The Housing Market
Every body was predicting that house prices could or would be reduced up by 5% at the start of the year. But the housing prices surveys conducted by the the Halifax, rightmove and Nationwide have showing something of a resilience. In fact throughout the entire country prices rose by 1.2% in June, so the in six months it has largely been level pegging. (Mind you over a year there has been a reduction by 3.5%)
In our office we have calls where people have reduced their price so much that they are virtually giving the house away. They say that it is worth £200K but they reduced it and reduced it to £149K. Now a RICS surveyor (that everybody has to use to value this property to get a mortgage) will not value the house at more than £149K. If you had to reduce the price then that will be the price that is written down on your mortgage paperwork. Many people are amazed – we can say that it is around £200K from looking at it – but if you have reduced it to less than that a RICS surveyor will NEVER write down a price above the asking price.
In this day and age of the internet the RICS surveyor uses a web application called ‘Rightmove Plus’ and this lists all the archive particulars of your house and the prices. So this is why we ask the question ‘what is the lowest price advertised in the past’ we know that a RICS surveyor will never go above the lowest price.
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We can buy your house right now, please contact us
We can give you a preliminary offer over the phone
Final offer is subject to independent RICS valuation