MegaSack DRAW - This year's winner is user - rgwb
We will be in touch
We're looking to buy shortly and so have been keeping our eye on properties that come up for sale and if they sell, what they've sold for.
I understand that these sites get their house price data from the land registry, is this data reasonably reliable? Is there anyway to query a price you think is incorrect?
In the past year, there have been 4 houses up for sale on the same street and all have sold within 4 months of each other. All 2 bed semis, built at the same time but in various states of repair. Two that needed some work went for 95k and 103k, one that I would have said needed nothing doing at all sold for 127k. The fourth house says it was sold for 195k, and it just seems that can't be right. Average house price for the street at the beginning of 2008 was 145 and it's not 120 (street also has detached and 3 bed houses on).
All the house price sites I've been on, including the two above, give me the same results. I'm questioning whether the land registry data they use could be wrong
Why should it be wrong? If some one was willing to pay more they would pay more....
Doesn't the company providing the mortgage do some sort of check on the house value? Unless it was being bought with a significant deposit.
In 2003 it sold for £133,000, it's not had any significant work done to it since then, and house prices in this area are back at 2003/2004 levels.
The land registry data is usually correct. I wouldn't worry too much about the reason for the odd one being higher or lower. Average prices mean nothing in some postcodes with there being a spread of house and plot sizes. Also some places where people like to live have few sales, the last in my postcode being 2001. Does nothing for forecasting prices, but tells you a lot more about how happy people are to live here.
Land Registry site, is the exact value that was paid for it. It is now law to have to register the sale price with them after the sale, has been for a few years now.
Best Data you will get but it is £4 per property to seach and another £4 for the title plan to see what was sold.
Hope that helps
So could the person who registered the sale price have got it wrong?
I suppose so, but I would assume not as it is a solicitor who registers this info, and it is quite important. I could be a mistake, but you cannot make up a price.
The house next door to me was sold for £1000 last year, it's worth £200K
there's all sorts of reasons why houses get sold outside of the normal price range
Or could of been a special purchase, if all furniture and fixture and fitting were included etc, or an agreed price between family member with a cash purchase
If you've got a few prices for similar houses in the same area, just disregard the highest & lowest [+ any odd-balls] & average the rest
I use http://www.nethouseprices.com/ as above it is the real sold prices.
I think there are some properties that dont go up there, not sure how or why.
Great fun looking at what people paid in 2007.....ouch.
If you're looking at that data, it is worth also looking at
You need to install it in firefox, but it lets you know things like how long a property has been on the market, whether the price has been dropped at all, whether it has gone from sold back to available etc.
Joe
looked a while back at mouseprice site and it was interesting to see that the average price was of course the average of sales - the only two properties sold on our road - one was much smaller and an odd shape/poor condition than the average and the other in poor repair with a very long standing tenancy
since another been sold - same style of property/age but very good condition/extended and very large garden/corner plot/garage/parking etc - sold for nearly twice "the average"
Or could of been a special purchase, if all furniture and fixture and fitting were included etc, or an agreed price between family member with a cash purchase
I'm thinking this is the most likely explanation, it's the only one of the four I never actually saw for sale.
My guess is you have uncovered some criminal money laundering activities...
The price is that given at registration. There are loads of scams, all of which are not legal but much rule-bending occurs. For instance in 1985 when up to £30k was free of stamp duty our house sold for £30k and the land (10acres) to the wife's mother for another £30k. Then one year later the mother sold the land to our property for £30k. If it had all been bought for £60k then much duty would have been incurred. We bought it from them in 2001 and paid much more!
They did however sign a form (as was common in those days) to say that the deal (£30k) was not linked to any other deals....aahheemm.
Where there are tax thresholds now (can't remember them all but I know £500k is one of them), rather than pay £510k for a property you might pay £495k for the property and £15k for the carpets. That way the registration would show £495k.
C
That Mouseprice site is saying our house is "Quite a small one bedroom semi" when it's actually a decent sized 3 bed!
2008 was the very end of the height of the housing boom. Which could explain it - look at av increases 2003 to 2008 and this is about right. So it's waaay overpriced but fortunately you don't have to pay that price.
The first house to sell of the four sold July 2009, well after house prices had started dropping.
I do tho.. for the next 23 years.. :/
Well, mystery solved. Apparently price is correct. Boots bought it at that price, knocked on the door and made the owner an offer.
We went to look round it today as it's available to rent (at 595 a month)and our landlord's selling up so we need to rent again before we buy. I guess Boots must invest in property, just doesn't seem much of an investment if you pay that much over the odds
If you're looking at that data, it is worth also looking at
This is really useful - ta for the tip 🙂