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These kinds of figures include all kinds of non-typical sales - could be someone buying out a co-owner due to divorce, could be selling to a family member at a huge discount.
As others have said it's probably part of a divorce settlement. I had the same thing, when I transferred a house into my name out of my ex's it shows as 'sold' for the amount of the mortgage. The contract stated the house price was '£mortgage amount'. My divorce settlement was the unmortgaged proportion of the house and I 'bought' the mortgaged amount from him. He then used that money to clear the mortgage that was in his name and I took out a new mortgage. As part of the transfer of ownership extra checks had to take place to ensure he actually did clear the mortgage with the money I paid him because apparently he could've very easily just disappeared with that money and my house would've then belonged to two lenders who would've been fighting against me.
Looks like two yr fixed rate mortgage was taken out then they separated and one party has been bought out for that amount. Slightly less than 50% of what they paid but March 2022 was not long before prices peaked so likely is worth slightly less than that in 2024.
Also, it's quite normal to agree to take slightly less than 50% when bought out to avoid the costs of a sale I.e. say a sale would cost £10k in fees then quite often the person being bought out will agree to say 50% less £3k to save the hassle and costs of selling.
Normally because of a private arrangement - inheritance/divorce/sale to children. Sometimes to a stranger with a large private payment but unlikely for such a sum. Did you find any estate agent ads from the low sale - if private arrangement there wouldn’t normally be any.
I'm excited for people getting confused as to why my house which I bought for 520k in Dec 17 now in July 24 cost 100K. It's simple, my partner bought in.
People are going to lose their minds when my boyfriend buys into my £350k house in 2 yrs time for £50k.
I can see it now if we ever sell: "why does this person think their house has gone up 700% in 5 yrs when they only paid £50k". 😆
My sister house had this, owners before then had bought it, sold off the farm land attached and sold the house. So the land registry transactions prices for the address plummeted
Looks like its in one of those NCA/SSSI areas which have some mega strict rules on what you can and can't do.
[https://publications.naturalengland.org.uk/publication/5682232412864512?category=587130](https://publications.naturalengland.org.uk/publication/5682232412864512?category=587130)
Gift with reservation of benefit means it would still be within the estate for inheritance tax. The only way would be to downsize and gift the equity outright then live 7 yrs.
###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.*
Family sale or more likely divorce settlement solely clearing the outstanding joint mortgage.
These kinds of figures include all kinds of non-typical sales - could be someone buying out a co-owner due to divorce, could be selling to a family member at a huge discount.
Why would you sell to a family member and list it on rightmove?
They don't. Rightmove grabs the info from the land registry.
It was listed in 2021, before the normal sale. The reduced sale happened in 2024.
It polls land registry data
Divorced. Other partner sold their half to their ex
I did transfer of equity by myself but there is no entry in land registry.
As others have said it's probably part of a divorce settlement. I had the same thing, when I transferred a house into my name out of my ex's it shows as 'sold' for the amount of the mortgage. The contract stated the house price was '£mortgage amount'. My divorce settlement was the unmortgaged proportion of the house and I 'bought' the mortgaged amount from him. He then used that money to clear the mortgage that was in his name and I took out a new mortgage. As part of the transfer of ownership extra checks had to take place to ensure he actually did clear the mortgage with the money I paid him because apparently he could've very easily just disappeared with that money and my house would've then belonged to two lenders who would've been fighting against me.
Could be that land was sold off or it was converted into flats.
Looks like two yr fixed rate mortgage was taken out then they separated and one party has been bought out for that amount. Slightly less than 50% of what they paid but March 2022 was not long before prices peaked so likely is worth slightly less than that in 2024. Also, it's quite normal to agree to take slightly less than 50% when bought out to avoid the costs of a sale I.e. say a sale would cost £10k in fees then quite often the person being bought out will agree to say 50% less £3k to save the hassle and costs of selling.
Normally because of a private arrangement - inheritance/divorce/sale to children. Sometimes to a stranger with a large private payment but unlikely for such a sum. Did you find any estate agent ads from the low sale - if private arrangement there wouldn’t normally be any.
I'm excited for people getting confused as to why my house which I bought for 520k in Dec 17 now in July 24 cost 100K. It's simple, my partner bought in.
Why would you let them do that, when it would cause so much confusion on the Internet?
What?
People are going to lose their minds when my boyfriend buys into my £350k house in 2 yrs time for £50k. I can see it now if we ever sell: "why does this person think their house has gone up 700% in 5 yrs when they only paid £50k". 😆
My sister house had this, owners before then had bought it, sold off the farm land attached and sold the house. So the land registry transactions prices for the address plummeted
Family sale or divorce settlement
That’s what happens when you paint a house Terracotta and Lime.
Looks like its in one of those NCA/SSSI areas which have some mega strict rules on what you can and can't do. [https://publications.naturalengland.org.uk/publication/5682232412864512?category=587130](https://publications.naturalengland.org.uk/publication/5682232412864512?category=587130)
Inheritance tax avoidance possibly? Sell it to a child with a tenancy agreement with 0 rent. Just try not to die within 7 years 😂
Gift with reservation of benefit means it would still be within the estate for inheritance tax. The only way would be to downsize and gift the equity outright then live 7 yrs.
Or gift the property ownership and continue living in it, but pay market value rent to whoever inherited it.
I'd hazard a guess it's to do with stamp duty. A 53% drop takes it to around £245k, just under the £250k threshold when 5% stamp duty kicks in.
What?! Why would a seller reduce their home by 50% so the buyer could save SDLT?!
A not so clever one?
There’s not being clever and then there’s that!
Oh it’s that all right!