Offer on property.

[jaymie]

Hi! I am very interested to know how much you guys offer for your house (property) and how much the asking price was. And what year was it and area. Sorry if this sounds nosy, we are in the midst of buying in South East and we both moved to the UK 10 years back, sadly we don’t really have friends and family to ask this question.

Perhaps something like this?

Offer:
Asking:
Year:
Area:
Chain/no chain/FTB:

 

[Rippedjeanmaybe]

We offered: 82.5k
Asking price: 89k
Year: 2017
Area: North West

the owners who we bought from had bought during the recession and they had paid 95k, but the house was worth no where near that when we bought due to decreases in house prices and due the house being a mess.

 

[tarquin16]

Offer: £285k three bed semi detached
Asking: £285k
Year: 2017
Area: SE

At the time the local property market was booming and houses were going for over the asking price regularly. 2018/19 would probably have paid £275k however so it all depends on what the market is like at the time. With the stamp duty holiday at the moment houses seem to be selling very quickly for close to if not full asking price, but not sure what it will be like in the summer.

 

[PineappleTopper]

Im in the south west. In some of the major s. West cities, it is expected that you will offer 10% over asking. Ive had friends who have been outbid 10 times before managing to buy a place. Its competitive at all levels of the housing market.

 

[jaymie]

We offered: 82.5k
Asking price: 89k
Year: 2017
Area: North West

the owners who we bought from had bought during the recession and they had paid 95k, but the house was worth no where near that when we bought due to decreases in house prices and due the house being a mess.

Oh wow! Was he desperate to get out like divorce?

 

[Bronx]

My parents just sold their rental property in the south east.

They accepted; 196,500
Asking price; offers in excess of 200,000

It’s a buyers market at the moment, so you can be a bit cheeky.

 

[littlepup]

In our area, one village to the next will see a £100k difference in the same property. Literally 10 miles. 3 miles apart can see you £20k difference on the same house.

Nov 2020
£250k asking
offered £240k
sold at 250k

September 2020
OIEO £230k asking (full renovation req’d)
offered £215k
‘sold’ twice at around £230k, both have since fallen through and it’s still on the market.

- Both East Anglia

 

[Rippedjeanmaybe]

Oh wow! Was he desperate to get out like divorce?

No, it was a couple that were moving together with their child. The house wasn’t worth more than 80k and they knew they were being cheeky by asking so much and they knew they were pushing their luck. We were the first offer they’d had since they put their house on the market a year prior, so in the end they relented and sold us the house.

 

[Tui]

Offer: Initally asking, went to best and final then someone tried to gazump us - final £492k
Asking: £475k
Year: 2020
Area: South Manchester
Chain/no chain/FTB: Chain of 5

South Manchester’s housing market is a bit of a bubble but areas vary wildly - in our area houses like ours hardly ever come for sale plus it is in the catchment for some excellent grammar and state schools. Houses frequently go for over asking and there is aggressive gazumping and doorstepping with higher offers (we didn’t engage in such activities but some hole tried to take the house from under us after our best and final was accepted)

 

[Lulu Goss]

Offer: £380k
Asking: £400k
Year: 2020
Area: London
Chain/no chain/FTB: we were selling our previous property but there was no chain on our new house as it was empty

 

[Kim Mild]

I recently sold my late parents property and I listed it as soon as estate agents opened after lockdown . They told me I'd likely get 90-92% of the asking price, it sold for 96%.
We are buying a property ourselves, I was talking to the agent we used to sell and they advised to offer 10k less but I offered 5k less because I didn't want them to get a better offer, our seller would only accept asking price so we offered that as it was within budget and we need to move somewhere more suitable.

This is all recent, since the stamp duty freeze. I'm in the north east. Houses seem to sell quite quickly and asking prices have increased since lockdown.

 

[NoHintOfDrama]

Offer: £278,000
Asking: £280,000
Year: 2008
Area: Suburban east London
Chain/no chain/FTB: chain both sides

 

[jaymie]

Offer: £278,000
Asking: £280,000
Year: 2008
Area: Suburban east London
Chain/no chain/FTB: chain both sides

I got me thinking if it is the one that starts with W

 

[Tommyb]

Offer: 580k
Asking: 595k
Year: 2020
Area: Oxfordshire
Chain/no chain/FTB: no chain

 

[Pixipoppy]

You’re all so rich

 

[jaymie]

You’re all so rich

I am pretty sure that 90% of us have huge mortgage

 

[Pixipoppy]

I am pretty sure that 90% of us have huge mortgage

Maybe! At least you’re paying into a house you own and not lining landlords pockets like me though!

 

[Macmama]

Offer: £405k
Asking: £390k
Year: 2014
Area: Central Scotland (it’s a nice area in a city with a very good school, so I actually think we got let off lightly on how much above the asking we paid)
Chain/no chain/FTB: Our first house together, so both of us had properties to sell. Double chain

 

[Fizzwhizz2020]

Mine was a new build and was on at £315k, I offered £295k and got it. It’s in the South East. Always make an offer as you can always increase if need be

 

[littlepup]

Maybe! At least you’re paying into a house you own and not lining landlords pockets like me though!

I would say that I’d prefer to buy and pay a mortgage but buying is a lot more stressful. Especially now where there talking about an 8% drop in house prices, that could/will see people in negative equity. There’s changing interest rates, something not insurable going wrong and needing paying for, budgeting for a new boiler/carpets/wear and tear every XY years, anything happens to your ability to pay and you could lose everything etc. After mortgage payments there’s thousands to be spent on top. Renting does have the benefit of knowing what it’s going to cost you and being able to move more freely.