Is it reasonable for us to drop our asking price given current climate?

tatartan

Crashy_Time said:

Semple said:

jbsn said:

given prices are going to plummet...

Can i borrow your crystal ball, seeing as you clearly know what's going to happen before numerous economic experts.

"Expert" (banker) view on Bloomberg just now is that most "economic experts" are predicting "extremely high" unemployment, maybe the OP should just step back for a while?

Crashy_Time said:

Semple said:

jbsn said:

given prices are going to plummet...

Can i borrow your crystal ball, seeing as you clearly know what's going to happen before numerous economic experts.

"Expert" (banker) view on Bloomberg just now is that most "economic experts" are predicting "extremely high" unemployment, maybe the OP should just step back for a while?

Don’t forget the 5% house price drop now predicted by the industry and the bank of England’s ‘worst downturn since 1706’ predictions.  

jimbog

If you end up losing the house because they wouldn't accept your new offer please do come back and tell us as most who had this happen to them seem reluctant to do so

jbsn

jimbog said:

If you end up losing the house because they wouldn't accept your new offer please do come back and tell us as most who had this happen to them seem reluctant to do so

Yep I’ll try and remember to report back. May well end up sticking to what we have offered, will see how things pan out! Thanks

Unicorn_cottage

How much have you spent so far getting to this point? If the vendor was messing you about a while back you should of been asking questions then. If you have another viewing I would speak to the vendor to gauge what has been going on over the previous months.

OldMusicGuy

Crashy_Time said:

 Surely they would already have that by being in the real world?

Indeed, which is why I asked them to share it with everyone here once they decide what to do so that people can see what happens if they reduce their offer. Rather than relying on you and Graphs making up how much the "market has fallen" and polluting every thread when you aren't in the process of buying or selling a house.

jbsn

Unicorn_cottage said:

How much have you spent so far getting to this point? If the vendor was messing you about a while back you should of been asking questions then. If you have another viewing I would speak to the vendor to gauge what has been going on over the previous months.

Yes of course, we have been. There have been various reasons and other variables which is why we’ve stuck it out this far. Have just tried to keep it nutshell(ish)

numbercruncher8

@jbsn nobody can say for sure whether it's right or wrong.
If I were the seller I'd be doing exactly the same, trying to get it done. But what's right for the seller is not necessarily right for you.
Personally I would do the following:
- download property log for Rightmove or similar tool
- pull up all the similar types of houses within a small radius of your intended purchase 
- see how this compares, you can see what has come on the market and who has reduced, and at what date. There may now be comparable properties at a cheaper price, for instance.

This will give you much more of an insight. Every thread just seems to degenerate into house price bulls and bears who think whatever is happening near to them somehow must be the same for everyone. Without knowing exactly where the house is I can't see how anyone can really say for sure. 

Bossypants

tatartan said:

Crashy_Time said:

Semple said:

jbsn said:

given prices are going to plummet...

Can i borrow your crystal ball, seeing as you clearly know what's going to happen before numerous economic experts.

"Expert" (banker) view on Bloomberg just now is that most "economic experts" are predicting "extremely high" unemployment, maybe the OP should just step back for a while?

Crashy_Time said:

Semple said:

jbsn said:

given prices are going to plummet...

Can i borrow your crystal ball, seeing as you clearly know what's going to happen before numerous economic experts.

"Expert" (banker) view on Bloomberg just now is that most "economic experts" are predicting "extremely high" unemployment, maybe the OP should just step back for a while?

Don’t forget the 5% house price drop now predicted by the industry and the bank of England’s ‘worst downturn since 1706’ predictions.  

Just going to leave this here in case people would like to read the rest of what the BoE had to say. Context is everything, after all! https://www.bbc.co.uk/news/business-52566030

Thrugelmir

numbercruncher8 said:

Personally I would do the following:
- download property log for Rightmove or similar tool
- pull up all the similar types of houses within a small radius of your intended purchase 
- see how this compares, you can see what has come on the market and who has reduced, and at what date. There may now be comparable properties at a cheaper price, for instance.

Historic data has little bearing.  Given the unquantifiable future that lies ahead. 

numbercruncher8

The plugin shows what is being listed and what is being reduced at this current moment, as well as what is currently available.
Nothing to do with historic data, it is what is happening now.

For instance if you had a sale agreed at £200k and similar places in the same vicinity had suddenly gone from £200k to £175k this month after sitting on the market for over a year, this would be a different case of only finding the closest comparable properties priced at £225k.

There isn't a crystal ball to say whether someone is going to be right or wrong to do it, but it is a rough check to see where the property stands in relation to others.