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Offer under asking price

1…34689…13

Comments

  • YoungBlueEyes
    YoungBlueEyes Posts: 5,012 Forumite
    Tenth Anniversary 1,000 Posts Homepage Hero Photogenic
    The people that have money have still got money. It was ever thus.

    Forgive me for telling another car story but - I was sat behind a P1 at the traffic lights yesterday. Now you can't tell me you can put one of them puppies on a credit card!
    Shout out to people who don't know what the opposite of in is.
  • TonyTeacake
    TonyTeacake Posts: 309 Forumite
    100 Posts Name Dropper
    MobileSaver said:
    TonyTeacake said:
    MobileSaver said:
    TonyTeacake said:
    Sarah1Mitty2 said:
    mi-key said:
    Readyto said:
    Last year I offered 100k below asking price and sadly I lost on that house  
    I wonder why :smile: Well unless you are talking about something in the millions !
    Last year is a very different market, PropertyLog is full of 100k reductions, and not on million pound houses either, most people don`t know how to price correctly in my opinion.
    I totally agree we are in a totally different market now but unfortunately, there are many sellers who still think they can achieve last year's prices.
    Er, maybe that's because they can? :D A friend of mine put their house on the market almost a year ago and just completed last week at the same full asking price... B)
    TonyTeacake said:
    Some of the commentators on MSE have said you can get a mortgage rate of under 4%, but fail to mention you will only get this rate with a 33% deposit, this means most FTB are priced out of the market
    A typical FTB will have at least a 15% deposit and can currently get a 5 year fix at 4.2%, most of us here who have had mortgages will think that's a pretty good deal!

    Factor in the cost of living crisis with all the lay offs happening I think you know which way the market is heading.
    The cost of living crisis is massively ever-egged in the context of the housing market; the people affected the most were never going to be in a position to buy a house anyway.
    Obviously this is anecdotal but we've been out for lunch a few times in the last fortnight and the restaurants were literally packed.  We also went out for dinner one night last mid-week and while not packed the pub restaurant was very busy which I thought was impressive when food and drink for two came to £95.
    Similarly a couple of weeks ago we shopped and had lunch in Merthyr Tydfil (hardly renowned for being a prosperous and vibrant Welsh town) and everywhere was teeming with people - I know it doesn't fit your utopia of doom and gloom leading to a house price crash but the fact of the matter is that a lot of people out there have a lot of spare cash and they don't mind spending it... B)

    OMG you are so out of touch with the real world. Plenty of wealth where I live in Cheshire but this doesn't reflect the rest of the UK.

    Like I've said in the past I deal with many businesses and I see this first hand that many are seeing profits down and I've seen them cutting staff as running costs are so high. I warned you last year this was coming and it's only going to get worse.

    It seems to me you can't stand the fact house prices are falling. Inflation is still at 10.1% which still means the cost of goods and services are still going up by at least 10.1%. Energy support for business's is finishing in April so this will only accelerate more businesses closing.

    I remember you saying last year inflation will be a minor blip and the war in Ukraine won't last. Look where we are now inflation is still rampant and Putin's fingers are getting close to that button.
    How wrong you where 🤣
  • MobileSaver
    MobileSaver Posts: 4,376 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    edited 22 February 2023 at 9:49AM
    TonyTeacake said:
    MobileSaver said:
    TonyTeacake said:
    MobileSaver said:
    TonyTeacake said:
    Sarah1Mitty2 said:
    mi-key said:
    Readyto said:
    Last year I offered 100k below asking price and sadly I lost on that house  
    I wonder why :smile: Well unless you are talking about something in the millions !
    Last year is a very different market, PropertyLog is full of 100k reductions, and not on million pound houses either, most people don`t know how to price correctly in my opinion.
    I totally agree we are in a totally different market now but unfortunately, there are many sellers who still think they can achieve last year's prices.
    Er, maybe that's because they can? :D A friend of mine put their house on the market almost a year ago and just completed last week at the same full asking price... B)
    TonyTeacake said:
    Some of the commentators on MSE have said you can get a mortgage rate of under 4%, but fail to mention you will only get this rate with a 33% deposit, this means most FTB are priced out of the market
    A typical FTB will have at least a 15% deposit and can currently get a 5 year fix at 4.2%, most of us here who have had mortgages will think that's a pretty good deal!

    Factor in the cost of living crisis with all the lay offs happening I think you know which way the market is heading.
    The cost of living crisis is massively ever-egged in the context of the housing market; the people affected the most were never going to be in a position to buy a house anyway.
    Obviously this is anecdotal but we've been out for lunch a few times in the last fortnight and the restaurants were literally packed.  We also went out for dinner one night last mid-week and while not packed the pub restaurant was very busy which I thought was impressive when food and drink for two came to £95.
    Similarly a couple of weeks ago we shopped and had lunch in Merthyr Tydfil (hardly renowned for being a prosperous and vibrant Welsh town) and everywhere was teeming with people - I know it doesn't fit your utopia of doom and gloom leading to a house price crash but the fact of the matter is that a lot of people out there have a lot of spare cash and they don't mind spending it... B)

    OMG you are so out of touch with the real world. Plenty of wealth where I live in Cheshire but this doesn't reflect the rest of the UK.
    The "cost of living crisis" has been going on for well over a year yet on average 100,000 properties are still being bought and sold every single month in the UK... remind me again which one of us is so out of touch with the real world? :D
    TonyTeacake said:
    It seems to me you can't stand the fact house prices are falling.
    How wrong you are. I've no plans to buy or sell property any time soon, it makes no difference to me whether prices rise or fall.
    TonyTeacake said:

    I remember you saying last year inflation will be a minor blip and the war in Ukraine won't last. ... How wrong you where
    You are confusing me with another poster - I've never said either of those things.  :o
    Every generation blames the one before...
    Mike + The Mechanics - The Living Years
  • mi-key
    mi-key Posts: 1,580 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker

    Like I've said in the past I deal with many businesses and I see this first hand that many are seeing profits down and I've seen them cutting staff as running costs are so high. I warned you last year this was coming and it's only going to get worse.

    It seems to me you can't stand the fact house prices are falling. Inflation is still at 10.1% which still means the cost of goods and services are still going up by at least 10.1%. Energy support for business's is finishing in April so this will only accelerate more businesses closing.

    I remember you saying last year inflation will be a minor blip and the war in Ukraine won't last. Look where we are now inflation is still rampant and Putin's fingers are getting close to that button.
    How wrong you where 🤣
    Thankfully it is predicted that energy prices will drop to pre Putin levels by July - in fact lower than the current price cap, so that should go some way to making it easier for businesses.

    Inflation has also dropped 1% since its high in October, and has dropped each month since then.

    At least things are moving in the right direction, and it is predicted we won't go into recession either this year. 

    Coincidentally Rightmove reported a very slight increase in sold prices for January.

    Crashy must be kicking himself...
  • TonyTeacake
    TonyTeacake Posts: 309 Forumite
    100 Posts Name Dropper
    MobileSaver said:
    TonyTeacake said:
    MobileSaver said:
    TonyTeacake said:
    MobileSaver said:
    TonyTeacake said:
    Sarah1Mitty2 said:
    mi-key said:
    Readyto said:
    Last year I offered 100k below asking price and sadly I lost on that house  
    I wonder why :smile: Well unless you are talking about something in the millions !
    Last year is a very different market, PropertyLog is full of 100k reductions, and not on million pound houses either, most people don`t know how to price correctly in my opinion.
    I totally agree we are in a totally different market now but unfortunately, there are many sellers who still think they can achieve last year's prices.
    Er, maybe that's because they can? :D A friend of mine put their house on the market almost a year ago and just completed last week at the same full asking price... B)
    TonyTeacake said:
    Some of the commentators on MSE have said you can get a mortgage rate of under 4%, but fail to mention you will only get this rate with a 33% deposit, this means most FTB are priced out of the market
    A typical FTB will have at least a 15% deposit and can currently get a 5 year fix at 4.2%, most of us here who have had mortgages will think that's a pretty good deal!

    Factor in the cost of living crisis with all the lay offs happening I think you know which way the market is heading.
    The cost of living crisis is massively ever-egged in the context of the housing market; the people affected the most were never going to be in a position to buy a house anyway.
    Obviously this is anecdotal but we've been out for lunch a few times in the last fortnight and the restaurants were literally packed.  We also went out for dinner one night last mid-week and while not packed the pub restaurant was very busy which I thought was impressive when food and drink for two came to £95.
    Similarly a couple of weeks ago we shopped and had lunch in Merthyr Tydfil (hardly renowned for being a prosperous and vibrant Welsh town) and everywhere was teeming with people - I know it doesn't fit your utopia of doom and gloom leading to a house price crash but the fact of the matter is that a lot of people out there have a lot of spare cash and they don't mind spending it... B)

    OMG you are so out of touch with the real world. Plenty of wealth where I live in Cheshire but this doesn't reflect the rest of the UK.
    The "cost of living crisis" has been going on for well over a year yet 100,000 properties are still being bought and sold every single month in the UK... remind me again which one of us is so out of touch with the real world? :D
    TonyTeacake said:
    It seems to me you can't stand the fact house prices are falling.
    How wrong you are. I've no plans to buy or sell property any time soon, it makes no difference to me whether prices rise or fall.
    TonyTeacake said:

    I remember you saying last year inflation will be a minor blip and the war in Ukraine won't last. ... How wrong you where
    You are confusing me with another poster - I've never said either of those things.  :o
    I would advise if you are going to post figures for house sales don't make figures up which can be misleading.

    Headline statistics

    Headline statistics from the latest transactions data include:

    • the provisional non-seasonally adjusted estimate of the number of UK residential transactions in January 2023 is 77,390, 7% lower than January 2022 and 27% lower than December 2022.
    You do come across like somebody who has a vested interest in property prices going up and this is very obvious. Like I said before house prices in the last few years have become out of touch for many people especially the younger generation. My advice was always was for anyone not to overpay because all of these price gains will be reversed and unfortunately this is happening now. We will see many people go into negative equity who will struggle especially when they come off there fixed term rate or when there SVR goes up.
  • TonyTeacake
    TonyTeacake Posts: 309 Forumite
    100 Posts Name Dropper
    edited 22 February 2023 at 9:55AM
    mi-key said:

    Like I've said in the past I deal with many businesses and I see this first hand that many are seeing profits down and I've seen them cutting staff as running costs are so high. I warned you last year this was coming and it's only going to get worse.

    It seems to me you can't stand the fact house prices are falling. Inflation is still at 10.1% which still means the cost of goods and services are still going up by at least 10.1%. Energy support for business's is finishing in April so this will only accelerate more businesses closing.

    I remember you saying last year inflation will be a minor blip and the war in Ukraine won't last. Look where we are now inflation is still rampant and Putin's fingers are getting close to that button.
    How wrong you where 🤣
    Thankfully it is predicted that energy prices will drop to pre Putin levels by July - in fact lower than the current price cap, so that should go some way to making it easier for businesses.

    Inflation has also dropped 1% since its high in October, and has dropped each month since then.

    At least things are moving in the right direction, and it is predicted we won't go into recession either this year. 

    Coincidentally Rightmove reported a very slight increase in sold prices for January.

    Crashy must be kicking himself...
    You failed to mention one very important piece of information.

    From April 2023 the cap is set to rise from £2,500 a year for the average family to £3,000.

    Please post all the facts and not just the bits you want people to hear, this would give a much clearer view of what is really going on.

    Also seen has you have all these stats to hand please tell me what where the increases in January ACCORDING to Rightmove?
  • mi-key
    mi-key Posts: 1,580 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker

    You do come across like somebody who has a vested interest in property prices going up and this is very obvious. Like I said before house prices in the last few years have become out of touch for many people especially the younger generation. My advice was always was for anyone not to overpay because all of these price gains will be reversed and unfortunately this is happening now. We will see many people go into negative equity who will struggle especially when they come off there fixed term rate or when there SVR goes up.
    The average FTB buys with a 15% deposit, assuming they bought two years ago ( so their initial rate will be expiring ) the value would need to drop around 18% overnight to put them in negative equity, which isn't going to happen for the vast majority of people.

    Negative equity is meaningless anyway as long as you keep making the payments. 
  • MobileSaver
    MobileSaver Posts: 4,376 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    TonyTeacake said:
    MobileSaver said:
    TonyTeacake said:
    MobileSaver said:
    TonyTeacake said:
    MobileSaver said:
    TonyTeacake said:
    Sarah1Mitty2 said:
    mi-key said:
    Readyto said:
    Last year I offered 100k below asking price and sadly I lost on that house  
    I wonder why :smile: Well unless you are talking about something in the millions !
    Last year is a very different market, PropertyLog is full of 100k reductions, and not on million pound houses either, most people don`t know how to price correctly in my opinion.
    I totally agree we are in a totally different market now but unfortunately, there are many sellers who still think they can achieve last year's prices.
    Er, maybe that's because they can? :D A friend of mine put their house on the market almost a year ago and just completed last week at the same full asking price... B)
    TonyTeacake said:
    Some of the commentators on MSE have said you can get a mortgage rate of under 4%, but fail to mention you will only get this rate with a 33% deposit, this means most FTB are priced out of the market
    A typical FTB will have at least a 15% deposit and can currently get a 5 year fix at 4.2%, most of us here who have had mortgages will think that's a pretty good deal!

    Factor in the cost of living crisis with all the lay offs happening I think you know which way the market is heading.
    The cost of living crisis is massively ever-egged in the context of the housing market; the people affected the most were never going to be in a position to buy a house anyway.
    Obviously this is anecdotal but we've been out for lunch a few times in the last fortnight and the restaurants were literally packed.  We also went out for dinner one night last mid-week and while not packed the pub restaurant was very busy which I thought was impressive when food and drink for two came to £95.
    Similarly a couple of weeks ago we shopped and had lunch in Merthyr Tydfil (hardly renowned for being a prosperous and vibrant Welsh town) and everywhere was teeming with people - I know it doesn't fit your utopia of doom and gloom leading to a house price crash but the fact of the matter is that a lot of people out there have a lot of spare cash and they don't mind spending it... B)

    OMG you are so out of touch with the real world. Plenty of wealth where I live in Cheshire but this doesn't reflect the rest of the UK.
    The "cost of living crisis" has been going on for well over a year yet 100,000 properties are still being bought and sold every single month in the UK... remind me again which one of us is so out of touch with the real world? :D
    TonyTeacake said:
    It seems to me you can't stand the fact house prices are falling.
    How wrong you are. I've no plans to buy or sell property any time soon, it makes no difference to me whether prices rise or fall.
    TonyTeacake said:

    I remember you saying last year inflation will be a minor blip and the war in Ukraine won't last. ... How wrong you where
    You are confusing me with another poster - I've never said either of those things.  :o
    I would advise if you are going to post figures for house sales don't make figures up which can be misleading.
    Like I said before house prices in the last few years have become out of touch for many people especially the younger generation.
    My bad, I've edited my post to clarify that I obviously meant "on average" and did not mean that literally 100,000 and no more and no less properties are sold every month. :p
    You say "house prices in the last few years have become out of touch for many people" and yet every year 1,000,000 people seem to buy and sell quite successfully and have been doing for years...

    Every generation blames the one before...
    Mike + The Mechanics - The Living Years
  • TonyTeacake
    TonyTeacake Posts: 309 Forumite
    100 Posts Name Dropper
    edited 22 February 2023 at 12:04PM
    mi-key said:

    You do come across like somebody who has a vested interest in property prices going up and this is very obvious. Like I said before house prices in the last few years have become out of touch for many people especially the younger generation. My advice was always was for anyone not to overpay because all of these price gains will be reversed and unfortunately this is happening now. We will see many people go into negative equity who will struggle especially when they come off there fixed term rate or when there SVR goes up.
    The average FTB buys with a 15% deposit, assuming they bought two years ago ( so their initial rate will be expiring ) the value would need to drop around 18% overnight to put them in negative equity, which isn't going to happen for the vast majority of people.

    Negative equity is meaningless anyway as long as you keep making the payments. 
    So what happens if you can't afford the new fixed rate deal or the SVR? We all know rates have shot up. 

    Also you said "Coincidentally Rightmove reported a very slight increase in sold prices for January".  I am still awaiting your answer as to how much?
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