Is it fair to raise the property price by 30-40% in matter of few months?
Asked on Nov 19 2013,
House Prices in London |
Fairness has nothing to do with house prices. The issue is whether you will find a buyer, and the answer is It depends. If you have made substantial improvements to a property or, if you bought it at a massive discount to the market value then yes. It seems very unlikely. Ultimately you should value the property based on what is in front of you, not on the basis of the previous purchase price.
Answered on Nov 25 2013,
I notice that your question is linked to the London section of the website, so I'm assuming here that you are talking about a property for sale in London?
If so it complicates an issue like this one. London is essentially a micro-market all on its own and property prices there swell at rates that would never be dreamed of across the Uk as a whole.
You also have to remember as well that property is an asset and its value is mostly subjective and relative to demand. In the last few months, demand for properties - particularly in London - has gone up time and again.
And with the supply of new homes coming to the market remaining very low, it means there is now a much higher level of competition for each and every home that comes to the market, which of course pushes property prices much higher.
Answered on Nov 28 2013,
Didn't find what you were looking for? Ask a question
More House Prices in London questions on AskMe
See more AskMe Q&A about House Prices