If your house were on the market for 265-270k...

Cristy

...would you consider offers within the 1% stamp duty threshold?

I see houses I like on the market in those price bands but I am unsure that an offer of £250k would be taken seriously. At the same time, I can't see anyone wanting to spend an additional £5.5k in stamp duty just for the sake of a house £20k dearer IYSWIM. I certainly can't afford that!

afinn

No. Asking someone to drop 15-20k is asking too much. If my price was 255k I would maybe consider it but certainly no more than that.

BobProperty

I'd try it. Especially if there are a number of them on the market. (see my other post on all 3 bed semis being worth £250k.) Someone may be desperate enough to accept. One of the semis in my area has been on the market at £265k and now £260k but it will never sell at that because of the stamp duty, and although large, it's not the best in the area and there is something about it which will put off a lot of potential buyers.

AndrewSmith

No but you could ask the vendor to contribute towards the stamp duty.

Doesn't hurt to ask

Andy

Stonk

I wouldn't put it on the market at that price. It's silly.

Instead, put it on at £249,995 and make it clear that you've done that to bring it into the 1% band, and won't consider offers. A friend of mine is in exactly this position - the house was up at £265K for months and nobody was even viewing, but the day they put it down to just below £250K (making the stated proviso clear) they had a horde of viewings and sold it immediately.

Anyway, if it were on at £270K, I think an offer of £250K (92.5%) could be entirely reasonable depending on the property, even without the stamp duty factor. This is well within the bounds by which sellers (or EAs) inflate the value when setting a price.

Crispy697

I'm in a similar position. We've found a property with loads of potential (i.e. it needs lots of work), but it's up for £269,950.

It's a tough decision where to start negotiations, but i wont start until i've got a buyer for my own.

sarah_elton

afinn wrote:

No. Asking someone to drop 15-20k is asking too much. If my price was 255k I would maybe consider it but certainly no more than that.

Depends if it's over-priced to start with, or you're desperate to sell.

Neil0

Hi
so your saying if it was 1% stamp duty on the £270k you would buy it but can't bring yourself to pay extra £5.5k stamp duty


Knock off the extra £5.5k stamp duty and offer that?

cattie

No, I wouldn't. The absolute max I would be prepared to knock off the price of a property in that price range that was taking a good while to shift is £10,000. Usually I'm only prepared to accept offers at up to £5000 less than asking price.

Stonk

Neil0 wrote:

Hi
so your saying if it was 1% stamp duty on the £270k you would buy it but can't bring yourself to pay extra £5.5k stamp duty


Knock off the extra £5.5k stamp duty and offer that?

You're missing the irrational, but nevertheless very important, psychological difference that most people perceive between paying for the property (which is tangible) and paying tax (which apparently gets you nothing). It *is* irrational, but it does undeniably have the effect being discussed.

lisyloo

I think you will find that what vendors will accept varies hugely (as witnessed on this thread).

If someone is really desperate or they've deliberately overpriced the property then they may well take a big cut. Other people won't consider it.

There is no harm in trying a low offer.
The worst that can happen is that someone laughs at you.

Obviously you can't mess people around too much, but there is little to be lost by starting low.