To ask what you paid for your house v asking price

[Whattodowhattodooo]

DH and I are (relatively old and inexperienced) first time buyers.

Can I ask what you actually paid for your properties in relation to the actual asking price.

I want to go in with a rough guide %wise as to what to offer..... GO!

I think offering 10% less as a starting bid is about standard but you've got to take into account the different circumstances such as previous sale price and competition in the area. Last house was on for 180K and I paid 154K but it was overpriced and needed work and most recent 360K and I paid 338K but it had been on the market for a year and they had already bought their next house. I always look at the previous sale price first. I've come across a few properties bought within a few years, had zero improvements or just minor changes such as being painted white or grey everywhere then put back up for sale with 40-50K price increase. What out for those!

In 2012. On for £285k. Bought for £270k. Was initially rejected but I wasn’t prepared to pay more. They left the house on the market for two weeks longer and then called me back.

4 years ago. On for 230 paid 206. Right place right time as our vendors were desperate to sell and they wanted to offer on something else. I also think we got a good deal because they know i’d look after the garden. 3 bed detached. Was worth 280 when we had it valued but we’ve done loads to it and are planning on moving any time.

We offered full asking price because we’d viewed on a whim. We didn’t even have our own house valued and up for sale or have a mortgage agreed yet. What followed was a tense couple of weeks!

Bought in September 2019, the asking price was 650k and paid 620k.

The house was on for £220,000, we paid £205,000.

£285K Jan 2020, on the market at £315 K then £300K- had been on the market a while though.

If you're looking at a house that has very similar property nearby, then look at sold prices of others from the past year to gauge, taking into account the state of repair/modernisation. Figure out if there are essential issues that need sorting and factor those in to your offer - not what you would like to do with it - that's down to your own budget - but necessary work. If it's a unique property, you can guage by figuring out a £ per sq ft for properties in that area and adjust for condition, special features such as garden size, off-road parking, character etc.
Not going to say our exact experience, but the house before this one - it was the best by far of 11 that we'd seen - for size, condition, location, off-road parking (2.5bed semi) and we paid about 4percent under asking. Our current house is unique and in countryside, needed quite a lot of work and things putting right, so the asking price was more aspirational, so I spent time getting to know the local market and a better feel for a £per square foot and made an offer based on that. It might have not worked, but it did. We've since spent about the difference fixing it up and putting things right.
Good luck!

We brought a new house in 2019, £50k under asking price - needed some work so justified. As a general rule in the past we first offer up to 10% off the asking price with the aim of meeting in the middle. Obviously doesn't work if lots of interest but we tend to buy properties that have been a little neglected with not much interest.