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I think as people become more aware of property value search websites, this problem may start to disappear.There are sites now that will show, not only the asking price, but also the sold price as well.I bet the estate agents hate them.When this information was not available it could depend on where the buyer was from as to what price they were prepared to pay for a property, as if you live in London, prices for a 3 bed terrace for £90,000+ is not a rip off, whereas if you are from the area you know this is unrealistic.There are a couple of 3 bed terrace houses near me that went for £89,000 and £101,000 around 3 years ago, looking at those sites now the average selling price is £55,000 to £65,000, anyone doing a bit or research before buying can now find the truth rather than relying on the word of an estate agent.
I just tried the mortgage calculator link above.I put in that I earned 35k and my wife earns 20k, then i put in I hadd 100,000 deposit. It said i could get 165000.?? not good if you want a decent home in my village, or up the dale...I thought it was 3 x my wage plus her wage plus the deposit. Must have changed coz that would be 225k