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Property prices, is this normal now?

(5 Posts)
Dinnertimeagain Wed 17-May-17 07:04:29

We've been house hunting for a while but haven't been finding much we like.

When we have found houses we like we are losing out because we are ending up in best and final offer situations, and the properties are going way above the asking price.

There was one recently asking for offers in the region of £185000. Nothing on that road has ever sold for that much, most recent sold for £165000 last year.

We knew that there was a lot of interest so we offered £192000, thinking it was a very good offer. We lost out to a higher offer.

We are not in a chain, but we lose out to cash buyers. Many properties are selling before they even go online.

We can potentially borrow up to £260000 but didn't really want to because we'd be stretched.

The house prices just seem extortionate just for a 3 bed semi on a half decent street. We don't mind a doer upper but even they are going for way above the oiro price and we are losing out to cash buyers.

Any tips/advice?

Equimum Wed 17-May-17 08:18:50

I think it really depends where you are in the country. I've not heard of this in my local area, but you certainly can't bid far under the asking price here.

Are prices rising quickly where you are? That might be the cause. It happened here last couple of years, and we can only dream of getting a three end in you budget (our 2 bed terrace is currently under offer for nearly £300k).

PaintingByNumbers Wed 17-May-17 08:20:10

are you in manchester?

Dinnertimeagain Wed 17-May-17 16:03:37

Birmingham

namechangedtoday15 Wed 17-May-17 16:38:00

I was just going to ask if you're in (South) Manchester. Its been a "thing" here for a long time, we went to sealed bids 7 years ago when we bought our house (3 bed semi) and every house on our road has gone to sealed bids since (last house has 10 asking price offers in the day it went live, went to sealed bids and went for £60k + over the asking price) such is the demand for "family" houses. Maybe Birmingham is the same - catchment for outstanding state grammars pushing up competition?

Always set out your position in an email / letter (not in chain, mortgage in place, want it as a family house, can work with vendors timescales, connection with solicitor if you have one). I Also think its worth developing a relationship with the popular agents in your area - pop in regularly, smile sweetly, strike up a conversation so they know you're genuine and keen.

Good luck.

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