Advice needed on house purchase

[toastandtea42]

I've just checked the Rightmove sold prices on the road where we've had an offer accepted only to find that basically identical houses have sold for 50k less on the same road earlier this year!!! ( For background: our house was listed at 50k more and we only offered just 5k above asking after being haggled up from a low starting bid).

I'm quite upset about this because I feel like we're being shafted. Don't want to overpay but with a baby and the current renting situation we were happy to have secured a property that would give us some stability.

But now it seems like we're being taken for fools and with the predicted 10 - 15 per cent reduction happening next year, it just seems stupid to continue with the purchase. But we like the house. And there's practically nothing left on the market. Don't want to lose our buyer either by holding things up searching for something else.

What should I do? I don't really have much leverage do I, because the vendor will probably say 'tough you don't like it, we'll just re-list and someone else will pay what we want.'

I'm in SE London...

Any advise gratefully received...

Are you sure they are identical?
A road where one side has South facing gardens and the opposite North will have very different prices.

How long are you planning to stay OP? Is it a flip it and upgrade in 2 years thing?

If not, if you'll be there for 5 years+, then honestly I think you'll be fine - the SE market is robust and the "big 2008 crash" was over there by 2010.

And you'll be able to paint walls and put pictures of your baby on the walls without worrying what the landlord will say... and you'll save £££££s in rent...

Houses aren't worth what Rightmove says, they're worth what someone will pay. You saw this, benchmarked it against what else was out there, viewed it, and offered over asking. That tells me it's worth it to you.

You'll never know if the other houses needed new roofs or total re-wires or whatever. It doesn't matter - if this house is worth it to YOU, then it's worth it.

Also - if you have a mortgage then they will value it before lending, and that will tell you if your offer is right WAY more accurately than Rightmove. Best of luck!

Thank you both @WoolyMammoth55 and @stayathomegardener

Planning to stay for all of DS's primary years.

I'm going to call the agent and ask a few questions...

I don't think it's as simple as looking online to compare the prices. Maybe the other houses are in a bad state of repair, or haven't been modernised, have a bigger garden etc. just because they look the same, doesn't mean they are identical inside and out.

Like others have said you can't always compare.

We just sold our flat for £60k more than another in the same block.
But theirs was dated, had damp, had a short lease, didn't have central heating, was a second floor (with no lift) rather than first etc.

If you can find something similar for cheaper then pull out. But unfortunately comparing it to another house on the road won't automatically justify a reduced price