Have you received/paid asking price recently?

[MeMeMeow85]

We just made an asking price offer on a house (not successful, as it became a “bidding war”)... interested to know if others are receiving or making asking price offers recently?

I’m actually glad we aren’t progressing with a higher offer, as I know it would feel like we overpaid once the initial bidding frenzy waned.

Most houses I’m viewing seem 10% overpriced and the market seems really sluggish. Everyday the news on the economy and retail environment is pretty depressing.

Any thoughts?

We took a drop in price on our house when we sold it (it was a bit overpriced in my opinion anyway) of about 4% but didn’t manage to do the same when we bought, only managed to knock 1% off, but it just depends on your own assessment of the value of it and we thought that was reasonable. The person we are buying from also managed to knock 5% off the one she is buying. So much depends on the area and if the house is special in some way I think. I’m surprised to hear of a bidding war, though!

I think it’s all v area and house dependent. We have just sold 2 houses in south/east Manchester (partner and I each had a house , now moving in together). Both got several offers in a week for at and over asking price - and both were priced realistically based on valuations, recent sales nearby etc. We have gone over asking price on what we plan to buy - about 1.5%- plan to be there 20 years and in over a year of rightmove obsession only a couple of others that tick the same boxes have come up (and sell quickly). I think the value may drop a bit but we are in it for the long game.

In my area the bigger more expensive houses seem to be overpriced, get reduced quite quickly and take a while to sell. The cheap houses seem to be getting snapped up very quickly unless there's something obviously off putting about them.
It's all down to supply and demand I guess, if a decent house comes up for a decent price or is in an in-demand area it will have lots of people after it who will pay over the odds.

We sold at asking price last July, the sale fell through in October. Went back on the market and we sold for £30k over asking price straightaway. We could have got more, but decided to stick with the people we felt were more committed buyers, and they didn’t have anything to sell. Sale went through at the end of January, this is also south Manchester.

South London. Just bought 15% below asking price (They were a dreaming, had been on and off again for a year). Think locally asking prices are reducing between 1-5% every month or so but sold prices well below that. Not huge amounts showing on land registry to check against though.

In Leeds - got full asking price for mine in January. I thought it was really overpriced (30k higher than a valuation a few months before) but not complaining!
I'm now buying a smaller property at the lower end of the market as a cash buyer and chain free. Put offers in on around 10 properties and everything was going for well over asking price. Was quite soul destroying for a few months. About to complete a property that needs an awful lot of work and had to go 4k over asking for that too.
In hindsight, maybe I should have waited for more viewings on my last house rather than just accepting asking price!

It’s crazy here in Bristol. I got asking for my house, and we’ve been gazumped twice and lost in sealed bids twice now. All 4 of those offers were almost at, or above asking. One was advertised at £330k and eventually went for £350k. In the end, a dad in the playground tipped me off to a house that was about to go on the market and we got in and had an offer accepted before they’d signed on with the estate agents. So “buoyant” isn’t the word for it right now!

So many variables:
Type of property
Location
Optimism or desperation of vendor
How much the estate agent has overpriced it to win the instruction.

Asking prices are not an indication of how much a property is worth, more a guide as to the greed of the owner and/or how much the EA wanted the business.

We bought at 0.75% above asking. We were involved in a bidding war but weren't planning to go over asking, however I didn't want to feel we'd lost out by a tiny margin so we offered an extra 5k and it turned out that was enough.

We also sold at full asking within a couple of weeks.

We're in the overpriced South East commuter belt - within 30mins of London. Market slow down does not seem to have filtered to us so far!

We sold 10k under asking ( which we were ok about due to the issues with the house)
Bought for asking price, we went straight in with it and they accepted, we seemed to really click with the vendor which I think helped. All other 3 bed houses we had offered on turned into a bidding war and we missed out. (This one would have gone higher but she wanted to sell to us so refused all other viewings)
I live in the East Midlands 5 mins from the M1 and prices are rising fast.