Why would a House sell for less than half market value?

[patrickjd]

A house near us sold recently without ever erecting a For Sale sign. There was no advertising at all. It just appeared on property price register as sold. It said "Not Full Market Price:NO". However the quoted selling price is less than half the actual market value of these houses. Unless this is a reporting mistake how could this have come to be?

 

[elcato]

Chances are it has have structural damage such as rising damp, foundation problems or our old friend pyrite. The fact that it states it means they have found something that needs money to fix.

 

[cremeegg]

I dont believe that this is what the "not full market price" tag on the psra website means. As I understand it it reflects a sale often within a family where a house was transferred at below value. That would explain the no for sale sign

After all a pyrite house could indeed be sold for a lot less than a similar unaffected house and still be at "full market price"

 

[Palerider]

I know of a property that shows on the ppr at 45k less than what it sold for, I know the owner, he accepted cash, and picked his buyer with that in mind, the price looks ridiculous on the ppr when you do any sort of comparison.

 

[Setanta12]

Could a share in the property have been sold? Couple split up?

 

[Gordon Gekko]

I think that they use the stamp duty figure, which can be suppressed by something like a right of residence.

 

[johnny1234]

Could be a favour from somebody in the know !

 

[Leo]

If it's marked on the register as 'Not Full Market Price,' then something like the Affordable Homes Scheme or a retained interest as suggested by Gordon is at play. The cases where someone sells to a friend/ family member and accepts an off-the-record lump sum will not show with this designation.

 

[dub_nerd]

Just to point out, the OP said the PPR entry was "Not Full Market Price:NO". That dopy double negative is the PPR's standard way of saying "Full Market Price: YES". In other words, full market price was allegedly paid.

 

[Leo]

Just to point out, the OP said the PPR entry was "Not Full Market Price:NO". That dopy double negative is the PPR's standard way of saying "Full Market Price: YES". In other words, full market price was allegedly paid.

Good spot!!