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!

We paid £500 under asking price but we’re talking a sub £60k house here.

They wanted 2.5 We offered just over 2 and it was accepted. They'd had it on the market for over 2 years and needed to sell when we came along.

On for £98k, they refused to take less than £95k despite making £25k on it in a year.
I've lived here 14yrs and spent at least £30k on it - still only worth £110k after a total overhaul. It's depressing. If the house was ten mins drive over the border it would be worth at least £150k .

We're in the process of selling my DP's house and he paid £174k for an asking price of £180k. Spent £40k+ on renovations and went on market for £240k. Had 2 buyers drop out so eventually sold for £225k - then lockdown hit, so god knows what will happen now.

@DeRigueurMortis

Both houses we are seeing are probate sales.

One has been on since last feb, reduced to 323 in October.

Second one been on since early March on for 319.

Our max budget as per our mortgage advisor is 300 but he told us to look at just over with view to making an offer...but didn't advise what to offer!!

I'm hoping the stamp duty at 300k is going to help..... 🤷‍♀️

1st house in 2004 I paid the asking 67k. Sold in 2016 for 91k

2nd House in 2016 paid the asking again at 172k as there was a lot of interest and didn't wanna miss my chance of getting the property, currently worth 225kish but not interested in selling for the time being.

Bought 4 years ago. Up for £299k, paid £302k. In my area at the time, prices were always going over the asking price.

I bought my house in 2016 as a first time buyer in my 20s. I have a well paid job and was able to save a decent deposit, plus the area where I live, the average house price is around 150k. That includes the average houses that are around 80k and the big farm houses with land that are around 3/400k.

They’d originally put my house on the market for £180k then dropped to £160k then dropped to £145k. It had been on the market for a few years. That reflects the area where I live though. It’s very rural and about half hour outside of a major city in the North. House prices are pretty low around here and it’s not unsual for things to be on the market for a while. The market is pretty slow up here.

I viewed it when it was £145k and offered £140k. We agreed £142,500. We then had a survey done and they picked up a lot of problems. After some quite bitter emails as they had tried to conceal a lot that had been found out, we settled on £136k. We moved in and have since had to spend nearly £10k fixing further problems that had been concealed like plumbing. We’ve had to rip out the kitchen and bathroom because the previous ones had been put in incorrectly. Think milk bottles stuffed behind pipes to catch drips... Obviously none of this could be found on our survey. It was only when we started living there that we discovered all the leaks!! We’ve still got about 2k more to spend and then it will be finished and it won’t rain in several rooms in the house whenever anyone has a shower!!

Obviously we were very unlucky but just make sure that you have a bit of a cushion left so that you can fix any unexpected problems. We would have been stuck if we’d paid the asking price! 😳

The good news is I know what the person we bought it from paid originally and from what I can see they didn’t make any profit on the house. According to the neighbours, this guy had a reputation for buying houses, doing them up on the cheap and trying to flog them at ridiculous prices. Glad he got his come uppance with ours!

We bought our house 15 years ago. We paid the asking price as there was a lot of interest and I think it could have gone for probably 20% more (in which case we wouldnt have had a chance as was at the top end of our budget) but the owner wanted a quick sale and we were in the best position to move.

7 years ago we paid £160k on a house looking for OIEO £170k. Our first offer was £150k

On for offers over £280,000. I offered £265,000 initially and we eventually agreed on £271,500. I bought from an investor, it had tenants in during viewing. It's a tiny 1 bed flat in zone 2 and I love it

Different system in Scotland which tends to work on an "offers over" system and closing date with sealed bids so not comparable but the % that houses will go for, either under or over the asking price really does vary between areas and current market conditions. Your situation can also determine what a buyer is willing to accept.
Looking at the recent sold for prices of similar in that area if your best guide but to be completely honest I'd be hesitant to buy anything in the immediate future as I suspect prices might fall significantly in the coming months.

Paid £675k 8 years ago, had been reduced from £750k because previous buyers had pulled out due to mother having a stroke and them needing an annexe and owners were in middle of pretty acrimonious divorce.

asking price was 210k, we paid 180k.

8 yrs ago paid 505k, was on at 560k, we were chain free.

We paid asking as there were 3 others offers made on the house after an open house. It was exactly what we wanted, had just sold ours for full asking and is going to be our family home for a long time. We had been looking for months prior to this and only seen one other house we had wanted but couldn’t offer on as we hadn’t sold at that point. That was last year- no regrets in paying full asking as although it will be probably be worth less than what we paid atm we aren’t planning on moving for a long time so it isn’t an issue as we will be able to cover our mortgage. Our first home we got a deal on but the market was different at that time and there are more houses of that size available in the area than the one we live in now.

Very end of 2012: asking was £289,500; offered and paid £273k.

I paid 10% over the asking price

Bought our house last year. Asking price was £635, but had recently been lowered from £675. We offered £610, they accepted. Valuation came in at £590, we agreed on £600.

Sept 2018 I paid 166 for my flat. The asking price was 170-180. But it had been on the market for 12 months.

For our most recent purchase, it was on for £90k, we offered £83k and then raised it to £85k. That was October 2019 on a 2 bed semi, North West fishing town.

We bought a rental recently which was up for £300k but we got it for £280.

In the west country in February, down to £210k from £235k.
It would have been worth £235k if the owner had not made three good size beds into two, had dark brown woodwork everywhere and smoked 20 a day for 30 years in there.
I reckon I can make an easy £50k profit on this house during the next year without spending loads or breaking my back.
It is in a perfect holiday lets and second home area for people from London.
I intend to make a profit and move onwards and upwards, did the same with my last house and made £100k on it in a fairly short period of time.

People seem happy to sell absolute slum properties and never seem to pretty them up before sale. My houses have always been immaculate for sale with little actual work and I always get the asking price.

I paid £480k on an asking price of £470k, we were determined to get it. Long empty farmhouse with outbuildings and land in Devon. We'd been looking for an age and kept getting outbid before this. Hailed from West Sussex and we sold a semi detached bungalow for £420k which funded most of it