What Sort Of Reduction Are People Getting?

TDS_2

I know a lot of people won't even be considering buying a home at this point in time, but for those that are...

What sort of reductions in asking prices are people achieving? I was hoping to get a 10% reduction to build in a bit of security should prices continue to slide - any thoughts? Clearly this all depends on the vendors position/opinions, but if anyone's in a similar position, it would be nice to hear from you!

Thanks!

nethesi

We got 7.2% after they'd already dropped the price. They wouldn't have taken less, but we could have walked away. Chose not to because we loved the location and house. There's another house on the road (identical floor plan but mid-terrace instead of end terrace) on for 25% more than we're paying. But I doubt they would accept it yet - we had to look at our sellers as much as the house when looking for a bargain!

We're in Reading if that makes a difference which has seen the highest annual house price growth in the country YoY according to the latest land registry figures.
Don't know what the general picture is now but when we were looking in Jan/Feb we found that sellers were holding out for high offers but things weren't shifting.

I think now is a good time to buy a house if it suits your pocket and life situation as you can hold out for a bargain and not worry about this silly idea of a property ladder - we've gone straight in at a house we will probably live in for 20 years... at a price that last autumn would have got us a starter home.

Gonzo

We took a 4% reduction on ours, but are having no joy getting the same off the ones we're looking for. I'm reluctant to buy without a bit of a buffer as well...which is probably why not much is moving, as most people are of the same opinion?

dreamalittle

We recently had an offer of £250k accepted on a house which had originally gone on the market at £285k, and when we went to see it had been dropped to "offers over £265k". We've just pulled out though because of a change of circumstances (and because I'm not really convinced it's actually worth even £250k).

merlinthehappypig

It's impossible to generalise as so much depends on the seller's position and how realistic the asking price is.

If a house is priced at £600000, but only worth £300000, for example, then you might get a 50% reduction which sounds great, but is meaningless. There are plenty of similar, if less extreme, examples on the market from last year. Even a 20% reduction on some of these houses would leave them too expensive.

What I can say is that we offered £440000 on a house back in January and the seller didn't want to know. Two months later we offered £420000 on the same house and the offer has been accepted. That's a proper reduction and entirely due to the seller's fears about where the market is going.

glen8

2 properties in Lincoln are still on the market (been on six months)

1st - 4 bed detached

Nov 07 - £199,950
Today - £169,950
No viewers or offers (7 Years old, beautiful home)

2nd - 5 bed detached

Sept 07 - £233,000
Today - £189,950
No viewers or offers (2 Years old, virtually brand new)

ruggedtoast

Now is a terrible time to buy, a 5%-10% reduction on a property that could drop by 50% is about the best you'll get at the moment.

pickles110564

glen8 wrote: »

2 properties in Lincoln are still on the market (been on six months)

1st - 4 bed detached

Nov 07 - £199,950
Today - £169,950
No viewers or offers (7 Years old, beautiful home)

2nd - 5 bed detached

Sept 07 - £233,000
Today - £189,950
No viewers or offers (2 Years old, virtually brand new)

Please can you give rightmove links to these as i fancy a nice holiday home near lincoln

glen8

pickles110564 wrote: »

Please can you give rightmove links to these as i fancy a nice holiday home near lincoln

4 bed

http://www.rightmove.co.uk/viewdetails-7932201.rsp?pa_n=12&tr_t=buy

http://www.rightmove.co.uk/viewdetails-15004417.rsp?pa_n=12&tr_t=buy

5 bed

http://www.rightmove.co.uk/viewdetails-7713282.rsp?pa_n=5&tr_t=buy