| Comment | It's not so much the property prices which are out of control - markets dictate prices based on supply and demand - its the home report system.
Case in point: a house across the street from me sold for £253k in May (home report value was £215k. That's 18% over and it was bog standard with all the original fixtures and fittings). Now when we listed our house, even though our house has an extra bedroom, a larger south facing plot and has been extensively renovated inside to a high standard, the surveyor wouldn't budge above £235k.
Two weeks later we have sold our house for £284k at closing which is 20% above HR.
How the hell is a first time buyer got any chance when the prices are so artificially-fixed low?
If the home report was a more sensible £260k then it probably wouldn't have gone 20% above and therefore FTBs would have had a hoping chance. |
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