I’ve just found a wonderful website called Zoopla! Aside from having a fantastic name, Zoopla allows you to find out the “real” value of any property in the UK based on the latest price paid, taking account of local changes in value for similar sizes and types of property. We are in the midst of trying to buy a house in Norfolk and working our what properties are actually worth at the moment is very difficult. (This would matter even more if we could actually find something we had any wish to buy!)
I’ve checked a few properties that we had considered and dismissed and so far the valuations do seem to reflect my understanding of the market, whereas the prices being asked range from the reasonable to the staggeringly optimistic. One property we looked at has just increased its price by £50,000 to £300,000. If they couldn’t sell it for six months at £250,000, one wonders why they think that it will sell at £300,000? Zoopla reckons it is worth £210,000, which seems about right to me.
If you are nosy by nature, you could spend hours on this website. Be warned.
I wonder how often Zoopla reassess its prices based on the economic climate.