Getting jittery about overpaying

[housingnightmare27]

We offered 7% over asking price back in the Spring when the market was manic. We had missed out on a few houses and were desperate to move out of a cramped rented flat.

It is far from the perfect house - a small terrace cottage - but it is a brilliant street. We don't have a great deal of choice where to move as I don't drive and need to be near schools, the station and the town centre. The more desirable part in this town is further out where there are larger semis, but it wouldn't be practical to walk everywhere from there. It's not an especially desirable area generally but there is a very low supply of housing stock.

When we offered we were hoping to offset the high offer with saving on stamp duty and rent, but issues at the seller's end mean we have been held up and am now getting jittery about overpaying!

Is this just buyer's remorse?

House prices have gone up by more than 7% since last Spring so you aren't overpaying.

Bit of a sweeping statement there @SeasonFinale

Not really @Fupoffyagrasshole

source : www.which.co.uk/news/2021/10/how-will-the-coronavirus-affect-house-prices/

I would think about what else you can afford for the price you are paying now in that area. Does it feel reasonable? If that house went back on the market today would they sell it for less than you are paying?

To give an example a house two doors down from me sold in May for 325k now one the other end of the street has just sold for 360k (sold within days) exact same style and layout - its a huge leap in a few months. If those at 325k went back on the market they could easily ask for more and get it.

And another - <a class="break-all" href="https://www.google.com/amp/s/www.homebuilding.co.uk/amp/news/house-priceswww.google.com/amp/s/www.homebuilding.co.uk/amp/news/house-prices" rel="nofollow" target="_blank">www.google.com/amp/s/www.homebuilding.co.uk/amp/news/house-priceswww.google.com/amp/s/www.homebuilding.co.uk/amp/news/house-prices

Yeah I just paid 5% below asking price for my house so I’m not sure it’s the case that every area in the whole country is the same!!

Depends op - what other houses in the area are going for now?

Have you checked other recent listings of similar houses ?

I paid under ask too but that's due to the circumstances of this particular sale. One up the road has sold for significantly more, and looking at the streets history (last decade) prices have varied by 100,000 or more without any discernable difference in size or condition.
You offered what you did because it was worth that to you at the time. Prices generally have gone up, but it's a shame you missed the stamp duty holiday (me too). Do you still like the house and location? My house is nothing special - a terrace of dozens of the exact same thing, but I'm making it special and I'm sure you can do the same with yours.