

DrWho

Trouble is, everyone's more than aware of the fact that the housing market is supposedly in deep trouble... so no-one's going to offer close to the asking price, pretty well no matter what... might have been interesting to see what might have happened if it had been on the market for near the value of properties that didn't need modernising... then an offer of 35k under would be ok...

Sorry about your Grandad... hope it shifts soon...

ozzieeagle

What it's made me realise is, that if Australian Housing escapes with just a small drop, then it will be a bloody miracle. Meantime whilst there is this differential if anyone is contemplating a move back, then now is the time to do it.

I never ever though I'd see a day, when the Melbourne Median circa 480,000 Aud...would be within a bulls roar of the London Median.... Circa 540,000 Aud apparently at present. The usual position is around 30 to 40 pct difference.

northernbird

Thanks for your comments everyone. We have rejected the offer of 145 and told the agent to come back at 160. If the house had been on the market 12 months we may have reacted differently but its only been 2 weeks. Will play the waiting game now.

louie

I think Flutterby is right. Get a quote just for stripping the paper, taking up the carpets and replacing them with cheap plain ones and painting everything white. I'd guess at £3 - £4k and I bet you'd recover that and more. Some people just can't see beyond the decor so you restrict your market by doing nothing even if the kitchen and bathroom will still need work.

brendarover

Looking at it i would snap their hand off, you can reject all you like but there is only one way the house is going in value, and it ain't up. Prices in the UK are back to 2003 levels, and dropping like a bitch's knickers.

Its a terrace house, up North, and need loads of work doing to it, pre 99, it was probably going for £30k, why is it worth £145k now, you want to see the market here, its bad real bad, and its coming your way over there in Australia.

Like i said get shot asap for what you can get, because believe me, you will be happy with £100k in a years time.

northernbird

When the agent valued the house we asked if we would increase the saleability of the property by doing that and she said in that area with a house like that it wouldn't have added much value and wouldn't increase the market. We took her advice at the time. We have another viewing on Saturday so will wait and see.

3 years ago the house was valued at £260k. I am aware the market isn't good but think even in the current market £160k is as low as I am prepared to go. It is a small extremely sought after village a stones throw to the Lake District, the house is in prime position in the village. The people who have offered are likely people who know our family and are chancing it. As for it heading to Australia, why do you think this matters to me?

Possums

Firstly sorry to hear about your Grandad.

but I have to agree looking at the photos doesnt really make you want to go view it, sorry but I think it was a reasonable offer in its current condition. It doesnt show the kitchen or bedrooms so it makes you think they are the same or even worse? stripping the paper and a lick of paint would make all the difference or be prepared for low offers.

as for location we lived in the peak district a supposedly very highly sort after area, ours took forever to sell and there are still properties on the market that were on when ours were 2yrs ago

good luck with it, its certainly a nightmare process to go through.

northernbird

The agent said otherwise so we didn't bother. Other houses of similar size modernised are on for over £200k. They valued it at £35k less because it was unmodernised and then to accept an offer another £30k below that just feels wrong and even in the current market I feel like I am being taken the piss out of. $65k less than an equivalent modernised house I won't accept. My brother and I will just sit on it if necessary, neither of us are waiting for a quick sale. I am happy to take 160 but not 145. If I have made the wrong decision only time will tell.

Jan4kids

Is that $65K or 65,000 Pounds difference between your Grandads and modernised one? Even if it is Pounds I don't think that's too far off the mark....I was quoted 46,500 to completely overhaul my Mums house...roof repair, replastering, rewiring, new heating, walls knocking through, new bathroom toilet and kitchen, decorated,carpets,window dressings throughout and both gardens reclaimed from the wild

I was sad to sell, but I'm rather glad I did, now, it's a huge weight of my mind and would have been hard to manage from this far away, and the prices appear to have dropped another 20,000 Pounds since.

My Mums property was in a reasonable North London commuter suburb- walking distance to a rail link to London, good schools and green belt land as good as on the doorstep.

Jan

northernbird

It is pounds. It is structurally sound has central heating, recent wiring and a new boiler. It needs a new kitchen, new bathroom and completely redecorating and carpeting throughout. The garden needs a bit of work. 25k GBP would sort all that to a reasonable standard. It has been on the market 2 weeks so at this stage I am prepared to hold out. The agent said they could go to 155k so if they want it I am sure they can stump up another 5k. As I said only time will tell if I have made the right decision.

Exile

Sorry to hear about your grandad NB.

Do you have to sell it now? Is there any way you could get it done up and rent it out for a year or two?

Now is not a good time to be a seller in most areas of the UK. The exchange rate is very unfavourable too.

20% under asking price seems to be a reasonable offer these days, which would put the modernised houses at 160k. Do you have any figures for actual sales prices in the area, not asking prices, which are usually very optimistic?

aasmith1957

As said previously the property is only worth what some is prepared to pay.I would say take it,you are not needing to hang out for a good price to emigrate or anything.Its cash for to to use,it was left to you as a gift of what you meant to him. Your grandad would just be pleased you got something out of it,he probably woudn't have dreamt it was worth that.It is sad dealing with estates but unless you want to rent it out or leave it sitting rotting away maybe it would be best to just move on.(just my opinion).

I would quite happily sell my property a bit lower to get back to Scotland,nothing is moving where we live in regional wa.

stuckinblighty

Thats not true according to a slimeball estate agent i was talking to the other day.
To quote him.....

A HOUSE IS WORTH WHAT THE VENDOR WILL LET IT GO FOR

What a twat

Lee