Today the price of my house dropped in value, it also increased in value and then dropped again; that’s what you get for going through your social media feeds and I am sure tomorrow will bring more elation/depression. Three separate posts, each one pointing out what is happening with property prices, all differ, but which one is right?
House prices can be set into a few categories:
This list is very basic and whilst there are many more points to consider, I think these will help you understand why I said “None”.
Location: Unless each of these reports were conducted up and down the length of the country it will be area specific and will not take into account locations that are being upgraded with new ‘A’ roads, housing developments or shopping areas – all of these which increase the value of surrounding areas.
Style: Values differ greatly depending on the type of property you have, a ‘chocolate box’ cottage, a Georgian home, modern house or Victorian home and then there are Detached, Semi-detached and terraced versions to consider – again each report can not have taken into account the varying styles of properties available and the prices that they can command.
Size: If you could some how manage to bring together 10 properties with exactly the same square footage, the chances are no two would be the same. Conservatories go up, walls come down and lofts get converted all of which change the value of your home – to that end you can’t even do research on the same street.
One of the reports was based on the findings of a mortgage company, due to the reduction of their mortgages sold; it suggested that prices were coming down to make the market active again. I donned my deerstalker and investigated … the result, it is fair to say, did not surprise me… they did not have the cheapest mortgage rate on the market!
Your home is individual, the area you live is different from any other and so is the market place, don’t let the naysayers bring you down! (unless they say it’s gone up, in which case disregard everything and crack open the champagne!)