How much to offer on £285K house?

GemQuin

Hello,

Please can you advise:

Seen a house I want for £285k. Sold in 2003 for £210K and again in 2005 for £235K. My absolute limit is £250K. Been on the market since July. EA told me it was on sale for £325K when it first went on the market. Find this difficult to believe. I am a FTB, no chain.

How much would you offer for it in this climate and how much room for negotiation do you think I have?

(I need to buy before March for various personal reasons)

Thank you very much.
G

Jonbvn

Obviously has to be below 250k to get below the 3% stamp duty limit.

mitchaa

2005 for £235k

Dont think the market has dropped back to 2005 levels yet but i would think this was a good starting point.

Use the range from £230k upto your budget of £250k

No doubt there will be a fair few saying offer a loaf of bread and a packet of crisps as 70/80% falls are coming:rolleyes:

Realistically its not going to sell for over £250k due to the 3% stamp duty.

lethal0r

nationally the market is back to 2005 prices. what is your area doing? if it was similar I would offer a few thousand below the £235k.

just seen mitchaa's post. I believe we are back to late 2005 prices according to nationwide / halifax.

jenny74

GemQuin wrote: »

EA told me it was on sale for £325K when it first went on the market. Find this difficult to believe. I am a FTB, no chain.

G

Look on propertybee - you'll be able to see exactly what the property has been marketed for in the past.

Jenny

hethmar

Check out land registry to see what it sold for before but dont forget, they will have a limit they can drop to - they may have a huge mortgage on the place or are buying a place where they need every penny they can get.

Jenny, doesnt property bee only go back to when you first access a property? I cant get anything earlier when I do it. ourproperty.co.uk (I think thats what its called) does show you the price the property was put on for and the drops)

Peter_Simon

Try and get it for under the 3% Stamp duty threshold.

Checkout the land registry site for house price sale prices:

http://www1.landregistry.gov.uk/houseprices/

chartreuse_2

hethmar wrote: »

Jenny, doesnt property bee only go back to when you first access a property? I cant get anything earlier when I do it. ourproperty.co.uk (I think thats what its called) does show you the price the property was put on for and the drops)

IIRC, you need to tell property bee to work in a group with others, then it'll find data from when anybody doing the same first accessed it.

hethmar

Oh gawd chartreuse, that sounds a bit techi for me.

chartreuse_2

hethmar wrote: »

Oh gawd chartreuse, that sounds a bit techi for me.

It was dead easy when I did it - you just clicked "Work in a swarm" or something. I don't have PB at work, but if nobody else posts the instructions, I'll look it up when I get home.

hethmar

Blimey, work in a swarm, love it. Ill have a look. Many thanks for that. I was finding it a bit pointless to be honest if it only showed the price Id originally accessed.