Advice on how much to offer

jozbo

Hi there
We're FTB's looking for a purpose built place in a good location for a new job I'm starting in Sept and for my partner's work.
We're keen on this one, after having seen a wide range of what's on the market over the past 2 years and recently. We got quite close to exchanging contracts on a 3 bed house in 2009 but had to pull out as my partner lost his job. This time we are in a much stronger position and keen to move over the summer.

Property we like:
http://www.rightmove.co.uk/property-for-sale/property-33410815.html

Having looked at sold prices on the street, 220 seems pretty overpriced yet we suspect vendor wants £210k - agent told me they had a flurry of offers when it first went on the market 2 months ago but £208k was rejected. Of course I'll take that with a generous pinch of salt.

We are a little concerned of the risk of Stratford properties post-Olympics - values may dive - any thoughts on this?

DVardysShadow

jozbo wrote: »

.... Your thoughts appreciated!

My thoughts are that I would not put a price I could go to on a thread with a link to a property. If I put a link to a property, I would only discuss it in qualitative terms.

It is probably beyond the agent to keep all the properties on their books googled. But these days any alert vendor could have a go when an offer comes in on the off chance ....

jozbo

Indeed - thanks

hazyjo

Maryland/Forest Gate wouldn't be an area I'd consider for that price.

Where do you both work (nearest stations fine)?

Jx

mgarl10024

Does the cat (pic 10) come with the property?

jozbo

We work in ilford and st Paul's.not tube fans and ill probably drive to ilford and my partner cycles most of the year.

Have looked in leyton,Leytonstone,walthamstow and Wanstead
and best we can find c200k are small 2 beds without gardens. Have been cooped up in a 1 bed conversion for 4 years so space and storage are priorities.

What's so bad about Stratford/Maryland? I know it's rough but having grown up in and lived in hackney all my life,im realistic about that.

Unfortunately the cat's not included. He's been posing every time we've viewed - perhaps the cat is the vendor?

hazyjo

jozbo wrote: »

We work in ilford and st Paul's.not tube fans and ill probably drive to ilford and my partner cycles most of the year.

Have looked in leyton,Leytonstone,walthamstow and Wanstead
and best we can find c200k are small 2 beds without gardens. Have been cooped up in a 1 bed conversion for 4 years so space and storage are priorities.

What's so bad about Stratford/Maryland? I know it's rough but having grown up in and lived in hackney all my life,im realistic about that.

Unfortunately the cat's not included. He's been posing every time we've viewed - perhaps the cat is the vendor?

Just wouldn't feel safe after dark. Horses for courses though! I'd be more inclined to be near Stratford, that's all. Not keen on Forest Gate/Maryland which is where this house is.

Look at Highams Park (E4) too. I lived there for 4 years. Nice enough. Overheads into Liv St, so either central line (briefly) to St Paul's, or walk from Liv St (when not cycling). I sold my 2 bed Victorian house (with garden) for £228,500 last year - the investor got a bargain, I think! You might find your money stretches further there. Would have also suggested Walthamstow, but know you've already mentioned that.

Jx

jozbo

thanks for your thoughts, hazyjo. highams park certainly looks more attractive than maryland/stratford. Don't know if it's 'us' if you get me. As you say, horses for courses..

Have you read any opinion on post-Olympic house prices in East London?

hazyjo

Keeping well away from all the Olympic hype on here, tbh - you might find there's something on the house price debate board.

I know a lot of rents have been increased in the area and there've been posts from people saying they've been booted out or that their rent's been increased. Utterly ridiculous as I think there'll be a lot of empty properties after the Olympics where they were bought to rent out. Also looks to me like they've packed far too many flats into the area (I travel through Stratford on the train every day).

Can't see prices increasing there when the Olympics is over - I'd be inclined to hang on just in case. Not much longer. Don't want to be overpaying when you might get a bargain in a couple of months' time. Also, it'll probably take you 3 months for the purchase to go through which means you'll straddle it. I'd definitely wait a while. Just to add, the area will always command a certain price level with other nearby areas. I don't actually think the market's gone that mental over there, but maybe it will for short term lets.

Jx