How much under the asking price??

[Rainsbow]

Want to put an offer in on a 580k house. Online says 5-10% below asking price as starting offer but that would be as low as 522k. That's a pisstake surely??

Bluegrass

That's an interesting example you describe- the early part of 2014 saw some incredible price rises in our part of SE London.

I think around Easter 2014 there was a change in some regulation or other or lending criteria.

This sticks in my mind as my sister & BIL were selling their house at the time and it turned into a bidding war with one crazy offer after another!

They got a buyer (twice) but unfortunately it all fell through as both were unable to get the mortgage they required.

Several months down the line they gave up trying to sell- they could get the same price as before and my sister was pretty gutted.

In the end they stayed & did an extension!

Here in SE London many properties are hanging about a long time.

Interesting watching the price reductions eg flats starting at 390k then down to 375k and onto 350k and still not selling.

I guess, wherever you are, you have to weigh up how much the property is worth to you & if you are prepared to walk away and keep looking.

Anecdotally and what I've seen of the market here in SE London- I would say it's much more of a buyer's market rather than sellers as it was back in 2014.

There isn't the same sense of panic that you are missing out and people are making low initial offers (despite EAs still talking up the market etc I guess that is their job after all).

Totally market dependent.

London, house on market for 850. 3 weeks later reduced to 800. Further 3 weeks reduced to 750.

This is on a street where a previous property in worse condition sold for 850 only a year ago.

Kittykat

I strongly agree with you

Here in SE London it's very interesting when you look back at what things sold for around this time last year.

Some properties are struggling to achieve anything near the prices some of their neighbours got last year.

I can see why vendors are hanging on to resist reductions but I think the market has changed quite a bit in the last 12 months

Seems like people have had enough and that proceedable buyer numbers have dried up. People are at an affordability limit now. Something has to change otherwise it will be like this a long while.

I am seeing significant price reductions in all areas I am monitoring across SW SE and W London second stepper homes in the 500 to 900 price range.