Am I Overpaying?

ReadySteadyPop

Herzlos said:

ReadySteadyPop said:

Most houses are not very unique and there is over-supply and falling demand in more areas than just London now, the larger the price of the item bought with debt the larger the risk you are taking, a flash car to stick in the drive might be 60k but the house or flat attached to the drive could be 600k! Very risky debt in a volatile rates environment.

It depends on what you're looking for in a house. For a new build the only things likely to differ house to house are plot location and plot shape. An end plot or a bigger garden may be a big plus. 

Once houses get older and have been extended and renovated the buildings themselves differ. For example, my house was identical to my neighbours when it was build 50 years ago but they differ quite drastically now. 

Then there's the availaibility of houses. In any given town/city there are only maybe a few dozen houses for sale and that reduces the stricter the criteria is. Narrow that down to a particular estate or part of town you may find that houses only come up every few years. For example, it seems to be approx every 2 years or so a house in my immediate area comes up for sale.

Of course, if you're just looking for something vague like "A house with 2 bedrooms" they aren't that unique. 
But if you want a 3 bedroom with a souther facing garden and double driveway in a quiet estate that's within 2 miles of a train station, your options become a lot more limited. 

If there was an abundance of houses that met the OP's criteria in that area, they probably wouldn't have bid on this one, no?

 Maybe the OP will pop back and let us know?

Herzlos

I suspect you've long since chased them away. 

ReadySteadyPop

Herzlos said:

I suspect you've long since chased them away. 

Unlikely, I don`t think they actually bid on any of the properties though.