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Property values in Leominster

Hi I have been looking at properties in Leominster and 7 Longfield Way in particular. I wondered what the reason might be for it having been last sold in 2008 at £135,000 and now its current value as around £133,000? Its asking price is £149,000. Any help you could give me would be greatly appreciated.

Asked on Feb 9 2014, House Prices in Leominster | Report content

Answers (1)

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  • Property valuation is likely to be lower now than it was in 2008, largely because this is when the financial crisis really damaged the property market. The economy took a large hit, and property prices across the country tumbled. Although they have been recovering ever since 2008, prices still remain between 15 and 25 per cent lower than they were at their peak before this issue damaged them. If your home was sold just before this took place, then it's entirely possible that this is why the value is lower now than it was in 2008. It will still be higher than it has been at any time in the past four years at the moment, however. In terms of asking prices, demand at the moment is red hot, and there are a very high number of people chasing every property that comes to market. Remember that property is a commodity as well, and as such, it is worth what people are willing to pay, so at the moment, many sellers are able to inflate their asking prices, which is why these are often higher than the valuation you may see. Many thanks, Scott

    Answered on Feb 25 2014, Report content

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