How Do I Negotiate A Decent Price On a Flat?

consumer23

badger09 wrote: »

It looks like a decent flat, but I have no knowledge of the local market.

It depends on the reason there is 'No onward chain', which could work for or against you.

It hasn't been on very long (9 weeks) and without knowing what interest there has been, there is no way of knowing whether vendor will consider offers.

Have you viewed it yet? How does it compare to others in the same price range?

There is no onward chain as the seller/landlord is moving in with her partner. From what I have mentioned above, there have been some viewings, but no offers, or no serious offers. I have viewed the flat 2 times now and will be going back for a third viewing tomorrow.

There are some other flats in the same price range that in my opinion are not as good (this is a matter of opinion) and there is one other flat in the area which is almost as good but 50k cheaper.

I'm thinking I'd rather take this one but pay 320k rather than taking the other one for 300k.

consumer23

AFF8879 wrote: »

The postcode even backwards does not exist according to Rightmove or google maps...

My apologies, I had indeed put in the postcode incorrectly. Read Backwards it should have been SL591WS, rather than what I had previously written.

consumer23

AdrianC wrote: »

End of the day, OP, it's very simple. You are trying to persuade the vendor to accept your offer.


The vendor is an individual who wants to get the highest possible price for their flat, because they want to move elsewhere. They also want a nice simple, low hassle deal - for which they might be persuadable to go with an offer that's a tidge lower.

You are looking to buy in a fairly desirable bit of SW London (if I've understood the secret squirrel postcode rubbish correctly), and so are a lot of other people. So you are not looking at a flat that's going to sit on the market for ages, if it's priced correctly. If it doesn't sell in short order, then it's probably because the vendor is being optimistic.

It has now been on the market for 10 weeks, so in comparison to what it would have been like 2-3 years ago, this is a fairly long time. It does appear to be a buyers market at the moment.

Surrey_EA

consumer23 wrote: »

Would Carney’s prediction of a possible 35% housing crash be worth bringing into the bargain?

"Mark Carney has said the Bank of England is not predicting a property market crash in the wake of a no-deal Brexit"

https://www.theguardian.com/business/2018/sep/14/bank-not-predicting-no-deal-house-price-slump-says-governor

shiny76

consumer23 wrote: »

I'm thinking I'd rather take this one but pay 320k rather than taking the other one for 300k.

£30k off the asking price is rather optimistic. You might stand more of a chance if it's still on the market in 6 months