London Apartment Purchase Negotiation Advice

nekr0mantik

Hi all
So I been looking for a apartment to buy in London since March and wanted to take advantage of the stamp duty hol. But this made it even more hard to find a place due to more demand then supply etc
I found something I like and can compromise one aspect of what I was looking for.
The property is in new build without many re-sales as its all sold out and vendors are renting it out so hard to judge prices. 
The agent told me vendor wanted more but they talked him down to a more realistic price point while avoiding money loss. Of course this could be bs.
I sent offer at 10k below asking on Thursday and today they rejected it and now waiting for counter offer. I am worried someone else may offer asking in the mean time.
Do you think its still worth waiting for counter offer or should I tell agent I will take it at asking price?

RedFraggle

Where and what is it? Link?

nekr0mantik

Canary Wharf.
I cant show link as its off market and not added to market yet.

nekr0mantik

One bed flat in a new build in Canary Wharf basically. 

lonibra

Depends on how badly you want it. If you're willing to risk someone else making an offer, then wait for them to come back (they might not).

If you really like the flat and are willing to pay more, then make a sightly higher offer and see what they say.

A new build one-bed in Canary Wharf probably costs at least 400k? 10k in that context is just 2.5%. 

nekr0mantik

lonibra said:

Depends on how badly you want it. If you're willing to risk someone else making an offer, then wait for them to come back (they might not).

If you really like the flat and are willing to pay more, then make a sightly higher offer and see what they say.

A new build one-bed in Canary Wharf probably costs around 400k? 10k in that context is just 2.5%. 

This is one of the premium builds so 500+. The cheaper one beds there are very basic in terms of the finish and build quality. 

lonibra

Personally, if I liked the flat, I wouldn't risk losing out for 10k on a purchase price of 500k+. The estate agent probably knows that as well

nekr0mantik

lonibra said:

Personally, if I liked the flat, I wouldn't risk losing out for 10k on a purchase price of 500k+. The estate agent probably knows that as well

true at that price range 10k wont be a huge difference in mortgage payments
the tricky thing about this one is the person the agent is selling for does not own the property but is selling it on behalf of his granddaughter and they live in different countries!

also fact that the agent said they talked him down on asking price could be a issue if agent told me that even though it was not fully agreed thats the asking price as its not listed on market so cant check