House Price - £525k - would it be worth dropping to £499999.99?

[MadameCastafiore]

We couldn't take any lower than that so would mean having to get asking price?

DH being inpatient and wanting to sell really quickly!!

I am bit bored of looking at houses to be honest now!

Probably not worth asking for the 99p :)

Trust me - DH has seen a house he likes and we will bloody well need that 99p!

It will affect stamp duty that any buyer has to pay won't it? In which case, yes.

Similar position, have already dropped 15 as knew estate agent had put us at v top end. Now thinking of going down another 15 to get sale and to go to/pay for a bit of building work to open up downstairs living area (feedback has been that it is a bit small compared to large upstairs). Hope estate agent now does hard sell as we need that price and not leaving scope for people to bargain further. I think you should go to 499 to avoid the stamp bracket problem. Let us know how it goes? How long have u
Been on Market for btw? We went on end October

I'm a buyer and would look at houses on at 525 on the basis of trying to get it under 500. So don't think you will necessarily attract more buyers. If it was on at 499 I would expect to get it less than that

Agree with googlenut - you would be unlikely to get above £500k at the current price, but at least there's a window for negotiation. Unless you have to move or no one has been viewing.

another who agrees with googlenut, would be expecting to pay a max of around £480 / £485k if it was on for £499k.

Agree with googlenut too. If I viewed a house at 525, I wouldnt expect to go over the 500 mark - unless in a bidding war maybe.

Someone would have to really love it to pay over £500K stamp duty band and since you haven't sold it yet, no-one obviously does (sorry!) If you haven't already had an offer under the stamp duty band of £500K (assuming it's been on the market for a few weeks/months), it's unlikely to achieve £499,99 imho. I've been looking in a specific area for 18 mths and houses that are competitively priced are still selling quickly even at £500K+. One house sold before I even got a viewing. You will know when it's priced right cos you will get viewings and you will get offers. If you are motivated to sell quickly, you probably need to lower your price and be prepared for lower than asking price offers. Good Luck - just focus on the bigger picture since you sound as if you have already mentally moved on.

We are motivated to sell so were on at 565 which we knew was too end, dropped to 550 after one month. Just gone to 534950. Want to buy new build. Had one offer at 525 which estate agent said was cheeky. His chain fell thru anyway!

Top end

tbh £525k is only a stones throw from your new asking price POTP, doesnt matter as their chain unfortunately collapsed but the estate agent is not always the wise one and are always trying to maximise their commission!

If you can sell in this market you can also buy well.

Good luck OP.

Am looking for a place under 500k and woukld definitely view 525k wityh idea of making a cheeky offer. But would not break the £500k mark for the extra £4,000 stamp.

Hindsight a wonderful thing, our buyer was coming back with a counter but wld consider now as keen to move, Good luck too OP

I'd be inclined to keep it at 525 but be prepared to take 499, the buyer likes to negotiate and the stamp duty level makes it cheaper. I know which area you are things start shifting after the bonus round in February. Are you going far?

where we are (Surrey) houses priced at 500-525K - mean they will go for 499K.

499K means they will go for 475/480K

If a vendor/estate agent seriously wants more than 500K they are priced at 535K + - most usually 550K.

I would stay at 525K for 499K. Maybe drop to 518K to show you will go down below stamp duty.

There are a lot of house around here that stuck at 520/530K for most of last year and when you look at what they went for - eventually went for 475/480K or are still on market.

How about keeping it on at £525k but advertise that you will pay the stamp duty?

I agree with the other posters that if you put it on for £499k that you will get no more than £480 in current market. Ask yourself if you would pay the asking price in the current financial climate, most people want to feel that they are getting a deal. If you have already reduced that much what does your agent say? Are they doing a good job for you? Alternatively you may just have to accept that at the moment it's just not going to sell.

Unfortunately I think you priced yourself too high at the beginning - the first month is such an important time, it's when the house is fresh to the market and hasn't been seen before so potential buyers are in their greatest supply. Once a property has been on a while it gets stale and price drops can actually have a negative effect in that buyers think that there is something wrong with the property or that it is undesirable.

Are you still getting viewings? If so, ask your agent for their honest feedback.

Don't advertise you will pay stamp duty as most mortgage lenders won't accept it, it will be viewed a vendor gifted deposit and will reduce the overall amount they will lend. Learnt this from painful experience.