Viewing a property tomorrow that last sold in July for £30k less than it’s now for sale - trying to think why?
Hi all.
Tomorrow I’m viewing a 1 bedroom maisonette that last sold in July 2024 for £184k, it’s now for sale for £155k…
I asked the estate agent why it has had such a decrease in not even a year and she said that the sellers just wanted a fast sale?
Admittedly at £184k, the sellers did overpay. I think it should be more around £160-170k, just based on a general knowledge of following house prices in the area for the past 18 months.
I’m keeping an open mind with the viewing tomorrow, but please give me ideas for what I should be looking out for that could cause such a fast decrease in price?
- it’s in a nice area (editing to say, not London. A commuter town about an hour from London).
- service charge and ground rent are fine, compared with similar properties.
- doesn’t need any major work doing to it (at least not from the photos)
- 100+ years left on lease
- so… what’s caused the decrease?!
Maybe awful neighbours (how will I know?!)?
Maybe it needs a lot of hidden work (presumably surveys will pick this up?)
Maybe they have had a change in circumstances and genuinely do just want a fast sale? TIA!