House buyer reduced offer

Alderbank

Deleted_User said:

MobileSaver said:

OhWow said:

tab99uk said:

its a seller market them days have gone when you can a reduction on asking price now days you get over 20k asking price.

my DD and also one cousin, have been trying to sell their property's for the last year/two years and can't sell unless they take an offer below what they paid 5 years/3 years ago.

Are these new-builds where the sellers obviously paid a hefty premium for a brand new house with sparkly new appliances? As other than that I can't fathom where in the UK house prices are lower now than they were 3 to 5 years ago...

Well, for one, house prices for prime central London property peaked in 2014 and are down considerably since then...

The Office for National Statistics doesn't agree with that for London as a whole.

https://www.ons.gov.uk/economy/inflationandpriceindices/bulletins/housepriceindex/june2022#house-prices-by-region

The UK house price index for London did not peak in 2014, indeed it has steadily risen since 2009.
Average price in London rose from £357,876 in Feb 2014 to £537,920 in June 2022, an increase of just over 50%

According to HM Land Registry and ONS, every region of the UK has risen steadily since 2017 (five years ago). The region with the lowest rise during that period, NE England, rose by an average of 24%.

These are averages. Some properties and some property types will have seen larger or smaller changes.

sidneyvic

Deleted_User said:

MobileSaver said:

OhWow said:

tab99uk said:

its a seller market them days have gone when you can a reduction on asking price now days you get over 20k asking price.

my DD and also one cousin, have been trying to sell their property's for the last year/two years and can't sell unless they take an offer below what they paid 5 years/3 years ago.

Are these new-builds where the sellers obviously paid a hefty premium for a brand new house with sparkly new appliances? As other than that I can't fathom where in the UK house prices are lower now than they were 3 to 5 years ago...

Well, for one, house prices for prime central London property peaked in 2014 and are down considerably since then...

LOL you link me one house in central London sold this year for a lower price than it sold for in 2014....

Sarah1Mitty2

sidneyvic said:

Deleted_User said:

MobileSaver said:

OhWow said:

tab99uk said:

its a seller market them days have gone when you can a reduction on asking price now days you get over 20k asking price.

my DD and also one cousin, have been trying to sell their property's for the last year/two years and can't sell unless they take an offer below what they paid 5 years/3 years ago.

Are these new-builds where the sellers obviously paid a hefty premium for a brand new house with sparkly new appliances? As other than that I can't fathom where in the UK house prices are lower now than they were 3 to 5 years ago...

Well, for one, house prices for prime central London property peaked in 2014 and are down considerably since then...

LOL you link me one house in central London sold this year for a lower price than it sold for in 2014....

Can they wait until December? Joking aside if rates keep rising I don`t think that will be all that difficult to do soon, rates were very low in 2014.

[Deleted User]

MobileSaver said:

Deleted_User said:

MobileSaver said:

OhWow said:

tab99uk said:

its a seller market them days have gone when you can a reduction on asking price now days you get over 20k asking price.

my DD and also one cousin, have been trying to sell their property's for the last year/two years and can't sell unless they take an offer below what they paid 5 years/3 years ago.

Are these new-builds where the sellers obviously paid a hefty premium for a brand new house with sparkly new appliances? As other than that I can't fathom where in the UK house prices are lower now than they were 3 to 5 years ago...

Well, for one, house prices for prime central London property peaked in 2014 and are down considerably since then...

Are you sure about that? Can you share your official source please?

Regardless, can @OhWow confirm that their relatives are selling in prime central London or are there other places where prices are lower than 5 years ago?

I'm not sure what you expect by way of "official source" (do you want me to personally go through the land registry records?) but see e.g. this from Savills (the estate agent): https://www.savills.co.uk/research_articles/229130/327339-0

"Prime central London continues to present a good buying opportunity as prices are 18.2% less than the 2014 peak."

Okey00001

From experience, do not reduce your house price anymore!  They are chancers and trying to get you in a corner of no return.  Don't be fooled, they take it or leave it. Believe me, there will buyers who pay the asking price.

jimbog

Deleted_User said:

MobileSaver said:

Deleted_User said:

MobileSaver said:

OhWow said:

tab99uk said:

its a seller market them days have gone when you can a reduction on asking price now days you get over 20k asking price.

my DD and also one cousin, have been trying to sell their property's for the last year/two years and can't sell unless they take an offer below what they paid 5 years/3 years ago.

Are these new-builds where the sellers obviously paid a hefty premium for a brand new house with sparkly new appliances? As other than that I can't fathom where in the UK house prices are lower now than they were 3 to 5 years ago...

Well, for one, house prices for prime central London property peaked in 2014 and are down considerably since then...

Are you sure about that? Can you share your official source please?

Regardless, can @OhWow confirm that their relatives are selling in prime central London or are there other places where prices are lower than 5 years ago?

I'm not sure what you expect by way of "official source" (do you want me to personally go through the land registry records?) but see e.g. this from Savills (the estate agent): https://www.savills.co.uk/research_articles/229130/327339-0

"Prime central London continues to present a good buying opportunity as prices are 18.2% less than the 2014 peak."

If that's what an estate agents have said then it must be true

MobileSaver

Deleted_User said:

MobileSaver said:

Deleted_User said:

MobileSaver said:

OhWow said:

tab99uk said:

its a seller market them days have gone when you can a reduction on asking price now days you get over 20k asking price.

my DD and also one cousin, have been trying to sell their property's for the last year/two years and can't sell unless they take an offer below what they paid 5 years/3 years ago.

Are these new-builds where the sellers obviously paid a hefty premium for a brand new house with sparkly new appliances? As other than that I can't fathom where in the UK house prices are lower now than they were 3 to 5 years ago...

Well, for one, house prices for prime central London property peaked in 2014 and are down considerably since then...

Are you sure about that? Can you share your official source please?

Regardless, can @OhWow confirm that their relatives are selling in prime central London or are there other places where prices are lower than 5 years ago?

I'm not sure what you expect by way of "official source" (do you want me to personally go through the land registry records?) but see e.g. this from Savills (the estate agent): https://www.savills.co.uk/research_articles/229130/327339-0

"Prime central London continues to present a good buying opportunity as prices are 18.2% less than the 2014 peak."

An official source would of course be something like ONS data reporting on all or most sales and not some marketing bumph from an estate agent with absolutely no verifiable data and crucially is only reporting on its own clients! So the "18% less" simply means that properties that Savills sold averaged at 18% less not that all properties in "prime central London" (wherever that is) were less so your initial claim was simply not true.

Regardless, as it's highly unlikely that @OhWow's relatives are selling in prime central London, it's a moot point anyway and I'm sure I'm not alone in thinking that OhWow's claim was also simply not true...

Splatfoot

Deleted_User said:

sidneyvic said:LOL you link me one house in central London sold this year for a lower price than it sold for in 2014....

Sigh

https://www.zoopla.co.uk/property/uprn/100022771141/

241 Knightsbridge in central London was purchased for £17.5m in 2015 and was sold for £13m last October.

Alderbank said:

The Office for National Statistics doesn't agree with that for London as a whole.

https://www.ons.gov.uk/economy/inflationandpriceindices/bulletins/housepriceindex/june2022#house-prices-by-region

You'll note I didn't say London as a whole. I said "Prime Central London". Obviously, house prices across London as a whole HAVE risen since 2014, just not (like I said) in prime central London. Perhaps you can see what I meant now?

Sorry, you've got that wrong. It sold in 2009 for £1,065,600 and then again in October 2021 for £13,250,000. It was listed in between for those ridiculous prices but didn't get sold. 

Sarah1Mitty2

MobileSaver said:

Sarah1Mitty2 said:

MobileSaver said:

OhWow said:

tab99uk said:

its a seller market them days have gone when you can a reduction on asking price now days you get over 20k asking price.

my DD and also one cousin, have been trying to sell their property's for the last year/two years and can't sell unless they take an offer below what they paid 5 years/3 years ago.

Are these new-builds where the sellers obviously paid a hefty premium for a brand new house with sparkly new appliances? As other than that I can't fathom where in the UK house prices are lower now than they were 3 to 5 years ago...

You seem to just look at headline statistics, the biggest changes to the mortgage market in well over a decade just kicked in a  few weeks ago! This almost certainly isn`t reflected in the stats yet, if the posters says that is what they are seeing then I tend to believe them.

Hilarious! So you want to ignore official verifiable stats because they don't paint the picture you want and instead believe in click-bait marketing bumph and patently false claims. The desperation from the HPC crowd is palpable.

Anyway, for the avoidance of doubt, on average house prices have increased by roughly 30% over the last five years so according to you we'll see reductions of around 30% in 3 to 6 months time when today's prices are reflected in the stats... are you absolutely sure about that or would you like to revise your claims?

The house we are supposed to be discussing, our real world example, had the buyer reduce their offer by 35%.

newsgroupmonkey_

angelasocks said:

Never heard of Connells/Sequence group

Never heard of Connell's estate agents?

And sequence are a group of estate agents that are often old local respected names that were bought out.

https://www.sequencehome.co.uk/ - put your postcode in to find your local one - you'll be surprised that they're owned by a large company rather than being an independent.

They're all owned by Connells group (who also now own Countrywide)