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Original poster

How much to offer? (London)

42 replies

Jennydot · 16/04/2021 05:55

Hi all,

I accepted an offer on my house in Feb and since then have viewed and unsuccessfully offered on a huge number of houses.

A house has just been relisted after it fell through immediately before exchange (nothing to do with the house). It was listed as «chain free buyers only please» but I managed to convince the agent (who I have deàlt with before and is very nice) to let me see it. He did extensive research into my chain and spoke to my agent, who spoke to my buyer’s solicitors and confirmed that we are really well progressed and ready to go as soon as I find a house.

The house was absolutely perfect. There are 6 viewings lined up today (presumably all chain free). I want to offer and secure the house. How much over would you offer?

My partner wants to offer 10% over - this makes me break into a hot sweat but I’ll do it if I need to.

I was thinking more along the lines of 7.5% but I don’t want to be over cautious and miss out. However it does need work and I don’t want to price us out of doing the work.

For context, in case there are readers who don’t know the london market, these may like insane offers but recently all the houses we’ve been interested in have gone far over the asking price. I don’t know specifics on all of them but we withdrew interest on a 900k property on Tuesday after other offers exceeded 1m (total doer upper).

Thanks in advance!

OP posts:
TheFantasticFixit · 16/04/2021 07:40

In this market I would play my best card. Unfortunately your chain status won’t benefit you currently in negotiations so if you want to secure the property, go in with your best offer. Yes, you may end up paying more than you would in a cooler market but for the sake of 2.5%, you’ll get peace of mind if it’s accepted. Ensure your terms are that it is immediately taken off the market and viewings suspended. Good luck!

QueenStromba · 16/04/2021 07:41

If they really want a chain free buyer then you're going to have to bid significantly higher than everyone else to stand a chance.

PandaLorry · 16/04/2021 07:57

In some areas the market really has gone a bit mad. We recently had an offer accepted at 9% over (although we are not quite in your price bracket so not as much in cash terms) and it still brings me out in a cold sweat to be honest! The house was perfect for us though and we plan to live there a long time so hopefully we won't regret it.

Are you sure the other viewers are chain free though? As if the estate agent is letting you view the property, I don't see any reason why they wouldn't let others view it too if they're under offer like you are.

GappyValley · 16/04/2021 08:02

Does the agent you’re selling with handle similar houses to the one you like?

If so, I would ask to have a very candid chat with them, and ask for their opinion. They will know what the market is doing at the moment, and it’s in their interest for you to get this house, so your own sale moves along.

I think 10% over asking is probably a good starting point. It needs to look impressive enough on paper to make the vendor not want to argue over pounds and pence with other offers.
You can always renegotiate if the survey throws anything up although if this is going to be a long term house, maybe think about this in terms of cost per year of the premium...
If you really want the house, is it the end of the world to pay an extra £Xk per year to secure the house of your dreams..?

arthurdaly · 16/04/2021 08:32

We were sort of in the same position when we offered on the house we're buying, although our sale wasn't as progressed as yours.
I managed to snag the first viewing of about 15 and asked the agent what the house would go for which was about 5% over asking which I offered.
Luckily the seller accepted and cancelled all other viewings, in hindsight we've probably paid £10k too much but it's our long term home so in the long term not an issues.
Ironically after my EA telling me our buyers wanted the purchase to happen extremely quickly our purchase is ready to go (thanks to some very good solicitors) but our buyers solicitor is holding up our sale!

Toflyornottofly · 16/04/2021 08:42

This reply has been deleted

This has been deleted by MNHQ for breaking our Talk Guidelines.

Original poster
Jennydot · 16/04/2021 09:38

Thanks so much everyone - all really useful comments.

It’s in E4 in North East London (chingford/highams park area) which is not as competitive a market as the one we’re moving out of. It’s one of the reasons I’m questioning my offer so much - I’m worried I’m transposing my knowledge of E11 (Wanstead) to E4 and they’re very different. I just don’t know E4 as well to be honest. I think I will do as someone suggested and ask for advice from my agent as although they don’t work in E4 they can probably advise.

OP posts:
fairydustandsparkle · 16/04/2021 10:21

@Jennydot - I know E4 very well although not necessarily about market conditions currently. But if you have any questions about the area I can do my best to answer them

Original poster
Jennydot · 16/04/2021 11:18

Thanks @fairydustandsparkle! We’ve submitted an offer now and are waiting anxiously so I’ll let you know how it goes!

OP posts:
RedPoppy89 · 16/04/2021 18:15

What was your strategy OP?! Let us know what happens!

Original poster
Jennydot · 16/04/2021 19:09

@RedPoppy89 went in at 4.5% above asking and got the house straight away!! So excited - will be moving to north chingford very soon it seems!! So excited to get to know the area, thanks so much to everyone who gave us advice it was invaluable.

OP posts:
fairydustandsparkle · 16/04/2021 19:22

@Jennydot congrats! 👏🏼 I hope you love your new area and home.

RedPoppy89 · 16/04/2021 19:26

Amazing! Well done!

RedPoppy89 · 16/04/2021 19:27

Was that based on the agent's advice out of interest? How did you decide your approach?

Original poster
Jennydot · 16/04/2021 19:42

Yes it was - we were told to leave ourselves room for them to come back and ask for more. Plus we got some advice specific to E4 and decided that we could be successful for much less than we were considering. Are you in the same position @RedPoppy89? Where are you looking? Best of luck with everything!!

OP posts:
FrownsAndDimples · 16/04/2021 19:57

Congratulations! Hope all smooth sailing from here.

May I ask, if you're willing to share, what prompted the move from E11 to E4? I hanker after Wanstead (we are just outside).

RedPoppy89 · 16/04/2021 21:02

Don't want to out myself but we're very near to where you've just sold! We're considering selling up and moving out but still undecided where to go.

PinkCookie11 · 16/04/2021 21:16

Wow, I have so many questions, I’m just being nosey!
Is your new house worth £1million!?
How the frig can you afford to go 10% over?!
What do you both do for work??

RedPoppy89 · 16/04/2021 21:51

@pinkcookie11 I know it sounds mad but the market in London is a bit like that at the moment! Although it sounds like the OP was able to offer a little less than that in the end.

If you're looking at properties in a relatively large price bracket then if you see something advertised at the lower end it's quite possible you might have flexibility to offer above if needed (and if you feel it's worth it, obviously).

Jennydot · 16/04/2021 23:02

This reply has been deleted

Message withdrawn at poster's request.

BillyAndTheSillies · 16/04/2021 23:07

This is really interesting op, DH and I are looking at moving from one end of E11 (Bushwood) to Wanstead and just the idea of getting in to a bidding war stresses me out. More houses are coming up but the prices are just rising at a ridiculous rate.

I'd move further out but DH works in Stratford and our families are in Wanstead so it just makes sense to stay close, but stick to Leytonstone. A 15 minute walk away from Wanstead without the price tag.

Original poster
Jennydot · 16/04/2021 23:23

Bushwood seems lovely. I don’t know anything about the feel of it there, except that I went to a couple of baby classes in Leytonstone and i thought the mums all seemed lovely and very down to earth and welcoming. If I were you, I’d stay where you are, like you said you currently are close by but without all the stress of the buying process.

OP posts:
FrownsAndDimples · 16/04/2021 23:59

[quote Jennydot]@FrownsAndDimples
WAnstead is really pretty and we’ve loved living there. The first factor that has prompted our move away has been how hard it’s been to buy in Wanstead. We’ve offered on so many houses and not been picked because vendors get multiple offers (all over asking) and always choose the chain free, cash buyers. I’m sure we would have found something eventually but in all the time that has passed we have had a lot of time to ponder the question do we actually WANT to live in Wanstead? Like really, do we want to kill ourselves to pay a maxed out mortgage to live in a tiny house? Or are there areas that offer us everything we love in Wanstead AND more square footage? And the answer is yes.

Secondly we have our concerns about the secondary school offering in Wanstead. Primaries are amazing but you can’t really uproot your kids mid schooling especially if you have more than one, so we’re looking for somewhere that offers great schools at both levels.

Thirdly wAnstead is not perfect. We have so many lovely friends and largely it is friendly but ... It’s completely undiverse racially and quite class divided. People who have lived there for a long time lament the arrival of young hackney/bow originals who are moving out for more space (us included) and there is a lot of sniping and snobbery which goes both ways. Also we’re a mixed race family and my partner doesn’t like being in an area where he’s the only non white person. There is a local community Facebook group and there is a lot of thinly veiled racism and classism on there. In short we’re looking for somewhere a bit more down to earth and crumbly but with a better community spirit.[/quote]
Thank you so much for such a detailed response! Very much appreciate you taking the time out to do that. We were priced out of Wanstead. It's so interesting to hear about the FB groups (I wasn't part of any even though we lived just on the border for a few years), we are both not white and feel happy enough on the high st/Christchurch green with the kids and it has always seemed to me to be diverse but maybe it takes you to live there to experience it. Thanks again. I always thought we would settle there if one day we could afford but what you say about maxing out mortgage etc would be so true so it's been food for thought, secondary schools would be a concern for us too.

FrownsAndDimples · 17/04/2021 00:01

@BillyAndTheSillies

This is really interesting op, DH and I are looking at moving from one end of E11 (Bushwood) to Wanstead and just the idea of getting in to a bidding war stresses me out. More houses are coming up but the prices are just rising at a ridiculous rate.

I'd move further out but DH works in Stratford and our families are in Wanstead so it just makes sense to stay close, but stick to Leytonstone. A 15 minute walk away from Wanstead without the price tag.

Bushwood is lovely. I may stay put if I were you.
earsup · 17/04/2021 00:09

Wanstead always holds its money...a lot of it is conservation area and stops ugly extensions etc etc...the high st is nice...i visit often as local ish...my hairdresser is there and when I chat to anyone they always ask. .' are you local...'..??...there are a lot of pretty crap prep schools there tho.

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