Simple question...

nick78447

And I know it's been asked before so humour me...

A house on at £272K. Are they really expecting anything over £250K?

What do you price your house at if you want to avoid offers under this (crazy) threshold?

Regarding the old "Fixtures and fittings" question, how do you go about offering £250K + 5K F&F, and not attract attention from the taxman?

Many Thanks.

danuk

to be honest they have put it quite a bit over the threshold so i would say that want some where nearer the asking price and would probably not entertain 250k plus f+f however the only way your going to find out is offer what you think and see what they say.

If it was me and that was my asking price i would not even entertain your offer but would maybe say if you offered 270k i would pay stamp duty ............ but hey thats just me and my view...... also the old rule of if you think its worth it offer the asking but not straight away lol

Offer and see what they say!

AndrewSmith

My house is on the market for £270,000. We received an offer of £249,500 and, after we had finished laughing, told them to !!!!!! off and get real.

pickles110564

If they only wanted £250,000 they would not have put it on a that price as they could lose out on potential sales of people only with £250K budget.

kodokan

AndrewSmith wrote: »

My house is on the market for £270,000. We received an offer of £249,500 and, after we had finished laughing, told them to !!!!!! off and get real.

Currently, sales prices are averaging about 93% of asking prices. On £270,000, that gives an average sale price of £251,100, which makes the offer look perfectly reasonable when considered against current market conditions and the SD threshold. Without knowing the buyers' circumstances, but assuming they're in a position to proceed, I really don't see why it's an laughable offer.

Good luck with the sale - and keep us posted on your eventual sale price!

kodokan

AndrewSmith

Dealing with property selling every day personally, I would say that an offer of £251,000 against £270,000 is laughable and very unlikely to be accepted. Would you if it were your home? Course not, you just want to make yourself look clever by posting some googled statistic that actually means nothing in the real world.

silvercar

When you look at house price websites, you find that virtually nothing sells in the range 250-259, a small amount of sales are 259-265 and then at 265+ you see what could be classed as an "expected" number.

lush_walrus

AndrewSmith wrote: »

Dealing with property selling every day personally, I would say that an offer of £251,000 against £270,000 is laughable and very unlikely to be accepted. Would you if it were your home? Course not, you just want to make yourself look clever by posting some googled statistic that actually means nothing in the real world.

Just to back Andrew up, as someone else who is also in the game I can tell you now the EA will have advised the vendors to put their property up for more than £270,000 to make sure that offers are well over the £250000 threshold. If it were up for £260,000 then yes they would be expecting £250,000 and F&Fs. There is no way the EA will be expecting offers in the region of £250,000. More realistic would be £265 plus.

And as for the stats, the UK is a very big place and although there is always a general trend, each area will as always be performing independantly. Therefore stats are pretty useless. I can tell you for a fact that prices in my areas of W Essex, Herts, and London the prices are still rising and any offer that is too low is not recommended to any vendors other than the properties that are testing prices and therefore up for more. The reason for the rises is simple in those areas at least there are a lack of properties for sale (partly due to the popularity of the areas, and partly due to the future introduction of HIPS), and plenty of buyers willing to do what they can to secure the property they want. Now, whether that is happening in the area you are looking in, only you will know. Go out look at what else is available, if there is a glut of properties that are far better (larger, better location etc) in that price range, then you may have a chance for a reduction. If the one you like is in line with the others, then really you risk loosing the property by going in too low, the EA (and then by default the vendor) will not see you as a credible potentional buyer.

Idiophreak

I think that 250 for a 272 property is on the cheeky side, but I wouldn't have thought laughable...

But then I know nothing about these things, so I'll get my coat

mr.broderick

Idiophreak wrote: »

I think that 250 for a 272 property is on the cheeky side, but I wouldn't have thought laughable...

But then I know nothing about these things, so I'll get my coat

Andrew, I wouldn't have laughed it may have been an initial (testing the water offer) ie a negotiation catalyst. I would have said "can't you meet us half way?". The reason for this is i sell cars and i say this everyday....

kodokan

AndrewSmith wrote: »

Dealing with property selling every day personally, I would say that an offer of £251,000 against £270,000 is laughable and very unlikely to be accepted. Would you if it were your home? Course not, you just want to make yourself look clever by posting some googled statistic that actually means nothing in the real world.

Funnily enough, I did last year when it was my home. I thoroughly researched my local market at my price point (South West, around £275k) - houses for sale, how long for, eventual selling price, etc etc - and concluded that trying to sell in the £250-£275 bracket is extremely difficult. Since I didn't want to be one of the many houses around me that had sat on the market for up to a year, I priced mine at £250k, had two asking prices offers by the end of the week, and chose the chain-free buyers for what was a very simple, straightforward and stress-free sale.

Sure, it was tiresome that our house was just above the £250k banding, but denying this very clear fact wouldn't have made it go away. And "in the real world" many people are not willing or able to put their lives on hold indefinitely to squeeze the last few thou out of their house price - they've already seen the house they hope to buy, they're moving area, or as in my case have small children and find it logistically difficult to arrange show home conditions and viewings around the needs of the family.

If the OP is a strong chain-free buyer with a mortgage in place, and the house has been on the market for a couple of months, I don't see any reason not to make the offer. Accepting an offer is not always just about the price, and I doubt if anyone in this price bracket has not at least considered the possibility of the Stamp Duty being a factor.

kodokan