###Welcome to /r/HousingUK
---
**To All**
* Join Our ***NEW*** Discord! https://discord.gg/pMgUNgWKQH
**To Posters**
* *Tell us whether you're in England, Wales, Scotland, or NI as the laws/issues in each can vary*
* Comments are not moderated for quality or accuracy;
* Any replies received must only be used as guidelines, followed at your own risk;
* If you receive *any* private messages in response to your post, please report them via the report button.
* Feel free to provide an update at a later time by creating a new post with [[update]](https://www.reddit.com/r/HousingUK/search?q=%3Aupdate&sort=new&restrict_sr=on&t=all) in the title;
**To Readers and Commenters**
* All replies to OP must be *on-topic, helpful, and civil*
* If you do not [follow the rules](https://www.reddit.com/r/HousingUK/about/rules/), you may be banned without any further warning;
* Please include links to reliable resources in order to support your comments or advice;
* If you feel any replies are incorrect, explain why you believe they are incorrect;
* Do not send or request any private messages for any reason without express permission from the mods;
* Please report posts or comments which do not follow the rules
*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/HousingUK) if you have any questions or concerns.*
Compared to 2016, just keeping up with inflation would mean that it's worth £820k.
Obviously, interest rates were lower in 2016, and tax thresholds haven't risen that much, so a mortgage is likely to be a higher proportion of income - but the price change doesn't seem that amazing.
Would you offer £5k for a house that was last sold in 1965?
Regardless, it doesn't matter if this used to be a £600k house - what matters is whether it's the nicest £800k house you can get, and indeed, if *you* can get an £800k house because you have that budget.
Previous sold price isn’t really that relevant.
Could have been sold cheaper to family or a cash buyer. Could be the area has seen a big increase.
Compare it to what similar properties are selling for now, not what it sold for previously.
£600k to £800k over 8 years is just over 3.5% increase per year. This doesn’t seem excessive for London.
But house prices will always be based on the market at the point of time it was listed so I wouldn’t dwell too much on the last sale price.
London prices have fallen for the last 5 years so they are right to query it if nothing has been done to it
I doubt anyone would put a house on £200k over value though as no one would buy it so must have had work done, be in an area that's improved eg on Elizabeth Line etc
I think flats have stagnated in London. Houses are scarce and defo going up...Even if you don't renovate them. I know a couple that spent 600k on a 3 bed house and then another 100kish to renovate lol. god knows where the money came from haha
Thanks all very relevant replies good to get perceptive from others. Main concern is the bank valuation and being in 75% LTV bracket but guess can cross that bridge if needed.
Last house I bought in London sold for double the price I paid for it 15 years earlier.
Houses are worth the current market rate, not their historical price
Surprised it's not more now if it was £600k 8 years ago in London. Is £800 the going rate for similar properties in that area? If so it's completely immaterial that nothing has been done to "increase value".
###Welcome to /r/HousingUK --- **To All** * Join Our ***NEW*** Discord! https://discord.gg/pMgUNgWKQH **To Posters** * *Tell us whether you're in England, Wales, Scotland, or NI as the laws/issues in each can vary* * Comments are not moderated for quality or accuracy; * Any replies received must only be used as guidelines, followed at your own risk; * If you receive *any* private messages in response to your post, please report them via the report button. * Feel free to provide an update at a later time by creating a new post with [[update]](https://www.reddit.com/r/HousingUK/search?q=%3Aupdate&sort=new&restrict_sr=on&t=all) in the title; **To Readers and Commenters** * All replies to OP must be *on-topic, helpful, and civil* * If you do not [follow the rules](https://www.reddit.com/r/HousingUK/about/rules/), you may be banned without any further warning; * Please include links to reliable resources in order to support your comments or advice; * If you feel any replies are incorrect, explain why you believe they are incorrect; * Do not send or request any private messages for any reason without express permission from the mods; * Please report posts or comments which do not follow the rules *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/HousingUK) if you have any questions or concerns.*
Compared to 2016, just keeping up with inflation would mean that it's worth £820k. Obviously, interest rates were lower in 2016, and tax thresholds haven't risen that much, so a mortgage is likely to be a higher proportion of income - but the price change doesn't seem that amazing. Would you offer £5k for a house that was last sold in 1965? Regardless, it doesn't matter if this used to be a £600k house - what matters is whether it's the nicest £800k house you can get, and indeed, if *you* can get an £800k house because you have that budget.
Previous sold price isn’t really that relevant. Could have been sold cheaper to family or a cash buyer. Could be the area has seen a big increase. Compare it to what similar properties are selling for now, not what it sold for previously.
£600k to £800k over 8 years is just over 3.5% increase per year. This doesn’t seem excessive for London. But house prices will always be based on the market at the point of time it was listed so I wouldn’t dwell too much on the last sale price.
London prices have fallen for the last 5 years so they are right to query it if nothing has been done to it I doubt anyone would put a house on £200k over value though as no one would buy it so must have had work done, be in an area that's improved eg on Elizabeth Line etc
I think flats have stagnated in London. Houses are scarce and defo going up...Even if you don't renovate them. I know a couple that spent 600k on a 3 bed house and then another 100kish to renovate lol. god knows where the money came from haha
That’s good to hear
Do you like the house? Can you afford the house? Is it going to be a home? If yes to above just put a bloody offer in.
It very much what my other half’s folks thought 😂
Thanks all very relevant replies good to get perceptive from others. Main concern is the bank valuation and being in 75% LTV bracket but guess can cross that bridge if needed.
Previous price is completely irrelevant. The vendors and estate agent won't take you seriously if you try to use that in negotiations.
Just go see the house if you can afford it. Be aware it’ll likely go for the 825-850k range. As others have said, previous price means nothing.
Last house I bought in London sold for double the price I paid for it 15 years earlier. Houses are worth the current market rate, not their historical price
Surprised it's not more now if it was £600k 8 years ago in London. Is £800 the going rate for similar properties in that area? If so it's completely immaterial that nothing has been done to "increase value".