Unsure

Debip

Hi all first time to post just looking for some advice

Basically we (my oh and I) are looking to buy a house and have seen one for offers over 250,000 recently dropped in price for 270,000 it's been on the market for almost 3 years it's empty at the moment and used as holiday lets.The owner bought the house in 2004 for 250,000 but obviously the market has dropped a lot since then.It has fields behind it that are mentioned as a selling feature but these have been put on the market with planning permission for 24 houses.I would have thought this would drop the value on the house we like as well.]

So the question after all that rambling what offer would be appropriate we are thinking of offering 190,000 or is that to low and a bit cheeky?

thanks deb

Tixy

£190k on offers over £250k is certainly a low offer - but it depends on what you feel it is worth.
Don't focus too much on what was paid for it in 2004, you don't know whether it was in the same state then as now. And you might find in your area house prices are not much different now to 2004 (generally house prices went up quite a lot from 2004 to 2007 before dropping since then).

I would instead be comparing this with other recent sold prices in your local area, try to find comparable properties.

hazyjo

I wouldn't say the market has dropped 'a lot' (if at all) since 2004. Most things I've looked at rose considerably from 2004-2006/7 before rising and falling again (I'd say roughly back to around 2006 prices in most areas, give or take).

What area's it in?

Anything between £250-270k will struggle because of the stamp duty level at £250k. I'd not want to pay over £250k for it. From the sound of it, they're looking for £250k which is why they initially priced at £270k, and are now saying £250k plus.

Let us know how you get on with £190k. Got a feeling they'll tell you to whistle, but you never know!

Check comparable sold prices. Yes, generally, and estate would devalue if it's losing open field views. Not always the case though, depends on what's on that land currently (if anything), and if it will improve anything like access, facilities, etc.

Jx

artbaron

As mentioned not many areas have "dropped a lot" since 2004. You might even find average prices higher or considerably higher depending on your location. Also the house might have had work done to it and if it's a holiday let that's more than possible.

On the other hand the potential for nearby development should knock the price down. Maybe the seller is banking on people not checking and that's why their price appears high. The new houses themselves might not be a big minus once they're built but nobody wants to live near a building site for years.

So basically put in a offer for what you think it's worth, not an offer based on spurious calculations. If you think it's worth little more than £190K then offer that. If you yourself think you're taking the P then so will the seller, and he may refuse to deal with you in future.