What would you offer in these circumstances

[andanothernewname]

This is speculative as it’s over my budget, but... How much less than the asking price would you offer on a house that had been on the market two years? Price already dropped once, almost a year ago.

(Gorgeous house in a fab location, it’s a state though. Looks in relatively good condition but just horrendous decor everywhere.)

Price was dropped by about 8%.

How much can you afford and how much do you want it?

It entirely depends on what it’s up for and what it’s worth. A 5k reduction on a £600k house is pennies but the same reduction on a £90k house is a big deal.

What’s it on for? Is it comparable to near by sold costs or does it reflect it being a state? Houses on for that long usually have a reason.

Currently on at 850k.

I think the price is slightly less than similar properties in that location...but not low enough to reflect that it’s a five bed house and every single room needs doing.

Offer what you feel it's worth. If a house has been on the market that long and has only had one 8% drop I'd say the seller is either deluding themselves or not bothered about moving.

If done up properties are selling for marginally less and this one needs a full refurb (assuming decoratively rather that structurally) I’d say taking a further 25k off isn’t unreasonable. Possibly it’ll be rejected but who knows. If you think an offer you could afford to make would be reasonable it’s worth speaking to the agent about whether the seller is likely to take a low offer or not.

What kind of work needs doing? Just decorating or taking off layers of old wood chip and wallpaper and going back to the original lath and a re-plaster job?
If it's been on 2 years it could mean they're happy to wait it out longer and might tell you to do one, or as they e now reduced, they might have seen something and want to go.
I suppose it's been valued in its current state though so if the bedrooms were all done to a high standard, the value would reflect that?