House Prices - paying close to asking price realistic now?

I think ive over offered on mine. But I looked at how much houses nearby sold and it’s around the same mark. Trying to think too much about it. I offered less, it was rejected. I knew I wanted the location, offering a little bit more means one of the rooms or the garden might not get dressed up as nicely right away but the location and space are long term....that’s me justifying to myself the price Im paying!

I read an article the other day that said the housing market "is on its knees" - when you read the article, it turns out the average house price over the previous 12 months has dropped by 0.1%.

Newspapers are happy to paint a bleak picture as it sells papers. The reality is that the market is fairly stable. 0.1% in any direction is nothing.

We are in Manchester, although we cover the whole of the UK. We are busy, but we have noticed a drop in business in London and the South East, but everywhere else seems to be as busy as ever and to be honest, busier. It must be busier as we are as busy as we were last eyar and the year before but with very little from London and the SE.

So my limited conclusion is that the bulk of the housing market is holding its own even if it is not setting the world alight. There is no harm in making an offer, but I am not sure we are in the 10% off the asking price type of market at the moment.

True. But if house prices are fairly steady and in general the market is going ok, then its hard to see why people would be accepting offers some way off the asking price.

ACG wrote: »

I read an article the other day that said the housing market "is on its knees" - when you read the article, it turns out the average house price over the previous 12 months has dropped by 0.1%.
We are in Manchester, although we cover the whole of the UK. We are busy

I hope I summarised you accurately. I'm in south manchester and I'm being told 350k on a property I bought (and tidied up) two years ago for 260k. Ain't no 0.1%s around here. Those averages tell you nothing about what's happening where you live, in either direction.
Trouble for me is, I'm trying to upgrade locally and the competition is hot. The right house you can ask almost anything.

Manchester and surrounding areas are in super turbo mode at the moment and it all seems to be fuelled by nothing more than the towel folder and his ''Northern Powerhouse''... which itself appears to be nothing more than a nebulous and meaningless concept aimed at encouraging people to invest in property and ramp up prices.