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the people opposite me are moving

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A for sale sign is up on the house opposite mine, so of course I’ve checked it out at the agents to see what its on for and to nose at pictures of the inside.

Its on at £10K more than my house was, which is easily accounted for by the decorative state of the property (mine needed redecorating, a new kitchen and a new bathroom) and the size of the garden (they actually have one, whereas mine is *compact*). Its got almost identical living space to my house and the pictures of their fireplace have given me some ideas for mine.

What’s interesting to me, is that before I bought I had the perception that house prices in the area had been quite stable for a while. Using the wonderful houseprices website, I was able to find out how much they paid for it three years ago. If they sell for the asking price (which is unlikely), they’ll have made a 20% profit in three years - this looks quite good. But that only works out to be an annual rise of 6.5% a year. Given that there is a widespread belief that prices have risen massively over the last couple of years, that’s actually not such a big increase (between 2001 and 2004, similar properties showed a 26% annual price rise).

I may actually have bought at an alright time.

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One comment for “the people opposite me are moving”

  1. It’s shocking, every day another report is saying that house prices are going down, staying static, however, we’ve seen them go up in certain areas in London.

    I should be too worried about the prices of the houses near you, I’d only look at them if you need to sell.

    The thing is that people look at the notional value of their property and think they’re well off and then spend more and save less. Try not to look at the value of your property and just look at your income? If people did this more then they’d probably sleep more safely at night?

    Posted by Chard Estate Agents | August 12, 2008, 1:10 pm

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