How close to asking price to offer?

Woolwich_Kim

I viewed a flat today that was on the market for 200k.

My budget is 180k and that is the maximum.

I decided I won't put any offer on the flat I saw as it wasn't in a good decorative order and I didn't get a good general feeling about it. I doubt 180k would be accepted had I offered anyway.

Is it unrealistic to look at 200k properties (I live in SE london, looking around the outskirts of there mainly Bromley & Croydon).

There's another flat I booked a viewing for this week, it's on the market for 190. What amount is likely to be accepted?

davsidipp

Woolwich_Kim wrote: »

I viewed a flat today that was on the market for 200k.

My budget is 180k and that is the maximum.

I decided I won't put any offer on the flat I saw as it wasn't in a good decorative order and I didn't get a good general feeling about it. I doubt 180k would be accepted had I offered anyway.

Is it unrealistic to look at 200k properties (I live in SE london, looking around the outskirts of there mainly Bromley & Croydon).

There's another flat I booked a viewing for this week, it's on the market for 190. What amount is likely to be accepted?

nothing wrong with trying,but property is going for nearly the asking price in these areas at present...

Paulaviki

In some areas of the south east houses are going for at or above the asking price. You can look at properties up to £200k but if places in your area are selling quickly then you might have to be prepared for disappointment when you put in offers.

cattie

Unfortunately so many properties in London & suburbs are fetching more than the asking price at the moment. It's quite difficult to get even an asking price offer accepted currently.

I can't see you getting anything in Bromley if you mean Bromley proper rather than the end running into Catford for your price. Don't know Croydon that well so can't comment there.

So yes I'd say it is unrealistic to look at properties marketed circa £200k.

Usually if an ea has a hard to sell property he will indicated to potential buyers with a lower budget that it's worth looking if he feels vendor would be willing to accept a lower figure. It's worth trying to build up a relationship with local ea's in an effort to try to get first nod should a low cost property come on the market, or one be reduced or one ea feels sure vendor might drop price for a quick sale.

blues

I'm currently looking at houses in the same area. From my experience, properties are going above the asking price. In some cases by quite a lot-viewed a house on at 360k. It sold at 385k. Also EA's are starting to charge an 'introduction fee' to buyers of 2% purchase price-more fees to factor into the equation! Buying in London is a bit of a nightmare at the moment!

Woolwich_Kim

Gosh, at this rate I'd be living with my parents forever!

I don't mean the downham area, I was looking more towards between bromley & west wickham.

I hadn't previously considered Croydon as I have good friends who live around there and never got a good feeling every time I visited them or shopped around there. But I saw a flat (house conversion) on rightmove that I like the look of so thought it's worth a viewing.

When I changed my search area on rightmove to croydon, there seems to be quite a few in thornton heath. What is going on there that so many properties are available there?

davsidipp

Woolwich_Kim wrote: »

Gosh, at this rate I'd be living with my parents forever!

I don't mean the downham area, I was looking more towards between bromley & west wickham.

I hadn't previously considered Croydon as I have good friends who live around there and never got a good feeling every time I visited them or shopped around there. But I saw a flat (house conversion) on rightmove that I like the look of so thought it's worth a viewing.

When I changed my search area on rightmove to croydon, there seems to be quite a few in thornton heath. What is going on there that so many properties are available there?

if it's west wickham no chance,deffo going at prices that they are asking for and above.

ess0two

Surley your better off decorating to your own taste?

Woolwich_Kim

ess0two wrote: »

Surley your better off decorating to your own taste?

Decorating is not so much of a problem as that could be done slowly. Main thing is there's a working bath/shower and cooker so someone could live there until they can afford to re-decorate.

Main problem is that firstly I'm unable to offer more than 180 (to be honest I don't think it's even worth that but I understand it's likely to go for it asking price in this current market) and secondly I didn't get a good general gut feeling whilst there in the area of flats and that was before I even viewed the actual flat itself.

Jenniefour

Very unlikely there's anything going for less than asking, unless it's a hard to shift property (and there will be a good reason for that, and usually nothing to do with needing redecorating/updating unless it's a complete and utter wreck). In many areas properties are going for above asking price. Unfortunately, that's the reality of the market at the moment.

Whatever we think somewhere is worth is actually determined by how much someone is willing to pay - and a lot of buyers are willing to pay asking or over so they're not left in six months time having to drastically downscale what they can buy because the market has raced ahead of them and their budget. So you may need to be prepared to put up with a kitchen and bathroom that's not to your taste. Don't look at any properties without a kitchen - you won't get a mortgage!

Take care you don't get priced out of the market. Might be useful to look at properties in the 170k range - leaves you a bit of leeway to negotiate up if needed.

thequant

Woolwich_Kim wrote: »

Gosh, at this rate I'd be living with my parents forever!

I don't mean the downham area, I was looking more towards between bromley & west wickham.

I hadn't previously considered Croydon as I have good friends who live around there and never got a good feeling every time I visited them or shopped around there. But I saw a flat (house conversion) on rightmove that I like the look of so thought it's worth a viewing.

When I changed my search area on rightmove to croydon, there seems to be quite a few in thornton heath. What is going on there that so many properties are available there?

Maybe you should set your sights a bit lower, plenty of studios going for between £120K-£150K around Croydon/Shirley/west wickham area. Plus you will have plenty of room to outbid other buyers.