Land Registry data when putting in an offer

webinteractions

Hi,

Im curious as to how many people viewed the price history on the Land registry site and if this influenced the offer your placed on a house?

I'm interested as I have seen a house i like but notice it was purchased in 2004 (the second highest peak since 1995) which suggests they overpaid for the house and might give me grounds to put in a lower offer than their asking price.

ConfusedofYorkshire

I looked at previously sold prices for the house and others in the area- it's very helpful. So is the price comparison report on rightmost because you can see what sold houses were marketed at.

Typhoon2000

I don't think you can infer they over paid for something from when they bought it. They might have got a bargain 2004.

Little_Vics

It can be helpful, but isn't always an indication. On our street, 3 identical houses which all needed completely renovating sold for between £85K and £125K between 2003 and 2012. All have had a similar amount of work done on them, and 2 of them have recently been valued in excess of £150k.

pinkteapot

What relevance does the price they paid in 2004 have? It was well before the market peak.

We bought our house in 2010 but have sold it for more. We got a bargain as the sellers were desperate to sell and put it on the market very cheaply. Doesn't mean we were going to pass on that saving to our buyer.

The only useful data for judging your offer is to look at the prices that similar properties have sold for nearby, recently (last 6-12 months).

Actually, the price the current owners paid does have one use. If the asking price seems high and you find out that they bought for a silly price at the top of the market, it's pretty unlikely they'll take a low offer that's less than they paid. Some sellers are just deluded. Can help you not get too excited about a house if you know that.

phill99

You may as well just pluck a figure out if the air.

Historical data is of no value, especially from 10 years ago. It is worth what someone is willing to pay and the other party is willing to sell it for.

G_M

webinteractions wrote: »

Hi,

......it was purchased in 2004 (the second highest peak since 1995) which suggests they overpaid for the house and might give me grounds to put in a lower offer than their asking price.

This might indicate they took out a mortgage well above current prices and are in negative equity, which my men they have zero room to negotiate on price an will dimiss low offers out of hand.....

movilogo

If the house was sold very recently (up to 5-6 years back) then you can infer how much it should appreciate/depreciate but if were last sold 15-20 years back, that sold price is mostly irrelevant.

webinteractions

G_M wrote: »

This might indicate they took out a mortgage well above current prices and are in negative equity, which my men they have zero room to negotiate on price an will dimiss low offers out of hand.....

Yeh unfortunately that is the conclusion i have come to. It's a shame as i like the house but not at their asking price. They put their house up for sale middle of last year 30,000 more than they paid for it in 2004. They have since come down 20,000 in a matter of 4 months but are still 10,000 above what they paid for it. It is still over priced in my inexperienced opinion. Perhaps they know they overpaid and are hoping to get lucky with a naive first time buyer.


Thanks for all your responses.

Miss_Marple_2

webinteractions wrote: »

Yeh unfortunately that is the conclusion i have come to. It's a shame as i like the house but not at their asking price. They put their house up for sale middle of last year 30,000 more than they paid for it in 2004. They have since come down 20,000 in a matter of 4 months but are still 10,000 above what they paid for it. It is still over priced in my inexperienced opinion. Perhaps they know they overpaid and are hoping to get lucky with a naive first time buyer.


Thanks for all your responses.

I agree - my house was the same ( new built in 2004 and the price the vendors paid then was over-priced, I think).

My first offer was below the price they paid in 2004, which I knew they would not accept as I felt they would never accept less than they had paid. Their asking price was £10,000 more than they paid for it, which was never going to happen. In the end, I paid £2,500 more than they paid for it which was a good deal for me, but I suspect they were disappointed, but I deliberately pitched it that point so that they felt that they were getting some return, but that I wasn't paying over the odds.


Obviously I looked at what was selling at what price in the area at the time I was making the offer, but I knew their original buying price would influence the vendor's decision and so took that into account as well..