How do I understand the house prices in an area if too few houses are sold there recently?
We value properties as part of our business all the time. The first thing is to do as you have and use the likes of hometrack to identify historic properties. The second is to log on to Rightmove and do a 1/2 mile serach and then a 1 mile search, this will give a feel for comparables. You will need to go through checking the particulars. Next, use Thomson local to identify local estate agents and just give them a quick call and ask to talk to the valuer to discuss pricing around the area and also to understand whether properties on the street are similar or whether the prices vary considerably because the layout of the houses are different. Sometimes you can be looking at a street of Terraces and still the prices differ because some may have done a kitchen extension etc… You need this type of knowledge to supplement the pure on-line facts.
Hi i suggest trying ispy property.com it gives you the price of the houses in and around the area that have sold recently also the amount paid and how many propertys are owned and how many rented, or you could always have your own survey done before you buy and remenber you are only making a suggested offer until mortgage completion the possiblilty of a large company like a bank taking on a property that is over priced is very unlikely. Good luck.
