Topic ID 4807
£325K for a 2 bed on Railway Place on with Churchills. Madness or realistic?
Reply ID 68725
Madness .... but its simple supply and demand at work. Terraced or detached? Does it have options to extend; this might be pushing up the price.
Reply ID 68726
Just called the agent who said the price is based on what a 3 bedroom house would achieve as 'with internal reconstruction' there would be room to build a small 3rd bedroom. Couldn't help but point out that its not a 3 bedroom house at the moment though. He suggested it would only cost another £40-50k to make the required alterations. I just don't get the Hertford property market! Its on rightmove if anyone wants to grab the link -i'm not PC literate enough to not supply you all with a massive long link to it!
Reply ID 68729
quote:selling a two bed as a possible three bed... eh? Making the final price £365. For a three bed. Are they mad?
Originally posted by Tiny
Just called the agent who said the price is based on what a 3 bedroom house would achieve as 'with internal reconstruction' there would be room to build a small 3rd bedroom. Couldn't help but point out that its not a 3 bedroom house at the moment though. He suggested it would only cost another £40-50k to make the required alterations. I just don't get the Hertford property market! Its on rightmove if anyone wants to grab the link -i'm not PC literate enough to not supply you all with a massive long link to it!
Reply ID 68732
http://www.churchills.uk.com/viewproperty.asp?lc=4&pt=5&mi=0&ma=750000&adid=200010585 Wonder where they think you can squeeze a 3rd bedroom in?
Reply ID 68733
"With a little bit of physics knowledge, you could build a door in this here wall, put a wormhole on the other side, so you possibly have a 24 bedroomed house."
Reply ID 68734
quote:You should have countered by extending his own argument, that for much less than £40-50k you could knock through the walls rendering it a one bedroom house.
Originally posted by Tiny
Just called the agent who said the price is based on what a 3 bedroom house would achieve as 'with internal reconstruction' there would be room to build a small 3rd bedroom. Couldn't help but point out that its not a 3 bedroom house at the moment though. He suggested it would only cost another £40-50k to make the required alterations. I just don't get the Hertford property market! Its on rightmove if anyone wants to grab the link -i'm not PC literate enough to not supply you all with a massive long link to it!
Reply ID 68736
Cellar? Turn that into a bedroom?
Reply ID 68741
The terrible parking permit scenario down that road must add some value ?
Reply ID 68744
That is a joke. So for 365k you can buy a 3 bed. But hey, buy this 2 bed for 40-50k less, spend the 40-50k making it 3 bed and then sell it for less that the money you have spent! The Estate Agents in Hertford are after trying to push the market but it's not going to happen. If you have the cash it's a buyers market not a sellers. If everyone got some perspective they would be able to bring prices down. The sad truth is that people are desperate to buy so prices are unrealistic. For me my house is nicer (inside) than that house and it's a 3 bed but I would never expect to get anywhere 325k for it.
Reply ID 68746
Just had a look at the houseprices index and see they paid £250 for it December 2008. I think they must be one of those annoying people that put their house on the market with a view to only selling if they get a stupid price for it...wasting everyones time in my opinion.
Reply ID 68748
If they paid that price then they have ripped the place out and done a complete refit. Hence the higher value. To be fair £325k for a 2 bed house is stupid. If you are a young couple planning a family you aren't going to buy a 2 bed as you'll want the extra room. Isn't that almost £10,000 in stamp as well?
Reply ID 68749
From Rightmove: [url="http://www.rightmove.co.uk/property-for-sale/property-23773261.html?minPrice=300000&maxPrice=350000&pageNumber=2&fromSummary=true&backToListURL=%2Fproperty-for-sale%2FHertford.html%3FminPrice%3D300000%26maxPrice%3D350000%26index%3D10"]£325,000 2 bedroom semi-detached house for sale Railway Place, Hertford[/url] (same as the Churchill's listing I think)
Reply ID 68750
It looks a lovely house from outside but £325k for a 2 bed house is very expensive. People will pay it though I'm sure. Not to be over critical as I think the house looks nice but the living room is a through room to the kitchen.
Reply ID 68752
http://www.zoopla.co.uk/house-prices/SG13-7BS/?q=SG13%207BS This is what the neigbouring properties have sold for in the last 3 years. Dec 2008 11 Railway Place, Hertford SG13 7BS See all house prices in SG13 7BS Terraced, Freehold, 2 Beds, 1 Baths, 2 Receps - Edit £250,000 8th Sep 2008 9 Railway Place, Hertford SG13 7BS See all house prices in SG13 7BS Terraced, Freehold, -- Beds, -- Baths, -- Receps - Edit £230,000 15th Aug 2008 8 Railway Place, Hertford SG13 7BS See all house prices in SG13 7BS Terraced, Freehold, -- Beds, -- Baths, -- Receps - Edit £325,000 27th Sep 2007 20 Railway Place, Hertford SG13 7BS See all house prices in SG13 7BS Terraced, Freehold, -- Beds, -- Baths, -- Receps - Edit £250,000 23rd Feb 2007 27 Railway Place, Hertford SG13 7BS See all house prices in SG13 7BS Semi-detached, Freehold, 2 Beds, 1 Baths, 2 Receps - Edit £248,000
Reply ID 68753
And i thought property prices has dropped to 2007 prices..... To be fair you can buy a house in temple court bengeo, 3 bed for £275k. It's a bigger property as well. Guess its not period or in a prime location.
Reply ID 68833
been told by estate agent that asking price has been offered and may go to sealed bids. How on earth is this going to get through a survey or have prices now gone up in Hertford to more than ever before. Going to be even tougher to move if this is the case....
Reply ID 68834
quote:What's the problem with a survey? Are you aware of some major structural defect?
Originally posted by Tiny
been told by estate agent that asking price has been offered and may go to sealed bids. How on earth is this going to get through a survey or have prices now gone up in Hertford to more than ever before. Going to be even tougher to move if this is the case....
Reply ID 68835
I think Tinys point is that it wont pass a valuation for the purposes of a mortgage - not that it would fail a survey for practical reasons.
Reply ID 68837
quote:That would depend on how much is being mortgaged though. Not so much a matter of the property "passing", but the purchaser being realistic about their level of borrowing.
Originally posted by codek2
I think Tinys point is that it wont pass a valuation for the purposes of a mortgage - not that it would fail a survey for practical reasons.
Reply ID 68842
Each to their own, but IMO anyone who mortgages themselves up to the neck for that place is a fool...
Reply ID 68846
Sorry, my point was that the banks are being wary with lending and we have found that lenders are not so willing to just accept the price because of what people are prepared to pay and are looking at what they were worth in the peak and how many similar properties have been sold for that price in the area. Which is why some of these 2 beds keep coming on and off the market.
Reply ID 68868
quote:Certainly lenders are less likely to take future value into account and within every mortgage valuation is an assessment of market trend (rising/falling/static). We are in the "peak", though most surveyors state a cautious "static" in this sector. Top and bottom of the market has fallen off a bit, but these remain sought after. The on/off market effect is often caused by difficulty in completing, because of the problems with finding reliable buyers for the first property in the chain. A lot attempts to hold the chain to ransom going on too. Sharp practice has become the norm, but rarely achieves anything but a string of angry, disappointed families and a property which needs re-marketing.[V]
Originally posted by Tiny
Sorry, my point was that the banks are being wary with lending and we have found that lenders are not so willing to just accept the price because of what people are prepared to pay and are looking at what they were worth in the peak and how many similar properties have been sold for that price in the area. Which is why some of these 2 beds keep coming on and off the market.
Reply ID 68869
quote:I am a solicitor, who as part of my work, undertakes repossessions. I have several friends who are surveyors for well know lenders. I have no idea what you are on abut in respect of lenders taking into account future valuations. All lenders are bothered about and being honest, all they will ever be bothered about, is whether the drawdown that their borrower takes is secured by their security- hence the term, security. Future values are irrelevant - otherwise they would never have given 100% mortgages at the top of the market in 2007. If the lenders got it right in the first place, many of them would have just pressed on over the last 18 months and repossessed. As it is, they don't want to crystallize their losses - which is why that Railway place property (unless there is about a 60% LTV) is poor security to those who lend to borrowers with a modest deposit. Property values are still toppy, especially in places such as Hertford. Take it from someone at the sharp end - we ain't reached the bottom yet....
Originally posted by shuntquote:Certainly lenders are less likely to take future value into account and within every mortgage valuation is an assessment of market trend (rising/falling/static). We are in the "peak", though most surveyors state a cautious "static" in this sector. Top and bottom of the market has fallen off a bit, but these remain sought after. The on/off market effect is often caused by difficulty in completing, because of the problems with finding reliable buyers for the first property in the chain. A lot attempts to hold the chain to ransom going on too. Sharp practice has become the norm, but rarely achieves anything but a string of angry, disappointed families and a property which needs re-marketing.[V]
Originally posted by Tiny
Sorry, my point was that the banks are being wary with lending and we have found that lenders are not so willing to just accept the price because of what people are prepared to pay and are looking at what they were worth in the peak and how many similar properties have been sold for that price in the area. Which is why some of these 2 beds keep coming on and off the market.
Reply ID 68874
Whilst I agree that a sizeable deposit is often required for such a purchase now, the reason for it not being the case in 2007 was that commercial lending to high street mortgage providers was driven by the assumption that inflation would quickly fill the gap between the loan value and any subsequent hurried disposal price. Those 100% mortgages were not given with the expectation of a rise in risk, or a fall in values and much of the problems we have at the moment is that rising risk can not be traded. As a home, for the next ten years or so, this might make a sensible purchase, even if it isn't wise in the short term, if viewed purely as a monetary investment. That said, this type of house, already in short supply, is unlikely to become less desirable over the next decade.
Reply ID 69101
Had a look at this at the weekend, as we are in the market for a 2 bed near the station and thought hey ho they might take an offer. So just in case your interested, it really does not warrant the price tag - the bedroom upstairs is not big enough to make into 2 in any way shape or form. The basement needs to be fitted out to not be a damp cellar and instead a useful room, although the ceiling is very low. It needs a new bathroom and replastering around the windows, which have been newly double glazed. Plus found out they are not open to any offers. So back to the drawing board.
Reply ID 69172
Hertford seem to be full of overpriced 2 bed at the moment.. £300k at Wilton Crescent - not close to station and 2 sold for £250k in 2007 around there ?! Those at Bengeo street are around £280k, and I thought Bengeo is supposed to be better location. I must be missing something.. Still got a lot to learn about where the trouble spot are in Hertford I guess !!
Reply ID 71729
I see this is still on for £320k (only dropped £5k)- so much for the sealed bids in October due to the demand for this over priced property, estate agents, who'd trust'em!
Reply ID 71734
Ha! Makes me laugh. The 2 bed in Byde St that has just come on the market is probably better value. Property prices in town are a joke currently - £775k for a house backing onto Gascoyne Way, come on. Don't get me wrong its a lovely house but you'd be able to get a lovely house in Church Rd for that and you wouldn't have to put up with lorrys driving past your windows 24hrs a day and drunken revellers walking home after a night out....
Reply ID 72275
Sold for £310K apparently after a bidding war.
Reply ID 72290
Bidding war. I do love Estate agent speak... Just seen a house come on the market in Rib Vale which is nice for £385k but as it's set for an 'open day' the chances are that it will sell for in excess of £400k.. Prices people like me out of the market straight away.
Reply ID 72297
quote:....mmmm a bidding war but still sold for £10k less than marketed. I agree something wrong with the terminology used! [:D]
Originally posted by Tiny
Sold for £310K apparently after a bidding war.