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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To not want to pay a third more for a house

15 replies

Johlla · 04/04/2023 11:33

A house I was interested in has been placed for sale for offers in excess of £650k.
The seller purchased the property for £485k in 2016. I also put in a bid for £480k in 2016 but the then seller went with the higher offer and we remained where we were.
the estate agent ran me up and asked if I would still be interested. I wasn’t but even if I were I would just find it hard to get my head around paying 1/3 more.
Have prices increased by 1/3 in 6 years? House is in west london, zone 5. It is in exactly the same condition as it was in 2016; same dated bathroom, kitchen etc. they haven’t changed anything.

OP posts:
workistoomuch · 04/04/2023 11:34

In a lot of places they've doubled in that time. We've been saving since then as would be first time buyers but its impossible

Lightninginabox · 04/04/2023 11:36

Oh god, no idea, but SO frustrating for you.

I looked at my old bog standard flat that I scrimped and saved to buy fifteen years ago - £165k in London which seemed appropriate, ex housing assoc.

£550k estimated value now. Even someone on £100k could barely afford it.

Essentially we all spend our lives paying the biggest amount of money we earn through mortgages to banks. They're like landlords with less obligations and risk. I don't think this was always the case, but it is right now!

gohomeroger1 · 04/04/2023 11:36

Well yes in 7 years that's pretty normal increase. Hasn't your current property increases in that time as well?

mycoffeecup · 04/04/2023 11:37

Yes, they have easily increased by a third in that time. A house is worth what someone is willing to pay for it. If you're convinced it isn't worth £650k then put in a lower offer and you'll see if anyone else thinks it is worth 650.

mycoffeecup · 04/04/2023 11:37

and won't your property have gone up in value?

TomatoFrog · 04/04/2023 11:37

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Didimum · 04/04/2023 11:39

I think that's a normal increase. Our old house went from £425k to £555k from 2018-2022.

Noodlewave · 04/04/2023 11:42

They're not going to give it away.

Circe7 · 04/04/2023 11:43

We paid £500k in 2020. Now valued at £650k and very similar houses are selling for that. Doesn’t really seem to have been affected by interest rate rises.

Lcb123 · 04/04/2023 11:44

Yes that’s pretty normal, i am surprised that you are surprised.

MsJD · 04/04/2023 11:47

You are not being unreasonable to want to pay less than the asking price, you are being unreasonable if you think that the vendor will want less than the most they can possibly get for their asset. Thats capitalism and market forces. 😀

Inthesamesinkingboat · 04/04/2023 11:50

You pay what a house is worth at the current time. What someone else paid for it is pretty irrelevant. If the estate agent and seller think it is worth that then you can either make a lower offer and see if it is accepted, make an offer and secure your dream house or sit it out and wait and hope no one else swoops in. The housing market is pretty slow at the moment so you might be ok.

SeatonCarew · 04/04/2023 12:02

Gone up a third in seven years only equates to an increase of around 4.2% per annum. For an asset class in short supply that's healthy but not unreasonable, though I sympathise, it's a lot of money.

TooManyPlatesInMotion · 04/04/2023 12:10

Welcome to market forces.

Original poster
Johlla · 04/04/2023 12:19

I didn’t really think of it like that. Fair enough I guess.

OP posts:
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