Can anyone help re: house price increases please?

LicoriceStick

Hello,

New to the forum and looking for some advice if anyone can help?  We've seen a house we like (East Midlands).  It is on at offers over £450k.  A very similar house in the same road sold last August for £427k but since then there has been so little activity in our particular area I have nothing else to compare it with.  How could I find out how much house prices have increased (or not) on average since September?  ONS data suggests percentage increase in the East Midlands was 8.6% to January 2023 but I'm assuming that most of this increase was in the first eight months of the year and it has slowed since then.  So difficult to decide where to pitch an offer (if we decide to). 

Thanks in advance for any advice.

topgearfan08

You could offer the same, or try a cheeky 10% under....  worst they can say is no, and are likely to counter offer at a higher price.

Just don't go so low its insulting and they won't be willing to negotiate.

So many things affect the price, even between neighbouring houses. No exact science. 

mi-key

topgearfan08 said:

You could offer the same, or try a cheeky 10% under....  worst they can say is no, and are likely to counter offer at a higher price.

Just don't go so low its insulting and they won't be willing to negotiate.

So many things affect the price, even between neighbouring houses. No exact science. 

If they are advertising it at offers over I think it is very unlikely they are going to even consider an offer for £45K less ?

topgearfan08

possibly unlikely, but with no specific's its hard to tell.   Round my area theres LOADS of properties at similar prices, and they just sit there for months on end, slowly knocking 15k off every 4 weeks or so.    Theres one I have my eye on, offers over...   They cant sell it (and its literally perfect, just over priced), they didn't take my lower offer, its only a matter of time before they reduce it towards my offer.

Problem is, some agents tell people their house is worth 450k for example, to make them go with them, as other agents say they cam get less, but its not its actually 425k max, more more realistically to accept offers over 400k... But they cant come to terms with taking a penny less once told that, but wonder why they aren't getting the viewers through the door.     Everything sells if the price is right, even in a poor market.

Like I say, you can offer lower, and they will try raise you up.

Its what your happy with paying at the end of the day.

ReadingTim

What it, or anything else sold for in the past is irrelevant - you can't go back in time and buy that property instead, so get that idea out of your head right now - you're wasting your time.    

The only comparable is what else is currently on the market, i.e. if you don't buy that place, what else can you buy instead?  And if there's nothing comparable (but even if there is), you still have to negotiate with this seller to buy their place, so regardless whether you base your opening offer on science or simply last week's lottery numbers, you put in an opening offer, they accept, reject or counter-offer, and you do the dance for long enough to come to an agreement, or realise you will never agree because they're after an amount which you're unable or unwilling to pay.  

Singlemummy_2

How long has it been on the market - good indicator as to if they may take lower. 

ReadingTim

Singlemummy_2 said:

How long has it been on the market - good indicator as to if they may take lower. 

....until it indicates they refuse to accept reality and are happy for it to languish on the market for months on end....

topgearfan08

ReadingTim said:

Singlemummy_2 said:

How long has it been on the market - good indicator as to if they may take lower. 

....until it indicates they refuse to accept reality and are happy for it to languish on the market for months on end....

Ive seen 2 like that, that refused to reduce even once, and even take asking price, when it said offers over...

They just withdrew from the market like 6 & 9 months after unsold, and stayed put.

middleclassbutpoor

If you have been to look at it and you like it and you are in a position to make offers then I would suggest that you put the offer you want to put in.

If they knock it back and insist its only offers over, or a price that you feel doesn't represent fair value - leave your offer on the table but move on and keep looking.  

Absolutely no point trying to analyse the market and trying to bring stats and facts into a conversation which will be one driven by emotion and many variables that you may or may not be aware of just based on sold prices. 

theoretica

LicoriceStick said:

 How could I find out how much house prices have increased (or not) on average since September? 

What does Zoopla suggest for a value of the 427k house?  Their algorithm is more than just average house price change, but if they have an estimate it is an easy piece of data to get.

LicoriceStick

theoretica said:

LicoriceStick said:

 How could I find out how much house prices have increased (or not) on average since September? 

What does Zoopla suggest for a value of the 427k house?  Their algorithm is more than just average house price change, but if they have an estimate it is an easy piece of data to get.

Last week Zoopla estimate for the 427k house was 419k.  It updated at the weekend and it is now 444k