AmyDavid

I had my UK house valued today.

In May 2007 it was valued at 275,000.

In March 2008 it was valued at 230,000

Today it was valued at 190,000

We paid 195,500 for it in 2005!

Needless to say we won't be putting it on the market anytime soon!

Speedymac

welcome to my world..... lol

deenailz

nightmare isnt it !!! luckily when we sell ours we should make a profit coz we bought it yrs ago and it was dead cheap , but even so i want as much as we can get for it , lol (honest am not greedy at all , lmao )

AmyDavid

Thankfully we do still have equity in it - even at that price, but we are going to sit on it as long as we can. Our mortgage payments have dropped drastically and the rent more than covers it, so we will have to wait it out

XCMTBer

I have got to ask, what did you do to the house between 2005 and 2007, to gain 80k in 2 years? (isn't that approaching 20% PA increase?)

Where is the House?

Brownstar

I feel for you, and I'm so glad I sold mine when I did...........had it for 18 months and sold it in Feb 08 for 35k profit, we just got out of the property market in time.

Tangram

That's what people in this thread need, someone telling them how lucky they personally had been

AmyDavid

Coated it in gold...lol! Put in a new kitchen and bathroom and generally updated it all.

It is in Horsham, West Sussex

JamesM

Your house sounds nice and it's in a good area.

It sounds like the agent overvalued it in 2007 to try and get you to put it on the market. And in the recent valuation it has been undervalued so that the agent can get a quick sale. Can I ask if you just had one valuation done or multiple. I just find it hard to believe your house has fallen that far being in Horsham.

If you do think of selling you could self valuate it using various websites and your own local knowledge. I worked with Estate Agents for several years and very quickly it became clear to me that they knew nothing about the local housing market/ the national housing market or how the economics around property works. All the Estate Agent really is is a tool for marketing your property across various channels.

AmyDavid

It was definately overpriced in 2007. The 2008 figure would have been a more realistic sale price. I suppose we were just caught up in the drama of selling our house for so much money!

The problem with selling ours is that there is a very similar property for sale on the same road and it has been on the market for nearly 2 years now. That one is currently stuck at 199,950 - so the agent who valued ours thinks if we try for 190,000 we will definately sell it. We need/want to clear 200,000 after estate agents/solicitors fees, as we now own a house here that we want to use the money on.

I think I will speak with him and tell him what we want to market it at and see if anyone bites. If not, we will just sit on it until the housing market takes a step in the right direction...whenever that may be.

terese677

Just to say good luck with the house sale. A friend of mine had her house valued in June 08 as 229k pounds and hs been advised to sell now for 179k,its awful.
sending you house selling karma
Terese

sarahandshaun

Hi all

Hopefully, when the doom and gloom of Winter subsides and Spring arrives everyones outlook will start to lift and knowing that better weather should be warmer and more consistent for moving furniture. Renting seems the only answer at the moment and hopefully the press:curse: will find something new to report on and let the market get on with it's recoveryGood luck to all who need to sell

Shaun

guccismith

It seems as though everyone who's selling is in a similar situation - ours valued at £345k in Jan 08, now at £315k, who knows what by the time we come to sell it, probably more like £280k in 6 months

Best of luck to you AD.

scottymallo

that was the boom years i bought a modest 3 bed terraced in East yorks for £80k jan 05 never touch it sold it june 06 for £120k