How much to offer on property of 450K in IG2 area

efgh.was.abcd

I (got deposit, AIP in place) saw a property in IG2 location for 450K (originally advertised for 475K on June 8th) and then reduced to 450K end of July. Now its saying they got offers over 450K. Is that a fair amount to offer 460K as offer price. As a first time buyer I am tad confused where people offering way higher than original asked price. I agree it's a demand and supply - but how do I know what is right figure to offer and win the deal (I am yet to see this property but its a good area and house is looking good too).
Land registry records showing similar house in the same row sold for 400K in Feb 2021. Comparing to that 450 itself is higher but landlords expecting even higher sounds surprising to me. Is there a way I can guess right offer price on a property.

AFF8879

Offer whatever you feel comfortable to pay/afford, but for what it’s worth I’d be surprised if properties in Ilford were going for crazy levels above asking price given the trend is for people to move out of London. The fact they’ve reduced the property says it all - I wouldn’t even be offering 450, I’d probably be cheeky and start at 425, expecting to pay around 435-440.

The offers over / in excess of wording has usually been a bit meaningless in my personal experience 

lookstraightahead

AFF8879 said:

Offer whatever you feel comfortable to pay/afford, but for what it’s worth I’d be surprised if properties in Ilford were going for crazy levels above asking price given the trend is for people to move out of London. The fact they’ve reduced the property says it all - I wouldn’t even be offering 450, I’d probably be cheeky and start at 425, expecting to pay around 435-440.

The offers over / in excess of wording has usually been a bit meaningless in my personal experience 

This in droves 

Crashy_Time

efgh.was.abcd said:

I (got deposit, AIP in place) saw a property in IG2 location for 450K (originally advertised for 475K on June 8th) and then reduced to 450K end of July. Now its saying they got offers over 450K. Is that a fair amount to offer 460K as offer price. As a first time buyer I am tad confused where people offering way higher than original asked price. I agree it's a demand and supply - but how do I know what is right figure to offer and win the deal (I am yet to see this property but its a good area and house is looking good too).
Land registry records showing similar house in the same row sold for 400K in Feb 2021. Comparing to that 450 itself is higher but landlords expecting even higher sounds surprising to me. Is there a way I can guess right offer price on a property.

What is PropertyLog saying?

MysteryMe

No idea on local prices but just to say IG2 is not Ilford itself. The area the postcode covers have some nice areas with good sized family homes. As old friend of mine used to live opposite Valentines Park which is IG2. 

bex2012

IG2 covers Gants Hill down to Newbury Park. Looking at the two on right move that are listed at £450k, well based on their location alone I think someone is chancing their arm! Ok you have newbury park station within walking distance, but you also have the Eastern Avenue with all its traffic, fumes, buses etc, which is regularly at a standstill. I grew up around there, so I know the location quite well.

Crashy_Time

bex2012 said:

IG2 covers Gants Hill down to Newbury Park. Looking at the two on right move that are listed at £450k, well based on their location alone I think someone is chancing their arm! Ok you have newbury park station within walking distance, but you also have the Eastern Avenue with all its traffic, fumes, buses etc, which is regularly at a standstill. I grew up around there, so I know the location quite well.

How much should they offer in your opinion?

bex2012

Crashy_Time said:

bex2012 said:

IG2 covers Gants Hill down to Newbury Park. Looking at the two on right move that are listed at £450k, well based on their location alone I think someone is chancing their arm! Ok you have newbury park station within walking distance, but you also have the Eastern Avenue with all its traffic, fumes, buses etc, which is regularly at a standstill. I grew up around there, so I know the location quite well.

How much should they offer in your opinion?

Why do you want my opinion, im not the one buying it. Based on the two that are on rightmove, I wouldnt buy either of them, simply because I think the price they are asking for the location and condition they appear to be in is taking the mick.

steve866

I would offer £440k with a view to paying £450k (no idea what the house is actually worth though)

Crashy_Time

bex2012 said:

Crashy_Time said:

bex2012 said:

IG2 covers Gants Hill down to Newbury Park. Looking at the two on right move that are listed at £450k, well based on their location alone I think someone is chancing their arm! Ok you have newbury park station within walking distance, but you also have the Eastern Avenue with all its traffic, fumes, buses etc, which is regularly at a standstill. I grew up around there, so I know the location quite well.

How much should they offer in your opinion?

Why do you want my opinion, im not the one buying it. Based on the two that are on rightmove, I wouldnt buy either of them, simply because I think the price they are asking for the location and condition they appear to be in is taking the mick.

Well it looks like I probably agree with your opinion, LOL.

Crashy_Time

steve866 said:

I would offer £440k with a view to paying £450k (no idea what the house is actually worth though)

Probably less than 400k IMO.