Asking Prices and your offers.

becky2011

That does have to be considered, some vendors asking prices start off a lot higher in anticipation of low offers. Obviously others price to sell and others have been on the market for a couple of years without dropping at all.

typeractive

Yep, I understand where you are coming from with the anticipated lower offers and setting of initial house prices, though I still think this is a handy thread. I guess it boils down to how fast / or indeed desperate the vendor is to sell. Houses that have been on the market for a substantial amount of time that have not been dropped at all may not be in the same scenario of needing a sale...well certainly not at a reduced rate. Out of interest the properties I have seen around my area (whilst looking in and around my small budget) are mostly flats that have not changed in price.

A while back I was looking into buying a flat. It was priced for around 64k, needed around 7k to rennovate (maybe more), and 5k to renew the lease. Obviously the times have changed dramatically though I did not buy the property as I knew regardless of what investment I would put into it - it would still be a one bedroom flat. Adding 12k of my own money into something that was at it's peak would just take a big hit when we reached the current stage we are at - perhaps that is why so many flats are not budging. In recent times properties such as these are less desireable (IMO) as everyone is holding out for a 'better deal'. I'd sooner put my investment into a freehold tennancy with potential, regardless if I was buying a for investment or indeed a home. Apologies for going off on a tangent there - I just find it interesting being a FTB.

becky2011

I find the thread interesting too, it's a good insight and could be a helpful tool for people deciding what to offer alongside property bee and Land registry sold prices.

Beardmidget

Just to introduce myself-
I am a would-be FTB, waiting to hear tomorrow morning if my offer is accepted on a place in London.

I've spend the last few months doing all the right things in terms of propertybee, zoopla, sold prices etc.

I think threads like this are helpful for gauging the market nationally, but for me, I quickly came to the conclusion that I was very unlikely to find a property at the bottom of the market. What's more important was to consider where I will be living in 5-10 years time.

Now we have found a house that we're happy thinking that long-term about, I have tried to negotiate a reasonable price- but had to just forget the cut-your-throat deal that always seems to be just over the next threshold because whatever happens I believe my investment will struggle in the short term. My experience has also been that anything so keenly priced as to truly be a bargain (where I'm looking anyway) has attracted more interest that I could compete with.

If all goes well, I will post details here.

kunekune

Property Details: 4 bed semi (extended to create extra bed), with newish kitchen, conservatory & garden but no garage, in reasonable condition
Asking price: £180K (originally 185K
Your offer: £172k (started at 169K) (valuer happy with this)
Accepted: Yes
Date: February 09 (contracts exchanged early April)

Giraffeseeker

Property Details: 3-bed character semi (around 1920's I think), new-ish large kitchen, sun room, excellent decor, good sized well kept garden.
Asking price: £189,950
Your offer: £174,950k (started at 170K) mortgage valuation yet to be done
Accepted: Yes
Date: April 09

bing0

Property Details: 3-bed semi, large kitchen,conservatery,off road parking for 2 cars,village/edge of town location
Asking price: £176,950
Your offer: £140,000
Accepted: waiting
Date: April 09

Hectors_House

Property Details: 3 bed Victorian mid-terrace in a mews. Has a small bathroom but this is the only down point. Large loft and we hope to extend into there eventually and convert one of the existing bedrooms into a larger bathroom.
Location: Nottingham
Asking price: £120k then £95k after repossession.
Your offer: £72k
Accepted: Yes
Date: December 08

Needed new kitchen and total redecoration but was the only house in the mews with an extension. Up until finding this property we thought we would only be able to afford a two-bed with the bathroom off one of the bedrooms and no extension.

Prior to purchasing this house we had been proceeding with a two-bed nearby but that fell through after surveys highlighted approx £20k worth of work (including replacing the whole roof) and the seller wouldn't lower their price.

It was a long and frustrating process but we got there in the end.

Hectors_House

There's just been a piece on the local East Midlands news saying the average house price for Leicester is now £108k, and £91k in Nottingham.

Looking at these figures I'd guess they have been extrapolated from the few houses selling at the moment.

Looking at the prices folks above are still offering for houses I'd say the market will not stop falling for a while.

Good luck to everyone with their offers.

typeractive

Hi Hector

I heard a very brief snippet on the North East news that house prices looked like they were starting to pick up again. Who knows what's happening! One day it's this the next day it's that!

Congrats on your house purchase by the way - nice to hear stories like that .

Cheers:beer: