Is this pressure tactics from the estate agent, or should I take the offer?

[mrswhippy99]

We've been offered £10k under asking for our flat - on for £450k. We originally rejected the offer and told the estate agent we couldn't take anything under asking. But they've just called to try and persuade me to accept it.

They said it's a good offer (despite telling us to put it on for £450k), and they also said that August is the slowest month for house offers etc, so we would be able to get something where we're looking to buy for £20k under asking...

My guy feeling is this is probably bullshit, and they just want the sale but am I unreasonably sceptical? If it's relevant, our flat is in zone four London and we're hoping to move to Leigh-on-Sea.

IABU - accept the offer
IANBU - hold out for asking price

Take the offer, it’s almost asking price. Only 10k below

You've been able to change your vote ever since they first introduced it.

As for the OP, I can only echo the many other posters who say take the offer and run as fast as you can.

Another one saying I’d be jumping at their offer @mrswhippy99 😊 one offer in 6 weeks seems quite slow to me!

have you found a property to move to yet? I’m in Scotland in a seaside town so a completely different market but our flat went on the market in April - Friday morning at 11am and we had our first viewing at 2pm that day, an offer in by 2.30pm and a good few more on the Monday morning (6 in total I think!). We accepted one 15% over asking and were “under offer” by Monday lunchtime.
The market for flats seems to be changing a bit more rapidly than houses so I’d be taking what you can get now!

That's a long time to be on the market no offer so suspect over priced. Accept the offer

If their fees are based on a % of the sale price, then they WILL be reduced.

We sold our London flat in September 2020 (just before the market went completely nuts!) and I remember stressing so much over trying to get a few extra thousand. Two years later, I can’t even remember the exact amount we got for it - definitely below asking though and more like 20k, than 10k.

We took the offer because ultimately the flat was worth what someone was prepared to pay for it, not what the EA predicted or what we wanted to sell it for. I’m really pleased we sold it - we moved outside of London and swapped our dark little basement flat for a proper grown up house.

i have no regrets and, unless those extra thousands are needed for your onward purchase, I’d accept the offer and move on!

Good luck!

I'd be inclined to go back and ask them to come up to £445K, OP.

But, to be quite honest, a Zone 4 flat in London that's only had one offer since June - you're on far too high and should take what you can get.

As it's the only offer you'd be daft to reject the interest.
Why don't you ask if the buyer can met in the middle and come up £5k. If they refuse then fine just take the £450k at last you tried.
£450k in the bank is worth more than a property on the market, especially with current economic volatility.

Also, even if you reject it and manage to sell for the asking price, interest rates are going up so your next mortgage could be much more expensive.

Doesn’t sound an unreasonable offer to me, given the asking price. Are you needing the asking price to move? How motivated are you to move? 6 weeks in a fast moving property market is quite a long time to get an offer. I have noticed quite a lot of property is being reduced in my city. The market always decided the value OP. If I was in your shoes I would accept, if I was serious about moving and the buyers were in a good position. Good luck.

I'd take it.

We sold our London zone 2 flat at full asking and had three competing cash offers. Full asking in that situation made sense.

We sold our London zone 2 house for 92% of asking and had several offers (either under this or buyers weren't proceedable)

We bought our next house at 89% of asking. It had been on for 18months before we bought it.

Cooling market, 92% of asking, one offer, zone 4 london = take the offer

Take the offer

We held out and got 20k over asking. But we had 7 offers. You have had only one. Estate agents are utterly full of shit and will lie through their teeth but they may be right on this one.

If you don't take the offer and in 8 weeks time haven't had another offer - how would you feel?

We recently sold a flat and a house in London
Flat was sold at under asking whereas the house had 4 offers on and went for 100k above asking.
The market for houses in London with gardens is insane. Sadly the market for flats are not so good

Sorry pressed send too soon. You'd be crazy not taking the offer for your flat. What is the price that it takes for you to move on with your life? Do you want to stay in London forever?

In that case, you'd be mad to turn it down.

Hi everyone,

I would really appreciate your help - first post!

My partner and I are hoping to move to Leigh on Sea. We are looking to buy but we notice that you can get more for your money in Westcliffe. We don’t know this area too well but have read that it isn’t as nice/a bit rough round the edges. Does anyone know the area well? In particular, the roads between Fairfax Drive and London Rd like Hilldaville Drive, Ronald Park Avenue, Electric Avenue, Fleetwood Avenue… What is it like there in your view please? We have visited but a quick trip might not reveal everything! Is it okay or is there some truth to what people have said about it being a little rough/a bit unsafe?

Really appreciate any help!

You need to start your own thread on this. Try the Property and DIY folder - it’s generally a helpful place. No one will notice this post here!

I know, just realised I posted in totally the wrong place 🙈 But thank you so much for taking the time to reply . Really appreciate it!

Take it

I would bite their hands off.