OIEO - query

[SarfEast1cated]

Hi all, hope you can help! We are putting our place on the market. We need to get £465k for it, but the EA are adamant that we put it on for OIEO £450k. I don't see the point really. If i went to look at a house for OIEO£450k, i would probably offer £455k. If the EA managed to talk me up to offering £465k I would expect the place to be really amazing.
So we have had loads of viewings and only one offer. They talked him up by £10k and now he has pulled out. I don't know why they don't just put it on for £465k?
I'm a bit bemused by it all really.

[kirinm]

I've been looking in London at around that price and my experience is that OIEO means different things in different areas. In East London, I'd expect to pay up to £30k over the price but in SE London where the market is (slightly) slower I'd offer under.

EA's in E London suggest a lower figure to bring more viewers in whereas I've so far found SE EA to be more realistic.

There are huge differences in price for the same type of two beds in the same areas. In Nunhead for example you can buy a 2-bed for £450k or £490k. Your lease will make a difference / share of freehold etc.

[kirinm]

Oh and as an FYI - I hate the ES and the areas they highlight have often 'up and gone' by the time they get around to talking about them. You need to understand that viewers will undoubtedly know the housing market in your area better than you. They'll often know if better than the EA as they are losing out on properties and working out how much they have to pay.

Sorry to be blunt!

[SarfEast1cated]

Wow It's all so reliant on perceptions isn't it. I might just go and live in a yurt in a Wales. We have builders in at the moment touching up some stuff and I always find that stressful too.

Thanks so much for all of your replies everyone - I shall carry on and let you know how it goes!

[kirinm]

Also (sorry - frustrated FTB here) it obviously depends on area. I currently rent in Peckham and a 2 bed flat will go for £600k or more but on the other side of Peckham, you'd get a 2 bed for £450-£475k.

It is a crazy market and not much makes sense but lease length / location / distance from transport etc all make a difference - the extent of that difference depends on how hard it is to secure a place in that area.

[SarfEast1cated]

kirin we are right by the station and an Ofsted outstanding school, so I thought we'd be ok.

Good luck with your purchase by the way - Peckham's great isn't it.

[kirinm]

Thanks. We've taken a break, have missed out on so many places it was getting too stressful. DP needs to get his most recent tax return done so it gives us a few weeks off.

Peckham is fabulous but nobody seems to want to sell!

Good luck with your sale. I thought Brockley was in demand so it could just be a case of waiting for the right person to come along.

[wowfudge]

OP - it'll all work out. We've just sold our place and are moving next week. It's very stressful. Everything about it is stressful, but it will be worth it in the end. We're in a very different market, but our chain has three properties where the sellers all accepted less than the asking prices. Luckily we were each able to pass that on and still get a deal.

[Bohemond]

Peckham is fabulous...
Brockley in demand...
I've obviously been out of London for a long time!

[SarfEast1cated]

We've got hipsters, micro breweries and the Overground Bohemond. What more could one possibly want!

Did you know that houses on the Corbett Estate in Catford go for half a million now?

[Bohemond]

Arf Sarf. Fortunately there are few hipsters where I now live but plenty of home made cider.
We moved from East Dulwich in 2007 - even ED was beyond the pale when we first moved in !
And good lord re Catford.