Bit of advice.

martynh99

We're looking to get back in the property market after selling our house at the start of the year and are currently in rented. We bought our last property new in Jun 06 and sold in Feb 09 and took a hit of 23%.

A property has come on the market on the road we're after moving to, priced at £199950.
Have run some Land Registry and original purchase price figures through www.nationwide.co.uk/hpi/calculator.asp (house is 20 years old) and it reckons it's worth about £183k
It needs a new kitchen, fireplace, boiler - these are all the original 20 year old ones.
We're effectively FTB, have a good deposit and have mortgage pre-approved, our solicitors are always on the ball and we know we could have it all completed in 3 weeks.
The vendor has already moved out (built a smaller new house)

We offered £175k then £178k(11% less than asking) but are reluctant to go any higher than this due to the work that needs doing.

What do people on here think ? Is our offer reasonable given the market as it is and what needs doing ?

theartfullodger

£179.3k would get it..

00ec25

as artful says, how can we tell you?
my piece of string is 2 cm, yours may be longer!
its between you and the vendor to negotiate

martynh99

Thanks for the answers so far (I think).

I know it's down to negotiation between us/vendor and wasn't looking for a figure to offer plucked out of the air - the question was more one of does the way we arrived at the offer figure seem logical in the current market and with what needs doing to the property.

This property is seen as around 3 - 4 rungs up the ladder for this area so unless someone comes along in the same situation as us or has saved a decent deposit to get good mortgage then they're going to have to wait for a chain.

cattie

These house price websites can only give a very broad estimation. I've noticed houses in my area are achieving on an average £25k higher on a standard 3 bed house than estimated by one of the house price websites.

You need to do your own homework & research what prices for similar properties are actually achieving in the area you are looking in & then you can gauge what is a reasonable offer.

martynh99

cattie wrote: »

These house price websites can only give a very broad estimation. I've noticed houses in my area are achieving on an average £25k higher on a standard 3 bed house than estimated by one of the house price websites.

You need to do your own homework & research what prices for similar properties are actually achieving in the area you are looking in & then you can gauge what is a reasonable offer.

We actually used to live on the same estate a few years back and I pumped the figures in to the Nationwide calculator of what we paid, what we sold for and it was scarily accurate.
Recent sales on there have gone for around 8% lower than asking price but they had been modernised in respect of kitchens/fireplace.

Might give the agent a call again tomorrow and see what interest there has been in it already