Estate agents changing asking price after a sale

[Jonesy92]

Me and my partner are FTBers and are planning to buy in the near-ish future (we will start looking more seriously once the furlough/brexit is clearer) but have recently started looking at our target areas to get a 'feel' for the market.

One of the houses that ticked our boxes was on for 425k and went to best and final offers on 30th July, the next day it was SSTC but price increased to £445. I've noticed it with another property a couple of weeks ago too.

Has anyone seen this before? It just seems quite strange.

[Climbingallthetrees]

That is weird. I wonder if they’re about to market another house on the same street and want to push up prices?

[Idontgiveagriffindamn]

That will be the offer that was accepted on it. It gives a guide for those looking at other properties.

[Idontgiveagriffindamn]

Sorry that should have said: that will be the value of the offer accepted on it

[Grottyfeet]

If it's best and final offers you must be in Scotland? Is it because there's no point people bidding lower than already received bids?

[Jonesy92]

We're in England. A few seem to go to best and final offers where we're looking. It would make sense if it was the asking price, only most don't change. The cynic in me thinks that they maybe only change it when the sold price is higher than asking...

[RemyHadley]

Yeah they change it to the offer that’s been accepted. That way if somebody wants to try and gazump the buyers they know what kind of offer they’d need to make. Plus it helps keep the statistics accurate for everybody looking at prices.

[LemonadeFromLemons]

@RemyHadley
If it helps keeping the statistics accurate for people looking at prices they should also amend the price down if an offer is accepted below asking price. Don’t suppose they’ll be doing that...

[RemyHadley]

Hah no, probably not!

[YoBeaches]

maybe only change it when the sold price is higher than asking...

Yes that's what they do, it's normal practice rather than cynical when a property goes to best and final offers.

It does show there's high demand where you are looking and prices could well increase.

[Jonesy92]

Thanks all, so I suppose it seems normal enough.

By the time we're looking at moving the actual price paid land registry data should be out anyway so we can compare.

@RemyHadley - if somebody wants to try and gazump the buyers they know what kind of offer they’d need to make...

House buying sounds absolutely awful safe to say I'm not looking forward to it!

[RemyHadley]

Absolutely, the house buying system in England is a nightmare! Try not to get emotionally invested (at least until you exchange contracts).

[GiantPinesAhem]

Offers over seems to be getting more and more common in my area. Personally I hate it, it gives you no idea of how much they're actually willing to sell the property for.

[JoJoSM2]

I wouldn’t worry too much if they change the numbers on Rightmove when a house is under offer.

Another ‘trick’ I’ve seen is changing photos on Rightmove Sold prices to make it look like a particular house that got sold for top whack was a fixer upper rather than done up.

[tara66]

Why don't you just ask the agent? It is a torturous learning process.