How much to offer in Sheffield

Rockcat

I will soon be moving to Sheffield from Scotland and have found a house I really like. I'm not sure how much to offer for it though as I don't fully understand how the system works in England!
Apparently there have already been a couple of offers and viewings are going to end on Monday so it sounds like there has been quite a lot of interest.
The guide price is 350-375K. I can afford to offer more than that but should I at first? Do houses usually go for over their guide price in Sheffield? The house does seem to be priced lower than other similar ones in the area. Any advice much appreciated!

tacpot12

House prices were selling for over their asking price two years ago, but aren't any longer. I would suggest you initially offer £350,00 subject to contract and survey and get a survey done asap to see if you want to lower. I would only raise it if you are sure that there are other parties who are in a position to complete on the purchase of that house. 

MeteredOut

tacpot12 said:

House prices were selling for over their asking price two years ago, but aren't any longer. I would suggest you initially offer £350,00 subject to contract and survey and get a survey done asap to see if you want to lower. I would only raise it if you are sure that there are other parties who are in a position to complete on the purchase of that house. 

Was that comma intentional, or was it meant to be a decimal place?

_bishbashbosh

Depends on which part of the city you are looking at and what type of house. In some areas it is very competitive. Until interest rates shot up it was not unusual for houses on my road to sell in a weekend after receiving a dozen offers. It’s slowed a bit now, but there’s still a shortage of semis and detached houses in a city that was predominantly built as small terraces. If you love the house and there’s already been a couple of offers then low balling may not be in your interest. 

Grizebeck

I recommend page hall some bargains to be had there

jimbog

Which area of Sheffield is this?

Rockcat

Thanks for the advice. The area is Nether Edge. It is a terraced house but one of the bigger ones and recently refurbished

ormonde

If it’s the one I think it is are you happy with the parking situation? It’s a busy, lively location. I would be looking at the Greystones area

Grizebeck

Part of is it a student area, would never live in a student area

Rockcat

ormonde said:

If it’s the one I think it is are you happy with the parking situation? It’s a busy, lively location. I would be looking at the Greystones area

Anything big enough for us in Greystones is either above our price range or needs a lot of work.
We only have one car and don’t mind walking a short distance to where it is parked so hopefully parking won’t be a huge issue.
I don’t mind busy and lively as long as it isn’t right outside my house 😂

DigSunPap

In general, guide prices are usually set lower than the expected sale price to generate interest. It's common for properties to sell at or above the guide price, especially in competitive markets like Sheffield. Given your budget, consider offering a bit over the guide price if you're serious about the property and believe it's worth it, but be prepared to negotiate.