Do most properties sell higher than the home report value?

[Buttons4491]

we are currently attempting to navigate the property market right now and I wanted to know in your experience, have you offered more than the home report value for a place? or have you sold and expected more than the home report value?

we've had to scrape together a 15% deposit when we found there want as many 90%ltv mortgages available and now we're finding we'd need even more if we need to offer more than a place is worth

In Scotland it depends on area
In popular areas expect to pay at least 10% over HR value

My friend just sold her house on the south side of Glasgow for 25k over the home report value on the first night of viewings. I think a lot of it depends on the area though.

Outside of hotspots, I thought “offers over” in Scotland was more or less gone. When we bought in the Borders in 2012 we offered and were accepted £40k under asking price / Home Report and the vendors weren’t expecting their asking price; when we sold the same place in 2019 we marketed at the Home Report value “in the region of” and also didn’t expect we’d get anything over that figure.

Depends on the area. I’ve paid slightly under home report for some properties but popular areas will want above.

DP and I both just sold our respective flats. One went for 15% over and the other 10% over. Think it very much depends on the area though. Your solicitor will be able to give you some good advice on what you'll likely need to pay to make a successful offer.

In both cases, neither of us expected to get less than HR value and nobody offered less but both flats were in high demand areas.

I live in quite a popular area and ended up paying 20k over the asking price due to other offers, it was a stretch on our budget but it really is our dream home. It wouldn't be many people's dream as it needed a lot of work doing to it, but we knew we couldn't afford a home of this size in the area we live without putting effort in to make it right

Sorry, that was a bit of a waffle, in short, expect to pay more in popular areas and maybe slightly less in a less desirable/ popular area

I've never paid more. I've owned five properties in London and nine elsewhere in England. However I have sold for more. I always kinda thought the report put what you agreed to pay unless there was something drastically wrong.

House are going 20% over home report in my area. Prices are sky rocketing too.

Assuming you are in Scotland (by your reference to Home Reports being available prior to offers)...it really does depend on the area - not just the wider city/council area, but the specific area too.

My first flat and DH & I’s first home together we went over. This was in 2000 and 2002. We sold both (in 2003 & 2005) for a fair bit over too. (All these were before Home Reports were a thing though - back then it was the buyer’s responsibility to get a survey.)

Our next house was a new build bought off plan, but when we came to sell it in 2012 we sold for bang on valuation. We bought our next house at the same time for bang on valuation too.

When we sold that house last year however we took a significant hit on the Home Report valuation - 8% under. If we had sold five years earlier, the house would have been valued higher and would most likely have gone for over valuation too.

The city we were in has had a couple of massive hits to the local economy over the last five years and last year just nothing was shifting. Things were sitting on the market for 12months+ - even in really sought after areas. We sold in just over 4 months which was great at the time. We could have held out for more money, but the reality was that people just weren’t moving so there wasn’t the interest. I know of so many people who were sitting for the first month on the market without a single viewing, and then maybe only one a month after that.

Last year the houses that were shifting in our city were at the cheaper end of the market - anything over about £350 just wasn’t moving. A friend’s stunning house on an incredibly sought after street valued at just over £700K took 18m to sell - it should have gone in weeks.