We have had our house valued at £5,000 less than we are marketing it for.
I thought the market value of houses was what the buyer was prepared to pay
for it. Other similar houses in adjacent streets have gone in excess of the
£50,000 we are asking for though no houses have been sold down our street
within the last 2 years. Do the valuers have some sort of database they
consult as two different companies have now valued the property at exactly
the same figure which to me is a bit suspicious. Once one has done the
valuation do they post it somewhere so the other subsequent valuations are
in the same ball park. ( I sense a massive conspiracy in the valuation field
or am I just being paranoid).
There were a couple of inconsistancies with the last report as he said it
was a 4 bedroom instead of a 3 bedroomed. Should the bank be concerned about
this inaccuracy? I think the bloke really didn't know what he was doing. He
got the postcode wrong plus the date the house was built. Should the bankk
be commisioning another report due to these errors? He also said he has no
evidence that supported my figure (dispite houses selling for this price in
adjacent streets within weeks) and then he said that there was high demand
for houses in this area.
What does every one think about this?
And you think Tony - I couldn't afford Cambridge so went to Newmarket.
Paid 82k 3 years ago for literally an ex-council house 2-up-2-down.
Moving the mortgage this week and it has been valued at 155k!!!!
What's worse, the insurance for rebuild costs have gone up from 58k 3
years ago to 95k! Either labour rates are *way* out of control - or
materials costs are rocketing - and my money's not on materials....
Yes - I've got a shit hot plumber - mind you he's a family friend.
Think I have a general builder too.
Roofer sorted (in Newmarket).
But to be fair the wife is an ex-buildings/civils QS so she knows the
right sort of people :)
ANything you need?
It was, but unfairly in my opinion. I've moved around quite a lot and there
are many much worse places than Hull - I've lived in quite a few of them.
ps Its not 'Humberside' any more either ;-)
You aren't joking ! We had bricks through the windows a couple of
times - those orange curtains and blue doors were just too obvious a
It was probably envy, of us rich students waving our huge grants
around. That was a lot of money in 'ull
Makes sense. I was a student there 20 years ago. Good place to be a
student, bad place to live afterwards.
As it happens I was also looking at prices in Pontypridd a few weeks
ago, and certainly didn't see anything below 50K. Now you could
probably buy half of Cwm for that money, or a sizeable piece of
Cwmcarn, but then you'd have to live there....
Odd you should mention that - I have only just looked in the window of
one of my local estate agents, and seen a perfectly good three
bedroomed house for that price, with two bedroomed terraced houses
going for a bit more than 30K. There are plenty of reasonably priced
houses in the Manchester-Leeds area along the M62 and around the M60,
provided you stay out of Leeds and Manchester city centres.
See, for example http://yorksandlincs.whitegates.co.uk/ area, the
cheapest house, in Bradford, has been sold at GBP 17,950
I'm not sure I should be telling you all this, though - we don't want
all the southerners migrating up t'North.
Alan J. Wylie http://www.glaramara.freeserve.co.uk /
"Perfection [in design] is achieved not when there is nothing left to add,
'spose it depends what you define as "urban", and what kind of work you
may be willing to take on. There are still plenty of properties
available at around that level (and below) in South Wales, but the
further from Cardiff the better. East to West, Abertillery (3-bed
mid-terrace there for 32k on Rightmove at the moment), Ebbw Vale,
Tredegar, New Tredegar, Deri, some parts of the Cynon Valley (around
Aberdare and Mountain Ash), practically anywhere in the Rhondda(s) north
of Porth, even in the Pontypridd area if you're willing to take on a
wrecked ex-student hovel, and the Swansea/Neath valley area is also a
Now, I'd count most of those places as "urban" as there are large
numbers of houses in small amounts of space, but others may disagree,
claiming that the villages are just semi-rural paradises these days, now
that the coal mines have all gone.
Closer to Cardiff, it's surprising what a difference a mile or two can
make: you could pay twice the amount for a similar-sized and -aged house
in Caerphilly itself as in the adjacent/adjoining towns of Abertridwr,
Senghenydd, Llanbradach, Ystrad Mynach etc., though the gap is rapidly
We're in the process of buying a bit of a dump (with potential) in
Abertridwr for loads more money than we anticipated when we started
looking a couple of months ago.
Martin Angove: http://www.tridwr.demon.co.uk /
Don't fight technology, live with it: http://www.livtech.co.uk /
Trouble is unless the buyer pays cash, they'll need a mortgage from a bank
who relies upon an independant valuation, and therein lies my problem. I
have a buyer willing to pay the asking price in fact I have had more than
one interested party but the valuer just doesn't seem to get that there is
demand for this property.
Good guess to the previous poster it is in fact Hull. I would encourage
everyone to buy in Hull and thus drive up prices especially in my street.
Valuers follow guidance published by the RICS, and use other sources
and local knowledge to formulate a value.
Whilst it is true that the value may be what a person is prepared to
pay for the property, this may not be representive of what the wider
buying market would pay.
So, considering two similar properties valuation can be affected by
things such as additions and extensions (or potential for), decor,
internal fit out, age and condition of services etc, suitability for
families, local housing need, even the condition of the property next
Estates Gazette is the publication for the profession.
Valuations are merely opinion based on experience and knowledge. My
valuation may well be differnt to another persons, but it will not
make mine "wrong". You tend to find that valuations to the residential
market can be widely different and are more approximate rather than
accurate - this is because ther are only required to be used as a
Accuracy of the valuation tends to increase with property value, so
someone is going to take more care in valuing a £250k house than they
would in valuing your £50k house.
On 16 Aug 2003 15:48:10 -0700, firstname.lastname@example.org (dg) wrote:
The valuers should also know what prices local properties have sold
for....but here is a case for a flat I sold in Bradford
Usually these types of flat were offered for £27950
Most sell for £20-27k depending on how quick you want a sale and the
level of fittings included.
Estate agent 1 suggested valuation of £22k, sell for whatever offer we
get above £18k
Estate agent suggested valuation of £25k, but agreed to market at
£27950 to gauge level of interest.
Sold for £26k, bank valuer had no problem agreeing valuation.
If the buyer defaulted, then any shortfall if the property was
auctioned would become the buyers liability anyway, not the banks,
unless the buyer went bankrupt.
I would say a few £k here or there is nothing for a valuation..these
things are flexible.
HomeOwnersHub.com is a website for homeowners and building and maintenance pros. It is not affiliated with any of the manufacturers or service providers discussed here.
All logos and trade names are the property of their respective owners.