house priced at 280k will it go for over 250k?

riverboat2001

With stamp duty threshold in mind, is any house on the market likely to sell for more than 250k
If not, what would be a good figure to come in at?

macgirl

Is any house on the market likely to sell for more than 250k? The short answer is yes.
I saw your thread on the mortgages board that you don't want to pay more than 249,950. I think depending on how long it's been on the market and how desperate they are to sell, you could well get it for that....so might as well go in lower than that with your first offer to test the water.

We have just moved and paid £265k- the house was originally marketed at £350k. Via the power of the internet we saw that they had paid £250k 6 years ago and spent a lot of money on it, so were cutting their losses selling to us, but had a time limit in which they had to sell. I doubt we'd have got it under £250k, but got the house we wanted, so had to bite the bullet re: stamp duty.
Good luck and let us know how you get on!

DVardysShadow

Stamp duty goes from 1% to 3% - ie an extra £5000 for breaching £249,000. So it results in a terrific force down on any price which would otherwise be agreed around £251,000 - but no difference on any price which could never be agreed within striking distance of £250,000.

picardygirl

riverboat2001 wrote: »

With stamp duty threshold in mind, is any house on the market likely to sell for more than 250k
If not, what would be a good figure to come in at?

Impossible question to answer IMO. I agree houses priced over £250k can be awkward to agree a price on but every seller would have different views. Our neighbour recently sold for £270k, only up for sale for a few weeks, a lovely house, had lots of offers for £250k but they were not prepared to sell for that (emigrated). Originally up for £275k but they accepted £270k and had two couples fighting over it in the end.

riverboat2001

Well. i have made an offer of 240k, the house next door sold for 247k in August last year.
Identical houses (obviuosly don't know about the interiors) and the one i'm looking at has a small conservatory/ sun room

mark5

My view is a house worth 260,000 wont sell for its value because of the stamp duty increase but if a house is genuinly worth 280,000 then someone would probably pay it.

Its possible though the seller only wants 250,000 and has put it on at 280,000 thinking buyers will offer the 250,000 stamp duty limit.

riverboat2001

mark5 wrote: »

My view is a house worth 260,000 wont sell for its value because of the stamp duty increase but if a house is genuinly worth 280,000 then someone would probably pay it.

Its possible though the seller only wants 250,000 and has put it on at 280,000 thinking buyers will offer the 250,000 stamp duty limit.

Yep, this is where we're coming from.
Also when we registered with the estate agent a couple of months ago, they asked what type of property we were looking for, and how much we wanted to spend.
We told them we wouldn't entertain going over 250k
So then they showed us this property yesterday..
It's been on for a month with one rejected offer.
Considering the house next door sold Sept 2009 for 247k, i think my offer is worth considering.

riverboat2001

Well, we offered 240k and EA said buyer is looking for 260k to 270k, bit gutted really, i can only go up a bit more.

Doozergirl

riverboat2001 wrote: »

Well, we offered 240k and EA said buyer is looking for 260k to 270k, bit gutted really, i can only go up a bit more.

I think £280k is the price where the vendor really does expect more than £250k. Up to £275k and they are in the danger zone but an asking price of £280k is an optimistic vendor. Whether they are right to be is something else, but the difference between a house being held under the threshold and one that is clearly over it needs to be tangible when you view.

After a month, you wouldn't really expect them to drop to the level of your offer if next door is otherwise identical, slightly smaller and sold for £7k more last year. I think the lowest offer they would be expecting would be £250k. It's perhaps reasonable to assume that it's also actually worth that, when compared to next door.

riverboat2001

House next door sold in Augus last year for 247K.
Th one we are looking at has had new boiler, small conservatory and is in pretty good decorative order, but not sure the big difference is justified.
Been on a month, and had one other offer,.

got to just sit it out and see what happens

hshen

I am looking at a property with AP of 267k and I'm FTB.
So it's a 7.5k hit as soon as I go over 250k...

Ah well end of the day both parties need to be happy.
No use me whining about stamp duty when vendor has a figure just above 250 in mind.
It does make it hard for someone like me to justify the extra cost though...