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If you are selling a house in London/suburbs...

(8 Posts)
NotAnotherNewNappy Fri 29-Jul-11 23:11:03

What percentage under the official asking price are you realistically hoping to achieve?

EA has persuaded us to take a look at a house on Sunday that is slightly over our budget. I am getting v panicky as, apart from one v obvious fault (it's on a main road), it looks like my dream house. I've heard people talk about offering 10-15% under for a first offer - but is this realistic in London (zone 4)?

We are FTB, so really don't have a clue. It only came onto the market today.

londonmackem Fri 29-Jul-11 23:15:15

zone 3 on for £389950 accepted £380000. As they say in the north 'Shy bairns get nowt' so you should pay what you think it is worth but don't take the mickey.

How fast are they selling? Offer acccepted 2 weeks after being on market so were happy to wait for better offer (obviously didn't need to). If we had been on market 3 months then open to other offers, surely?

angel1976 Fri 29-Jul-11 23:42:13

Our sale completed less than a month ago and we took a 10% hit on our house (but that's because it was a 2-bedder targeted at first-time buyers and those are thin on the ground...) and the house we bought the vendors finally took an offer for 5% under asking.

angel1976 Fri 29-Jul-11 23:42:51

BTW, house we sold in zone 4, house we bought in zone 3.

SingleMan25b Sat 30-Jul-11 01:32:18

Well it depends ...

At least 50% of properties listed on Rightmove drop their price at least once. Currently, most properties sell at an average of 92% of the final asking price. See here:

What price to offer would depend on how long has the property been on the market and how many times the vendor has dropped their price? This can be found be using Property Bee:

Also compare the street price for similar properties - these you get from

To find some inside info on the local market you could also look at the regional areas on HPC:

HelenofSparta Sat 30-Jul-11 22:09:58

Zone 5 SE London. Offer on ours at asking price and buying ours at slightly above asking (fingers crossed). However, there is not much on the Market near us. If there was more choice we may not have offered full asking.... Good luck!

HarperNine Sun 31-Jul-11 18:03:37

A neighbour on our street (zone 2) just sold their 1 bed flat for £302k, their asking price was £285k and there was a bidding war, maybe flats more in demand for FTB's?

visavis Sun 31-Jul-11 20:56:43

We are just outside the M25. The house we have just bought we bought for £5k above the asking price - it went to sealed bids. The one we tried to buy previously also went to sealed bids - we didn't get it despite putting in an offer at the asking price and being a cash buyer.

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