Anyone buying a house South east

[Alexalee]

To anyone buying a house in and around london... how are you getting on with offers? And what level offers are you putting in?
My dd budget 340k for 2 bed flat is having no offers accepted at all, even offers within 10% of quite ridiculous asking prices.
Just want to gauge how others are getting on

But isn't it based on what you think it's worth? The price someone is willing to pay? From a different perspective, DH and I are looking at houses substantially under our budget (I'm changing career this year), but that doesn't mean I'm going to pay full price for a property in need of 20k worth of work. I wouldn't expect that all to come off the price, but some negotiation at least.
Of course it's up to the sellers if they don't want my offer and it's just the way it is.

I have always said if you can justify what you have offered based on recent examples it really doesn't matter what the asking price is... only that if the sellers price is way above what is justifiable then it either won't sell or will probably be downvalued... some just need the reality check

So if she can justify offers based on recent examples, why didn't she get an offer accepted on any of those recent examples? Was she underbidding on them?

You're right that an asking price is just an asking price, and some properties are simply not priced to sell. If that's some of them, then she should be offering on the others. Are you saying they're all over-priced? 34k under asking is a very low offer as a best and final.

Most of the feedback she is being given is that the seller needs very close to asking or can't buy their next house... gaps between ladder rungs are too big, flats are priced for what they need not what they are worth

Sellers won't usually take offers of 10% under asking seriously. Estate agents will see someone who keeps making such low offers as a timewaster.

Since your daughter is not having any success having her offers accepted (or even negotiations opened) at that price point, I would suggest she is misjudging the local market and current house value.

In my neck of the woods, SE, just outside London, properties are going for 1-2% below asking. They are selling steadily but there's less on the market. Prices are fairly unchanged from about last summer, and asking prices are generally reflecting that.

Op, if she keeps going after properties she can't afford, and she keeps low balling the sellers, and your post indicates the closest she gets is ten percent under, so clearly trying lower than that, she will keep getting doors slammed in her face, and at one point the market will get away from her.

One or two sellers you could argue they are the unrealistic ones, but if it's more than that, then I think she needs to consider it's her that is unrealistic.

No one can predict the market, the low stock situation is normally what drives a spike in price. If she's not careful she may find that properties that were in her budget and she wouldn't consider previously suddenly become something she wished she'd consider because they are now out of range.

I get she's trying to play thr market and get a good deal. But there comes a point where she may have to recognise she has misread it and she is priced out.

Blunted sorry but if u think prices are rising in and around London any time soon and that she might become priced out I think you are very ill informed on the state of the world economy (ps brexit is just a small cog in the big wheel)

Pray tell me blunted... would offering 10% under the original ask8ng price of this flat be unreasonable? Ps the answer is no, and shows how deluded some asking prices are. Scroll down to listing history

www.zoopla.co.uk/for-sale/details/48165188?utm_source=v1:5bWFDybfWx7C7AGpeagt7mP3PgcqjuqJ&utm_medium=api

You can always find some overpriced houses in any market. That's fine, most buyers just ignore them and target the sensibly priced properties. That's why dropping an asking price sells houses.

But if your daughter is only offering up to 10% under asking, on the grounds that she thinks every property is overpriced, then she is wasting everyone's time and should simply stop looking for now.

At the end of the day it comes down to what people are prepared to pay and accept. Whatever story you spin around that - X house that sold down the road last year or Y house that the vendors want to buy - that's just chatting. If your daughter is only prepared to pay up to 10% under asking and not a penny more on anything, the chances are firmly against her finding someone happy to sell to her at that price. Anyone willing to sell at that price will have an asking price closer to your daughter's budget.

If I was selling a house and you offered 10% below asking price you’d be told to jog on.then I wouldn’t even entertain another off from you even if it was 10%above asking price.

How cheeky are you.

But you may find someone in a hurry to move who may take you up on your offer but don’t expect it as a norm

Your example
They have already dropped the asking price by £100k and you still offering 10% less! WOW just WOW

No wonder they said no

Fuzzy never said she offered on that flat...

Cheeky offering 10% under or pricing a flat at 100k more than its worth... whatbis cheekier?

@Alexalee, anyone who is remotely interested in the flat you've linked to would do well to bide their time - waiting a few more months will probably save them thousands.

8 reductions in 5 months - how ridiculous! The seller is obviously keen to sell so why not price it properly in the first place?

Can see the reasoning for the original asking price on that very nice 2 bed flat based on the most recent sale of a 1 bed flat for £337.500. Given the reductions made & current asking price I'd say it is a great deal & priced to encourage offers. As the vendor I'd be well pissed off if someone tried to reduce me further tbh!