looking for my first home

downs523

me and my partner are looking to buy our first home within the next 3-4 months. im due out the army then and we need a place. i have seen a few houses on rightmove.co.uk so far.

particulary this one here:
http://www.rightmove.co.uk/property-for-sale/property-10970673.html?backToListURL=%2Fuser%2Fshortlist.html%3Ftype%3DBUYING

looking at the price how much would you recommend me offering if i decided to go ahead with it? i know in this climate its really hard to sell so how much do ppl knock off the asking price??

any info of the first steps greatly appreciated.

poppysarah

How much deposit you got saved? How much mortgage can you get?

LisaLou1982

Hiya

Theres no set rule as to how much a house is worth - its worth as much as the buyer wants to pay for it and the seller wants to accept for it!

Take a look at other houses around the area and decide for yourself how much you feel each one is worth. There are a lot of people on here who are very negative and/or think all prices are back to 200x prices. Thats a load of rubbish. Its not an exact science

Each property depends on several factors - the first most important being, how much do YOU think its worth. Make the decision as to how much you would be happy to pay for it and then make an offer. If its not worth that price then it will get downvalued by the mortgage lender.

downs523

poppysarah wrote: »

How much deposit you got saved? How much mortgage can you get?

done with the mortgage calc on halifax its showing 158,000.
at the moment we have 14,000 saved. predicting we will have 20,000 when we buy if all goes to plan

LondonSurgeon

Do you know the house number?
THen you can value the house more closely....
via ourproprty.co.uk and zoopla

if you post it here I can look it up for you

LilacPixie

downs523 wrote: »

done with the mortgage calc on halifax its showing 158,000.
at the moment we have 14,000 saved. predicting we will have 20,000 when we buy if all goes to plan

I think most banks are looking at a 15% deposit as a minimum. With a 20 deposit you would be looking at an 85% ltv mortgage of around 130k plus your deposit and that doesn't allow for fees, moving costs etc.

In reality IMO you should be looking to pay 130 -140k for your next home as a maximum.

Cannon_Fodder

?

http://www.rightmove.co.uk/property-for-sale/property-18920575.html?pageNumber=7&backToListURL=%2Fproperty-for-sale%2Ffind.html%3FlocationIdentifier%3DPOSTCODE%255E3966677%26radius%3D0.25%26index%3D60&locationIdentifier=POSTCODE^3966677&radius=0.25

bob79

The internet contains a lot of information that can help you, but of course eventually it is you who have to decide.

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The prices for which houses have been sold in this postcode can be found here:
http://www.houseprices.co.uk/e.php?q=LU7+4RS&n=10

Not all houses in this postcode seem similar though, the council tax bands vary as can be seen here:
http://www.voa.gov.uk/cti/InitS.asp?lcn=0
(sorry that I can't seem to deep-link, you will have to type in the postcode LU7 4RS). Look for sold prices of the houses that have the same council tax band as the one for sale, they are probably similar.

Of course house prices have gone up and down during the recent years. Take a look at the Halifax house price index to take that into account when looking at sold house prices:
http://www.hbosplc.com/economy/historicaldataspreadsheet.asp

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As Canon Fodder already suggested: look at similar houses in the neighbourhood that are for sale. But also look at similar houses in the neighbourhood that are for rent (compare that to what you would hypothetically pay in interest on a 100% mortgage; don't calculate with the current ridiculously low interest rates but with something that is more likely in the longer run like 6 or 7 percent interest).

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You can also use 'property bee' to see when the house came on the market and if and when the asking price on this house has been lowered. Very useful information, it tells you something about the seller (desparate or not).

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All of this should give you some idea of what might be reasonable. Of course the seller may not accept what according to the above would constitute a reasonable offer. Generally a reduction of 10% or so on the asking price has a good chance of being acceptable to the seller in the current climate. If the asking price is much higher than the 'reasonable price' then the seller is in denial and it is probably not worth persuing that house at the moment.

downs523

update, going to go ahead with the property earlier than planned, applied fora mortgage today online, gotta wait until tomorrow to see if we have been accepted. viewed the house saturday looked great. its listed for 149995 but the estate agent bloke reckoned theres an offer for 145000 but the buyers are waiting to sell their home. this is not advertised online with an offer on. is it supposed to be?? or are they just pulling a fast one over me??

if there is an offer for 145000 will it still be worth offering say...140000 because we can complete, being first time buyers??

DJ1UK

Property Bee output on house;

20 December 2008 16:26:12

• Price changed: from '£167,995' to '£179,950'

19 December 2008 21:47:14

• Agent found: Squares Estate Agents
• Agents Address found: 38 High Street, Leighton Buzzard, LU7 1EA
• Agents Location found: Leighton Buzzard
• Agents Telephone found: 08452237704
• Detailed Description found: A THREE BEDROOM MID TERRACE FAMILY HOMENo upper chainFitted kitchenAllocated parking UPVc double glazingEnclosed rear gardenDownstairs cloakroomEnsuite to master bedroomGas radiator central heatingFit...

06 December 2008 10:23:28

• Subtitle changed: from '3 bedroom terraced' to '3 bedroom terraced house '

12 November 2008 00:02:07

• Brief Description found: A THREE BEDROOM MID TERRACE FAMILY HOME No upper chain Fitted kitchen Allocated parking UPVc double glazing Enclosed rear garden Downstairs cloakroom Ensuite to master bedroom Gas radiator central hea...
• Price found: £167,995
• Status found: Viewing Advised
• Subtitle found: 3 bedroom terraced
• Title found: Turnham Drive, Pages Priory, Leighton Buzzard, Bedfordshire

Hope that helps! Good luck with everything.

DJ.

hethmar

So the house was on for £179,950 and is now £30k less? Seems good reduction and now you are talking about knocking off another £10k? It would seem a good deal if they accept.