Is it normal for sellers to continually increase price due to ‘amenity land’

Frogslegs23

We are purchasing our new home that had the option of additional land. As it was around 30 acres they said it would be sold for £250000 for the lot. 

We didn’t want all that asked for 2 at 10k and acre. ( as that’s what we were told the priece of land adjacent to our property was worth.)

They came back and said it was 12.5k. 

After some back and forth we eventually just agreed. 

They have now come back again and said they want 27.5k for the 2 acres because it’s close to the house it’s an amenity to us. 

Is this normal to keep increasing the price because it’s “amenity land”? 

FlorayG

They can do whatever they want until the day you exchange contracts
At that price I would be buying the whole 30 acres. I paid more than 27.5k for less than 2 acres 2 miles from my house

Elliott.T123

I want to live where ever you are! That sounds an absolute bargain.

You say they "keep increasing the price" I would argue they have only increased the price once. You wanted £10k, they countered with £12.5k. That isn't increasing the price that is choosing a price and sticking to it. 
They have since increased the price to £13.75k per acre.

Is it moral to change your mind halfway through, no, but they obviously think they can get away with getting an extra few thousand out of you.

Section62

Frogslegs23 said:

We are purchasing our new home that had the option of additional land. As it was around 30 acres they said it would be sold for £250000 for the lot. 

We didn’t want all that asked for 2 at 10k and acre. ( as that’s what we were told the priece of land adjacent to our property was worth.)

They came back and said it was 12.5k. 

After some back and forth we eventually just agreed. 

They have now come back again and said they want 27.5k for the 2 acres because it’s close to the house it’s an amenity to us. 

Is this normal to keep increasing the price because it’s “amenity land”? 

No, but it is normal for a seller to negotiate upwards if they think they are selling something for less than it is worth.

The land closer to your property is likely to be worth more - a) because you are more likely to want it, and b) because there's more chance of getting planning consent on a plot near existing development than there will be on a plot the far side of the field.

And as amenity land it would be worth more than agricultural land.

Have you looked into the planning situation?  If you do buy the land, will you be allowed to use it as amenity land?

eddddy

I'd suggest that there there are 2 aspects to valuing the land.

1. A valuer might focus on the financial aspect...

• How much would the property sell for without the 2 acres of land?
• How much would the property sell for with the 2 acres of land?

For example,
If the land would increase the sales value of the property by £20k, then the ,financial value of the land is £20k.
If the land would increase the sales value of the property by £0k, then the ,financial value of the land is £0k.



2. You might focus on the "quality of life" aspect.

• How much would having the 2 acres improve the "quality of life" for me and my family, while we live there?
• How much am I prepared to pay to get that improvement in the "quality of life" for my family?

(People often spend lots of money on their property to improve their "quality of life", which they would never get back when they sell.)


As far as the seller is concerned, I suspect they just want to achieve the highest price possible.

(i.e. They're trying to establish your "quality of life" value limit, and push you all the way to pay that limit.)

BikingBud

Consider the whole of the package.

People will argue the toss over some of the most trivial things whereas in reality it is less than many will spend on a holiday or installing a kitchen, doing a bathroom refit etc.

What did you want the land for?

You fancied it @£20k they feel £27k would be better, 1k per year over 7 or £500 over 14 years years seems like a small amount dependent upon what you want to do with it. You might even achieve that as basic rent as a paddock for horses.

Dustyevsky

You've not described the land, but it's possibly classified as agricultural in the eyes of the local authority. If it is, that makes a significant difference regarding what you can do with it without going through the planning process, with potential uncertainty regarding the outcome. 

Land close to the house is usually worth more than a distant field. The 'marriage value' by adding a couple of acres to the house plot will be greater than the value of unattached land. It's obvious; the more land around a house, the greater the privacy and control over views etc.

sheramber

It is normal for a seller to want as much as they can get. 

FreeBear

Section62 said:

Frogslegs23 said:

We are purchasing our new home that had the option of additional land. As it was around 30 acres they said it would be sold for £250000 for the lot. 

We didn’t want all that asked for 2 at 10k and acre. ( as that’s what we were told the priece of land adjacent to our property was worth.)

They came back and said it was 12.5k. 

After some back and forth we eventually just agreed. 

They have now come back again and said they want 27.5k for the 2 acres because it’s close to the house it’s an amenity to us. 

Is this normal to keep increasing the price because it’s “amenity land”? 

The land closer to your property is likely to be worth more - a) because you are more likely to want it, and b) because there's more chance of getting planning consent on a plot near existing development than there will be on a plot the far side of the field.

Or buy the whole 9 yards (30 acres), and ensure that none of it can be built on. The land could be rented to a local farmer or left to rewild.

secla

my neighbours recently bought a small parcel of land next to there garden for 40k no more than 1/4 acre. It wasnt worth that to anyone but them and the seller knew that so they could name there price to an extent.

As said its all a negotiation and they can change there mine up to the day the contracts are signed.