How much to negotiate for property in London? Purchasing for child going to uni

pinkshoes

Bigphil1474 said:

Honestly, I think if any seller gets annoyed by a low offer, there are probably lots of problems to come with that sort of person, so not worth going any further with them IMO. 

I disagree.

We priced our property to sell years ago at around £225k, had so many viewings booked for the first week, then this couple offered £180k. Given it was priced very sensibly, their offer was laughable. We accepted the asking price a week later (and had several very close offers), and this couple also then offered the asking price then got huffy when we wouldn't go with them instead! 

So I think it's the other way round. If a property has been priced sensibly and a buyer offers way below, it makes it look like they're not a serious buyer and potentially "flaky".

They key is doing homework and working out what it is likely worth.

Some people aren't in a hurry to sell so happy to put it on at a higher price and wait. Others want a quick sale and price it very sensibly. Some are delusional about what their property is worth.

ReadySteadyPop

pinkshoes said:

Bigphil1474 said:

Honestly, I think if any seller gets annoyed by a low offer, there are probably lots of problems to come with that sort of person, so not worth going any further with them IMO. 

I disagree.

We priced our property to sell years ago at around £225k, had so many viewings booked for the first week, then this couple offered £180k. Given it was priced very sensibly, their offer was laughable. We accepted the asking price a week later (and had several very close offers), and this couple also then offered the asking price then got huffy when we wouldn't go with them instead! 

So I think it's the other way round. If a property has been priced sensibly and a buyer offers way below, it makes it look like they're not a serious buyer and potentially "flaky".

They key is doing homework and working out what it is likely worth.

Some people aren't in a hurry to sell so happy to put it on at a higher price and wait. Others want a quick sale and price it very sensibly. Some are delusional about what their property is worth.

Different market now, many properties are getting very few views.

JonMitchell

Just an update

We viewed a flat and offered a 8% off asking price, vendor is considering it. EA is rather confident the offer would be accepted.

Sounds like and looked to me that properties in London might have been inflated artificially by EA to leave a buffer zone down?? Just my encounter and observation.

Also we have noticed many properties that are available on Rightmove, were in fact already STC - EA seems to be using "nice" properties to entice buyers to viewing, only to offer alternative stocks they have. Rather naughty of these EAs to retort to such strategy, annoying and time wasting to say the least - we were put off by these EAs, didn't view any of their stock properties.   

BikingBud

JonMitchell said:

Just an update

We viewed a flat and offered a 8% off asking price, vendor is considering it. EA is rather confident the offer would be accepted.

Sounds like and looked to me that properties in London might have been inflated artificially by EA to leave a buffer zone down?? Just my encounter and observation.

Also we have noticed many properties that are available on Rightmove, were in fact already STC - EA seems to be using "nice" properties to entice buyers to viewing, only to offer alternative stocks they have. Rather naughty of these EAs to retort to such strategy, annoying and time wasting to say the least - we were put off by these EAs, didn't view any of their stock properties.   

Ever was thus!

monkey-fingers

nakie999 said:

London pricing is very inconsistent. One flat had zero movement, another softened fast once deadlines came up and the seller wanted certainty before summer.

A lot of weird replies lately to old posts.

ReadySteadyPop

JonMitchell said:

Just an update

We viewed a flat and offered a 8% off asking price, vendor is considering it. EA is rather confident the offer would be accepted.

Sounds like and looked to me that properties in London might have been inflated artificially by EA to leave a buffer zone down?? Just my encounter and observation.

Also we have noticed many properties that are available on Rightmove, were in fact already STC - EA seems to be using "nice" properties to entice buyers to viewing, only to offer alternative stocks they have. Rather naughty of these EAs to retort to such strategy, annoying and time wasting to say the least - we were put off by these EAs, didn't view any of their stock properties.   

Are you using some of the various apps to track price changes (it is usually price drops TBH) Demand for flats (and prices) in London is down, with new-build sales down about 60% as well in London, just feels like a market on the verge of a correction to me, are you sure you want to purchase a flat with that sort of backdrop, could be a real loss-maker for you?

monkey-fingers

Crashy, this post is from May.

I know you want to get your tuppence worth about a market you know so much about.

We were hoping you took the hint on the other post.

Herzlos

Why do you keep bringing up new build prices when the OP is clearly talking about old-build houses, and in this case made the offer 6 months ago so may have already completed?

MeteredOut

ReadySteadyPop said:

JonMitchell said:

Just an update

We viewed a flat and offered a 8% off asking price, vendor is considering it. EA is rather confident the offer would be accepted.

Sounds like and looked to me that properties in London might have been inflated artificially by EA to leave a buffer zone down?? Just my encounter and observation.

Also we have noticed many properties that are available on Rightmove, were in fact already STC - EA seems to be using "nice" properties to entice buyers to viewing, only to offer alternative stocks they have. Rather naughty of these EAs to retort to such strategy, annoying and time wasting to say the least - we were put off by these EAs, didn't view any of their stock properties.   

Are you using some of the various apps to track price changes (it is usually price drops TBH) Demand for flats (and prices) in London is down, with new-build sales down about 60% as well in London, just feels like a market on the verge of a correction to me, are you sure you want to purchase a flat with that sort of backdrop, could be a real loss-maker for you?

Haven't you been saying that for over 10 years?

monkey-fingers

MeteredOut said:

ReadySteadyPop said:

JonMitchell said:

Just an update

We viewed a flat and offered a 8% off asking price, vendor is considering it. EA is rather confident the offer would be accepted.

Sounds like and looked to me that properties in London might have been inflated artificially by EA to leave a buffer zone down?? Just my encounter and observation.

Also we have noticed many properties that are available on Rightmove, were in fact already STC - EA seems to be using "nice" properties to entice buyers to viewing, only to offer alternative stocks they have. Rather naughty of these EAs to retort to such strategy, annoying and time wasting to say the least - we were put off by these EAs, didn't view any of their stock properties.   

Are you using some of the various apps to track price changes (it is usually price drops TBH) Demand for flats (and prices) in London is down, with new-build sales down about 60% as well in London, just feels like a market on the verge of a correction to me, are you sure you want to purchase a flat with that sort of backdrop, could be a real loss-maker for you?

Haven't you been saying that for over 10 years?

Since 2003! Crashy would have nearly paid the mortgage off by now.