Reduction on an already reduced house

Catbells

I've seen many properties over the past 5 months which have had price reductions of around 6-7% after a couple of months being on the market. What would be a reasonable offer to put on one of these houses bearing in mind they have already reduced.

Blacksheep1979

£49.86

It really depends on how much the property was overpriced to start with.

worto03

it really depends on the sellers position too - we've dropped ours by 10k now but will be looking for pretty much asking price now or we won't have enough equity to put 15% down on the houses we're looking at.

So it depends how much they can afford to drop it - we're at tipping point now so an offer more than 1-2k below asking price and we'll be staying put instead!

rosyw

It really does depend on sellers circumstances, the one I'm buying started off at £249K, was gradually reduced to £199K, I'm buying it for £190K, the seller isns't buying another property and just needs to clear the mortgage.

jenny74

I'd agree that it depends on the sellers circumstances as much as anything. The house we bought almost a year ago was originally on for £260k, reduced to £240k then to £220k (at which point it became visible on or RM searches). We paid £200k for it, which was the top of our budget.

We think we paid the right price, there is nothing comparable on our road as it was extended... But there are houses on the next street that are almost as big as ours that are selling for £190-195k but the room sizes are much smaller.

Jenny

milliebear00001

It does depend on the vendor. House I am buying has dropped £20000 over almost 18 months. Was overpriced then. Vendor was reluctant to accept anything off her asking price, but finally agreed to drop another £3k. All, of course, subject to survey.

Catbells

Thanks. Your responses have made me think twice about the well used expression which is along the lines of 'a house is worth what you are prepared to offer'. No such thing. There are too many variables influencing the value - like the vendor's circumstances, timing - anything else I wonder.