How low can I go? (Scotland)

jenberry

Hello all,


I am looking to purchase my first house in coming months, in Scotland. I have found a property I really like in a fairly remote village outside Glasgow, which has been on the market since early November 2017. I viewed just before Christmas and it was lovely. The home report is fairly outstanding (I'm no expert but I've read quite a few). However, despite the present owner claiming there had been a bit of interest at the time, with one person posting her interest via solicitors (which probably means nothing), no formal offer has been made several months later and the house remains on the market. I am being fairly optimistic here and assuming the house has been on the market for so long due to the area. A little research has indicated that it is typical for houses in this area to sell very slowly. It is remote and, despite good transport links, a bit of a schlep to get to Glasgow if you work there (I have the benefit of working from home).


My question is, given the house has been on the market for 5 months, and is 'offers over £165,000' how low is it reasonable to go? I had hoped to go no lower than £150,000 for my first property and while I can stretch this a bit, it would mean a smaller % deposit. If I decide to proceed, I will of course get the advice of a local solicitor but thought I'd ask what you guys thought as a reasonable amount so I go in armed with knowledge.


Thank you xx

googler

I assume you mean "go no higher than £150,000" ....

I think you have all the info I would suggest you get your solicitor to ask - how long on market, any previous offers, any notes of interest ....

Someone who noted interest in early Nov could well have moved on, and bought somewhere else, so there could be no notes at all.

What's the Home Report valuation?

dunroving

Home Report valuation is a key piece of missing information.

I live in a fairly rural area north of Glasgow and you are right that properties can take a while to sell (and haven't really increased in price over the past 10 years). Occasionally they go very quickly ()a house around the corner had 5 offers in the first week, for example).

If the property has been on the market for a while, the owner/owner's solicitor isn't likely to tell you to get lost if you make a lowball offer. If you can't spend more than £150k, I'd recommend you shouldn't make a first offer of £150k; give yourself at least a bit of wiggle room.

theartfullodger

You are at liberty to bid whatever you like, down to as little as £1. But I doubt that would be successful, albeit legally possible.

ProDave

6 months is nothing for some parts of Scotland. I met someone recently who had just sold after 4 years on the market (and got close to the HR valuation)

In many parts of Scotland, the market has been stagnant for the last 10 years.

jenberry

googler wrote: »

I assume you mean "go no higher than £150,000" ....

I think you have all the info I would suggest you get your solicitor to ask - how long on market, any previous offers, any notes of interest ....

Someone who noted interest in early Nov could well have moved on, and bought somewhere else, so there could be no notes at all.

What's the Home Report valuation?

Yes sorry, I had hoped to spend no more than £150,000. Thanks for your kind words, I agree that someone who expressed interest in early Nov has most likely gone on their merry way now. The home report valuation is £180,000

jenberry

dunroving wrote: »

Home Report valuation is a key piece of missing information.

I live in a fairly rural area north of Glasgow and you are right that properties can take a while to sell (and haven't really increased in price over the past 10 years). Occasionally they go very quickly ()a house around the corner had 5 offers in the first week, for example).

If the property has been on the market for a while, the owner/owner's solicitor isn't likely to tell you to get lost if you make a lowball offer. If you can't spend more than £150k, I'd recommend you shouldn't make a first offer of £150k; give yourself at least a bit of wiggle room.

Sorry, you're right. I missed this out from my original post but the home report valuation is £180,000. Where you live sounds exactly like the type of place I'm looking for - somewhere fairly rural and fairly cheap! You're right I should give myself some wiggle room. I really need to speak to a mortgage advisor...

jenberry

theartfullodger wrote: »

You are at liberty to bid whatever you like, down to as little as £1. But I doubt that would be successful, albeit legally possible.

Would love to give that a go!! I'm sure if I tried to bid £1 on enough properties, SOMEONE would eventually accept....

jenberry

ProDave wrote: »

6 months is nothing for some parts of Scotland. I met someone recently who had just sold after 4 years on the market (and got close to the HR valuation)

In many parts of Scotland, the market has been stagnant for the last 10 years.

This is good to know. I currently live near London and so properties are sold within days of them going on the market. The same applies to Glasgow (where I'm from) but outside the city tells a different story. I'm quite fortunate in that respect, as I don't want to live in a city, and could probably wait a while longer before putting in an offer so I can save a bit more (though this would obviously be a risk).

dunroving

jenberry wrote: »

Sorry, you're right. I missed this out from my original post but the home report valuation is £180,000. Where you live sounds exactly like the type of place I'm looking for - somewhere fairly rural and fairly cheap! You're right I should give myself some wiggle room. I really need to speak to a mortgage advisor...

Shame your limit is £150k, as I have a great house for sale with a beautiful view of the Campsie Fells. Good luck - this is a great place to live.

jenberry

dunroving wrote: »

Shame your limit is £150k, as I have a great house for sale with a beautiful view of the Campsie Fells. Good luck - this is a great place to live.

Wow, I adore the Campsie Fells. How much is it?