Eeek - offers over?

[BeansMcCready]

Hi Folks
Thanks so much for all the advice you give here, when I'm moved and settled I promise I'll pay it forward!
This is probably a really naive question but I'm watching an old 'Location Location Location' and they are suggesting that 'Offers Over' on a house priced at £420K will go for about £600k - it's an old show but is this right? A friend who just bought in Glasgow said that 5% - 10% over is standard.

If we are looking to spend around £600k on a flat in central Edinburgh what search terms should i be using on right move?! Coming from London it's all new to me!

Thanks

I've just sold a flat (not in your kind of price range though) we got about 13% over the asking price, only 7% over the valuation. You can find out the valuations by requesting the home reports.

You need to get a local solicitor (you'll need one to put an offer in anyway) and ask them. It depends entirely on the area. Ours was about 5% over but a neighbouring area we were also looking in was 12-15%. It all depends on demand etc. The solicitors will know and help you decide.
If you've got 600k to spend I'd look at stuff up to offers over 550 and no higher.
Also, if a house doesn't go to closing (sealed bids) you can put in a lower offer and amend it up till the closing date.

Also - edinburgh property market is crazy compared to Glasgow.

Great, Thank you - that's really helpful! Just realised the Location Location Location was from 2004, so a very different market!

Yeah speak to a local solicitor for advice. It depends on the areA. I know when we bought last year some areas were going considerably over the valuation. This can massively affect your budget if you have a mortgage as the bank lends on the lower of either the purchase price or the valuation. So if you pay say 10k on top of the valuation you need to have 10k in addition the deposit required for the loan to value ratio to be right (not sure I ecplained that too well).

That does make sense cookie, thanks

Oh in 2004 that was normal why didn't we sell then? but it's nowhere near as hot now. You can google sold for prices - on right move I think? And take advice from your solicitor.

Also in Edinburgh the ESPC website is more popular than rightmove.

Rightmove wouldn't be as comprehensive as espc. Also check out Rettie and Savils as I'm not 100% sure they are on the other two. The home report value is a better guide - normally what i would use as a basis to gauge an offer. Request home reports (can usually do this via the listing) if you are interested but expect some calls after you do!

If you don't fill in the correct phone number when you request the home report, you don't get calls