Overpriced house, offer rejected, what now?

runningrafan

Husband and I went to view a property on Sunday and we both really liked it however we think it is overpriced.

It was put on the market in June 2025 for 850k, reduced 3 months later to 800k then taken off the market. It has recently been put back on at 775k and I still think it is really overpriced.

The house has been renovated to a really high standard and has a lovely garden however it is priced high compared to similar properties in the area and next door's house is right on the boundary (literally backs onto the driveway). I have a feeling they want to get back the money they spent doing it up but they have lived there for 20 years so seems unrealistic. There is a very similar house 10 mins down the road that was up for 700k which has sold.

We offered 700k which they obviously rejected, what do we do now? Wait it out or up our offer? We would be happy to offer up to 725k but I'm still not sure they would accept that. The estate agent said if we came in at 750 there would be room to negotiate but I'm not prepared to go that high!

mebu60

Be clear that your next offer is your final offer, if it's rejected you will walk away.

silvercar

Make your final offer. If they don’t accept it politely walk away. Tell them if they reconsider to be back in touch.

RelievedSheff

Put in your final offer and be prepared to walk away if you can't agree a price with the vendor.

itsthelittlethings

Offer more or don’t I guess.

user1977

If they don’t accept it politely walk away

No need to be polite if you're walking away! You may as well walk away while flicking the Vs at them.

theartfullodger

"Best" offer is not just price. e.g. timescales (if you have the cash you could complete this week), no chain/nothing to sell, being prepared to be flexible on timescales (eg could be v quick and/or quite slow).

I offered about 20% off "offers over" price. Rejected (on instruction by seller) by agent in rudest & bluntest manner . I thanked them politely. Made exact same offer, by solicitors letter, a week later explaining I was a cash buyer. Accepted. Owned in about 20 years.

Think what you could offer (not money) that might appeal….

Myci85

If it's priced high compared to others in the area, there must be something about it that makes you want that house over and above the others, else if the vendor won't drop the price, you'd surely go for one of them? And perhaps whatever makes you want that one more than another cheaper one, is the same reason the vendor thinks it's worth more.

Either way, sadly there is nothing you can do really if they don't think it's over priced. Either offer more and find a price they'll meet you at, or walk away and hope that it's still there and further reduced in a few months time, with the risk someone else snaps it up.

peterhjohnson

Offer a fair market price. If you really like the place, offer a bit over. If your offer is rejected, tell the agent that you're still interested (at that price) but will have to look at alternatives. If you are lucky (as I was once) the agent will come back to you a few weeks later when the seller has reassessed.

mlz1413

£725k to £775k is a very large gap. And these owners started at 850k.

Maybe they need that amount or have the time to wait for a better offer.

I agree with others that you need to be prepared to walk away.

I'd put in an offer of £725k with a list of anything that makes you a a better bet than others, ie cash buyer / short chain. And then keep viewing other houses.

If after looking at other houses you decide this one is worth more to you, then put in an offer of £750k or more.

Agents have rhino hide so probably won't bat an eyelid amount any changes.

runningrafan

thanks everyone. Really appreciate the advice! We are in quite a good position, our house is sold stc to FTB and we are happy to proceed at their pace. This house is chain-free so I’m thinking they’re not in a rush. Will chat to my hubby and see what we’re thinking. I think fair market rate is probably around 715-725k but there aren’t many houses like it so trying to stay rational that something else will come up.