The art of making offers....

lady123_2

You have to be carefull with London at the moment, Waltham forest has risen 18% in the last year, but Hackeny/Islington is down 4% so it really depends on the location of the flat you intend to buy.
London, always has to many people for to few homes, especialy at the price your looking to pay as its at the bottom end of London prices.
Best of luck with your offer, hope you get your new Home.

sinbad182

Thanks for the replies guys. A range of different opinions and approaches. All the estate agents I've dealt with in west London agree prices have dropped off in last couple of years, albeit not as sharply as outside london.

I think that given the drop off, and the fact it's been on the Market for a while, I'll meet him half way between what he wants and what I first offered. It's then up to him to take it or leave it!

chewmylegoff

lady123 wrote: »

You have to be carefull with London at the moment, Waltham forest has risen 18% in the last year, but Hackeny/Islington is down 4% so it really depends on the location of the flat you intend to buy.
London, always has to many people for to few homes, especialy at the price your looking to pay as its at the bottom end of London prices.
Best of luck with your offer, hope you get your new Home.

you have to be even more careful than just looking at the average price change in the postcode in london, you need to consider what sort of property you are buying. for instance, the average price increase in richmond in the last 12 months is about 15%, but when you drill down you find that detached and semi detached houses in richmond have gone up 20%, and terraced houses a lunatic 40% yoy increase. but over the same period flats are only up 3%.

chewmylegoff

sinbad182 wrote: »

Thanks for the replies guys. A range of different opinions and approaches. All the estate agents I've dealt with in west London agree prices have dropped off in last couple of years, albeit not as sharply as outside london.

I think that given the drop off, and the fact it's been on the Market for a while, I'll meet him half way between what he wants and what I first offered. It's then up to him to take it or leave it!

any particular reason? you can always offer 205k later, but it's pretty hard to retract it and go lower if they bite your hand off.

sinbad182

chewmylegoff wrote: »

any particular reason? you can always offer 205k later, but it's pretty hard to retract it and go lower if they bite your hand off.

Like someone said above, I worry that nudging it up bit by bit might give them the impression im just going to keep going till they get what they want. From looking at this place and similar other options in the area, id suggest 205 is a fair price, and tell the EA to make sure hes under no illusion ill go any higher. I really do get the impression the vendor is a deluded 'this is what my neighbour got in 2007, so this is what ill get now' type of guy.

Riq

Personally I think you should go to max 197k, or even 201,500. Make it look as though are scraping together everything you can. If you jump up in 5k's it may look too obvious.

Go back with an offer above 195 but below 199 and say it's an absolute limit. If they don't accept they don't accept. Just move on. There are plenty of flats in London!!

Eric1

sinbad182 wrote: »

Like someone said above, I worry that nudging it up bit by bit might give them the impression im just going to keep going till they get what they want. From looking at this place and similar other options in the area, id suggest 205 is a fair price, and tell the EA to make sure hes under no illusion ill go any higher. I really do get the impression the vendor is a deluded 'this is what my neighbour got in 2007, so this is what ill get now' type of guy.

then offer the absolute max you are prepared to pay, so that you can easily move on if it is rejected and forget the deluded guy