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A property priced offers over £2450000 was bought for £190000 in 05 and it now has a Zoopla value of £170000. This sale price seems ridiculous considering they have not spent this amount of money on the property in this time. Values have gone down not up haven’t they? How come agents price property at this incredible high value when there are larger properties for sale at lower prices? It could be greed on the owner’s part, but if I was interested in the property I would have to offer blow the price which states offers over, which is off-putting. My main question is why is property being valued far beyond what it would have been valued at in 06-07 when we are in a falling market? Nobody wants to be in negative equity, mortgage companies will look at the true value, not a value plucked from a greedy house owner or estate agent. This offers over business is really off-putting.

Asked on Oct 4 2012, House Prices in Preston | Report content

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  • Depending on the area, some areas in London have increased 20% in the last 12 months. Asking prices are usually set by the vendor, although we always give a guide on the price the property should be on the market for. It could be the owner has taken out secured lending and can’t afford to sell it for anything less, it could be as you say the agent has over valued it, or just that the owner has set their own price.

    Answered on Oct 4 2012, Report content
  • Unless this property has been massively extended or was bought under value, it is overpriced. Preston prices have fallen over the past few years, like a lot of the north west has. Offers over 245k is trying to get upwards of 250k just under the next stamp duty threshold. To be honest they are trying to make 60k, this is massive greed on the vendor’s part, probably polished by the agent. A property is worth what you are willing to pay, but in this market you would be crazy to pay so much over value, because if you needed to sell it in the near future, you would be looking at a loss. I doubt a mortgage company would value it anywhere near what they are asking if they only paid 190k. We are down to 2004 prices, where agents get these figures from is anyone’s guess. Perhaps they are not that keen to sell! We are selling a 4 bed detached house in Preston, and it is a nicer part in our opinion, we are not asking for as much and can’t sell at the moment, so how an overpriced property will sell is mind boggling.

    Answered on Oct 5 2012, Report content

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