House prices London

[catchyjem]

If you put your house on the market in London for 600,000. How close to that would you expect to achieve/accept as a good offer?

i think depending on the area - it might also depend on how much the two-bed houses are on for. for example, in west London I would assume that a two-bed house is 600K minimum so a three-bed at that price sounds like a bargain.

for example, i've got a three bed currently saved on myrightmove and it's on at 600k in West London but looking around at how much the two-bed houses are on for so I would not expect them to lower the price even though it might not look like it's in great condition

I would say don’t pay more than you want to, I don’t think prices will rise massively in the next few months, especially as we don’t yet know what happing re stamp duty. If 580 is your top then stick to it, unless you really love the house.

I thought the London market was weak or very weak at the present time because people working from home can now move out to the country for bigger, better and cheaper property. Also many buyers in London are from abroad and they cannot travel now. These factors work down from top to bottom of London market.

From what I’ve read (and I am a cash buyer currently looking) it’s flat prices that are flat, houses in many areas are still moving quite quickly.
I’m looking in North London and I’m not seeing much of any interest, as always could do with a bigger budget 😂

@catchyjem

So I was contacted by the agent to see if I wanted to increase my offer as the vendor is looking for 590/595 They are apparently not in any rush and have other viewings lined up but will do a deal if I increase. I've said I think my offer of 580 cash is very good and I am also not in a rush and can wait to find another property. They've then responded with how about 585 that might be accepted. I'm thinking of just saying no actually. I really not that desperate for the property and I would resent being squeezed for an extra 5 when I really thought my original offer was already good. In fact it was the agent that encouraged me to put in my best offer otherwise I would have gone in a bit lower!

Say no. Your max is 580 or they can do one. You're on a great position . They need you more than you need them . Cash buyers are very rare

Currently in the buying/selling process. Our experience: we put ours up at £525k but hoping for £510k, keeping it £500k minimum. Get an offer at £480k, agent dismisses it without consulting with us, no problem with that. Get s return offer of £490k, no more from them apparently. We can see where this is going, we say £495k and it's theirs. £5k below what we hoped but in the grand scheme of things it's nothing. We get a £495k offer but with a bunch of cosmetic requirements attached. Now it's piss taking. Tell them to sod off with the piss taking, £495k offer with no piss taking agreed. We're not desperate to move and would rather deal with grown ups, message given to buyers.

Your situation sounds similar but with buyer and seller switched. You're being the grown up, they're trying to play games. In the scheme of things they can give up the £5k. Once they have an offer they can then move on with looking to buy, until then they can't. Ball is in your court

Exactly, I feel they are playing games, not me. And I'm not the sort to try to get money off later either, not they they would know that I suppose.