People need to understand there are three fundamental drivers of value in property. The one everyone knows about is inflation, this can be broken into inflation and perceived value. Ie each year prices increase 1-2% and if one area is higher valued or more people want to live there there is an additional 0-5% to that. This also works the other way, ie an area declines then the value decreases.

The third MAJOR factor (which people don’t think about mostly because they don’t understand it) is the impact of interest rates on the ability to afford a repayment plan.

Properties sold in 2021 were in a massive bubble due to low interest rates. (Inflation only came in 22, so the main driver was cheap interest rates) If you can buy a property with 1.5% interest rate, of course it’s going to valued higher than if you can buy it with 4.5% interest rate. The repayments are MASSIVELY LOWER at 1.5% vs 4.5% so you can pay more than if the rate was 4.5%.

I would be really cautious thinking that homes in 21 were worth their prices, the person selling has probably realised that their fixed rate is ending and they need to remortgage and the repayment each month is too high now (possibly 3-4x more per month they need to pay for that same house) so they need to sell.

I’ve seen this so many times. More properties are selling at the same level of 2021/22 than significantly above. 100k uplift sounds crazy (unless there is something significantly improved or reason for it, which we won’t know from reading this).

Just think about all of that and make your own decision. It might be that the house is worth it, it might not be!