I don't know about Bristol, but Bath is very beautiful/desirable and is a nice place to live hence the prices.
Trying to apply "science" to price of our flat
- Thread starter PaulStat
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I don't know about Bristol, but Bath is very beautiful/desirable and is a nice place to live hence the prices.
Soldato
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House prices around here are ridiculous, 3 bedroom house is upwards of £250k in an average location and in average condition.
Bristol is generally good for well paid jobs- Rolls-Royce, Airbus, BAE Systems, Hewlett-Packard, Ministry of Defence, AXA, Lloyds TSB, RBS, Network Rail, Aviva, Bank of Ireland and lots of other high-net value manufacturers, IT companies and financial services all have a major presence in or around Bristol.
I know quite a few people who have moved to Bristol. There's a lot going on there, both in terms of jobs and social scene. In fact I'd say outside of London it is probably one of the most 'happening' towns in the South.
Anyway back to the OP, another bit of science you can apply is look at price you paid for it, then research how much prices have gone up or down in your area since you bought it. Weight it a bit depending on any work you've had done to the property (bearing in mind that in some cases redecoration or changing the use of rooms might lower the value!). Nationwide has a tool you can use for this, although obviously take with a pinch of salt as the geographic areas are very broad:
A property located in Outer South East which was valued at £235000 in Q4 of 2008, would be worth approximately £249366 in Q1 of 2011.
Finally one thing to bear in mind is that some people will set themselves budgets in round numbers, especially at stamp duty thresholds like £250k. Couple this with the typical bandings you see on property websites (incremenets of £10k or more) and setting a price of say £255k could cause you trouble. This is because some people will just dismiss it out of hand, set a max search criteria of £250k and so won't even look at your property even if it is much better than other properties on at £250k or less.
So for example my property mentioned above should be worth just under £250k, we have done some minor work, landscaped garden etc but I still wouldn't put it on the market at over £250k, might go for a fixed price at least initially if you are worried about too many chancers putting in silly offers.
Anyway back to the OP, another bit of science you can apply is look at price you paid for it, then research how much prices have gone up or down in your area since you bought it. Weight it a bit depending on any work you've had done to the property (bearing in mind that in some cases redecoration or changing the use of rooms might lower the value!). Nationwide has a tool you can use for this, although obviously take with a pinch of salt as the geographic areas are very broad:
A property located in Outer South East which was valued at £235000 in Q4 of 2008, would be worth approximately £249366 in Q1 of 2011.
Finally one thing to bear in mind is that some people will set themselves budgets in round numbers, especially at stamp duty thresholds like £250k. Couple this with the typical bandings you see on property websites (incremenets of £10k or more) and setting a price of say £255k could cause you trouble. This is because some people will just dismiss it out of hand, set a max search criteria of £250k and so won't even look at your property even if it is much better than other properties on at £250k or less.
So for example my property mentioned above should be worth just under £250k, we have done some minor work, landscaped garden etc but I still wouldn't put it on the market at over £250k, might go for a fixed price at least initially if you are worried about too many chancers putting in silly offers.
In my current area you can get a relatively new build five bedroom detached house with three bedrooms for £190k, and this isn't unusual.
http://www.rightmove.co.uk/property-for-sale/property-26744500.html
This is what that'll get you in Cambridge - I really hadn't got an idea about how much cheaper houses were in the rest of the country.
I saw a small terraced house in an area of Cambridge I wouldn't consider that desirable listed at £300k the other day. Utter madness.
There are still deals to be had, my mum got her house just off Chesterton Rd for £195k, she has admittedly had to spend a fair bit on it, but still well under 250k she's paid
Your listed price can be fairly flexible, I'd be more interested in what you expect it to actually sell for, they're the much more useful figures to know. You can check back over the land registry figures to see how much flats similar to yours have sold for
that would be £70-80k around here
WowI might move to Sutton-in-Ashfield
oh hang on
Aye, tip for anyone considering it- think long and hard (and then don't bother!)
Cambridge prices are silly, but with an average wage of over £30,000/year and great prospects it's not too difficult to see why. I've read different figures but the average wage in Ashfield (the district Sutton is in) is around £19,000-£20,000, quite a bit below the UK average. A lot are on less than that, the median is probably lower.
Average house price in Ashfield is £122,710:
http://news.bbc.co.uk/1/shared/spl/hi/in_depth/uk_house_prices/html/37ub.stm
According to the same site, the average is Cambridge is £326,903! So even considering the much higher salaries as greater desirability, affordability is a lot lower.
If you can get a well paid job in my area (chances are you'd have to commute a reasonable distance for it but road links are good) then you're laughing because the cost of living is very low.
I've just got myself a new job but I'm having to move to Gloucestershire for it as there were no opportunities for me in Notts (or the East Midlands/Yorkshire in general).