Trying to apply "science" to price of our flat

[PaulStat]

Hi Folks,

When I say science I mean that term very loosely as I'm aware ultimately the price of a property is as much as someone is prepared to pay for it. But I'm trying to gauge whether we've listed our 2 double bed garden flat with parking at a sensible price (£240k).

Sooo I've gone on to right move found 5 two double flats without gardens or parking within 1/4 a mile of us and calculated that on average they are listed at £331 per square foot, ours is 660 square feet so thats £218.5k. Now according to this report, parking adds 6.5% to the value so that takes it up to ~ £233k.

I can't find a similar report about how much value a garden adds to a property, but I reckon we're not far off with the price we've listed it at..... maybe

And yes I know you can get decent size houses in other parts of the country for under 200k but this is central Bristol and very expensive, which is why to get a decent house we're having to move 10 miles out of town.

So does my "science" work?

 

[PaulStat]

^ well no probably not but all example properties I looked at were very close indeed to mine, one even just across the street

 

[PaulStat]

Are you trying to justify what you have it up for because it's not selling? or are you deciding what to put it up for or what you'd take for it, in my area (West / East Sussex) so few houses are up for sale that they don't hang around and very little if any price reduction has happened, flats on the other hand that's a different story.

nope recently reduced the price fairly drastically as the EA had originally told us to put it on at 256k, whereas others had said you'd be lucky to get 220k. So I decided to dig deeper as 256 was obviously too high but I thought 220 was quite pessimistic.