House buying and what to offer...

nemofin

Hi All,

We are in the process of putting in an offer on a house. The house sold in 2013 brand new for £149950, and again in August 2015 for the same price. The sale price is now £165k! which is highly unrealistic, but what I want to know is should I go in with a cheeky offer of £149950? Considering the vendor has only painted a few walls and very little else to the property. I have no idea where the new valuation has came from, but it's certainly not worth it.

We do really like the house, and would like to get it but not for anywhere near £165k

Any advice would be great.

Thanks

Slave_to_the_job

Isn't this the same as pretty much every house sale / purchase... The seller wants more then what he paid and the buyer wants it for as little as possible? Just stick in the offer you are comfortable with - they can only say no....

brodawel

I'm questioning why they are selling it so soon. Did they buy it last August just to do up and sell on, if so then that's ok. Make sure there's nothing more sinister like neighbours from hell or whatever. Regards your offer yes I would definitely offer around £149950 to start with and maybe be prepared to pay a bit more to secure it if you love it and it's the one for you. Best of luck, hope I find mine soon

Alarae

If it is in a sought after area, it may have actually just increased in price? My house was purchased in April 2015 and has increased in price by about £40,000 due to area (Reading).

AnotherJoe

Considering the vendor has only painted a few walls and very little else to the property. I have no idea where the new valuation has came from, but it's certainly not worth it.

---

Are you serious? I wonder what people in London have been doing They must have been going to town in a big way in London in the past ten years to account for the rise in prices? Nothing to do with scarcity, demand, access to money, jobs and so on ?

Someone posted very recently about flats in an area of Bath increasing in price by 40% in the past year. The owners could have most likely boarded them up and seen it increase, no effort needed. Whether in the area you are looking prices have risen I have no idea but what the owners have done is likely immaterial.

Old_Git

nemofin wrote: »

Hi All,

We are in the process of putting in an offer on a house. The house sold in 2013 brand new for £149950, and again in August 2015 for the same price. The sale price is now £165k! which is highly unrealistic, but what I want to know is should I go in with a cheeky offer of £149950? Considering the vendor has only painted a few walls and very little else to the property. I have no idea where the new valuation has came from, but it's certainly not worth it.

We do really like the house, and would like to get it but not for anywhere near £165k

Any advice would be great.



Thanks

Why is it back on the market so soon .
Last time it sold what was the asking price (not the sold price )
You like the house and would like to get it but do you think anyone else will pay closer to the asking price .A 15K increase over 3 years is not always unreasonable.

nemofin

Thanks for all the replies

Sorry, I should have made clear that the market in the area in which I want to buy has not increased significantly, nor a particularly sought after area, and according to the Nationwide House Price Index the local market has actually went negatively in the last quarter.

The reason it has sold twice in three years, according to the vendor, is illness the first time, and the current vendor wishes to relocate back home to England (I am in Northern Ireland). I do think she wishes to move swiftly as she states she is lonely and wants to move home to family asap.

The advertised price last year was offers over £145k
There has only been one other viewing, and no offers. It's been on the market for 8 weeks.

I'll be cheeky with an offer of £149950, and see what happens. I'm not going to be embarrassed since she obviously isn't, as she wants offers around £165k after living in it for 6 months.

Old_Git

how do you know the selling prices in Northern Ireland ?

nemofin

Mostly from statistics from the Ulster University and house price indexes based on sales. The land registry also indicates what houses have sold for in the local area

michelle2008

You seem to be getting annoyed by the asking price - as if the sellers are trying to con you!!

They are entitled to ask for any amount they wish - and you can offer what you think it is worth and can afford.

Unless you have been told what the house actually went for, then you only know the asking price.

There is a time lag on the university of ulster stats - I think the most recent are for q4 2015 - so they won't pick up recent rises.

Go ahead and make your offer - they can only say no.

michelle2008

nemofin wrote: »

Mostly from statistics from the Ulster University and house price indexes based on sales. The land registry also indicates what houses have sold for in the local area

Sorry - just noticed this- I hadn't realised land registry had started releases house sale data! Brilliant - where did you access it?