Foe sale - Offers over

[Perime]

We’ve looked at two houses recently that have gone ‘way’ over their valuation. I feel like we’ll never be in the running unless we look for somewhere cheaper and outbid other people massively. If you’ve bought a house in the last two years and you’ve paid over the valuation, how much have you gone over?

You really can't say what is typical as it varies so much with area, initial starting price, how long it's been on the market and condition of the house.

You could see 2 similar houses priced at OO £200k but one will go for £201k and the other £260k because the first one is in bad condition in a rural area and has been on the market for 3 years and the second one is in commuting distance of Edinburgh and ten people viewed it during the first week on the market.

Interesting responses, thank you. We have a mortgage in principle and don’t have to sell the house we’re in to buy. Anyway, last one went for over £100k over valuation and this latest one will go for £30k over. So out of our budget.
This thread was to get an idea of what people were paying when the advert said offers over, which I have. I also appreciate there are many factors such as area, schools etc.
As I said we either need to wait or look at lower priced houses and offer over too. Thank you again

@Perime

Interesting responses, thank you. We have a mortgage in principle and don’t have to sell the house we’re in to buy. Anyway, last one went for over £100k over valuation and this latest one will go for £30k over. So out of our budget. This thread was to get an idea of what people were paying when the advert said offers over, which I have. I also appreciate there are many factors such as area, schools etc. As I said we either need to wait or look at lower priced houses and offer over too. Thank you again

Good luck OP.

I am just adding in an extra point, I take it you know about additional dwelling supplement as you own a property already? Apologies if you do.

Thank you. Yes I do. We would hope to sell but understand that we would be liable for ads if we couldn't. I also know that we have 18 months to sell and claim it back if we do. That's one of our issues LBTT + AD isn't a small amount on top of a big deposit.