Reducing our offer...

[Patienceisvirtuous]

Seeking advice.

Pre-lockdown we had an offer accepted on a house. Had mortgage approved, surveys done etc then lockdown happened.

Things are back to moving along now... And we’re wondering whether to reduce our offer slightly.

Mainly because we offered approx 6.5% above asking price (in a sealed bid situation) coupled with expected fall in house prices this year.

We were thinking of reducing our offer slightly, so we’re still above asking price, but 3% above rather than 6.5% above.

Does that seem fair or like a nasty gazunder? :/

Torn - don’t want to be a mug but don’t want to be unfair at this stage either...

[Fizzydrinks123]

Lots of people on Rightmove looking or hoping to sell their property doesn't equal same amount of people looking/able to buy who want to see how recession plays out and worried about job security etc.

Attached link describes in today's papers - 14% predicted downturn in house prices from Nationwide index (who are the biggest advocate of self interested house prices only ever rise brigade).

www.thisismoney.co.uk/money/news/article-8372271/Homes-face-14-price-slump-says-Nationwide.html

[Gutterton]

I have never said they always rise.

I have said that there are specific property types and unique local market dynamics that need to be considered within the “big picture” alongside what is relevant to your own personal lifestyle circumstances at the time.

[DeadHouseBounce]

Nationwide must be one of the biggest VI spinners out there, wonder if they will stop publishing figures if the much needed price correction really gets going?