Asking price

[elizadoalittle]

Are properties still going for way above asking price do we think or has the calmed down where you are?

Round where I’m buying 15% over is very normal.

Is going to depend both on where you are and the price band you are buying in. I think, geographically there can be quite tiny 'micro-areas'.

What is happening here (Midlands...ftb properties) is things are going for over the asking price BUT quite a few sales then fall through as the survey won't value them as high and the buyers can't proceed.

On average (in the long run) houses typically sell for something like 95% of asking price.

Apparently this hasn't changed much recently:
insideconveyancing.co.uk/news/areas-with-highest-percentage-of-asking-price-achieved-in-2020-revealed/

A significant minority are selling for asking price or more (sometimes a lot more). But a small majority are selling for less.

Our house sold at 10% over, and we've offered and lost out on quite a few this past month (ranging between 5%-15% over asking). It's insane at the moment, and I am feeling like we wont be able to keep competing with the insanity.

Not around here, but I don't think they were going above ask anyway (SW London) as they were priced high anyway. I tried to buy three houses and got an offer accepted on each below ask. They fell through as first seller did not finding onward purchase, second pulling out due to illness. Third time lucky!

Interesting, mixed opinions/experiences. I'm in the lower end, SE. Prices have been nuts but feels like it's cooling off slightly... maybe.

I'm in London, sold my place just before stamp duty deadline, and have been looking for the past 8 months to buy a new place.

From what I can see from my searches (and subsequent tracking of properties), although properties are being secured by offering over asking, the actual price achieved looks to be 95-99% of asking.

The property I am in the process of buying (which was accepted in early summer) is at 99% of asking, which I increased from 97%. I almost started much lower, but really wanted to secure it. What I'm paying is reasonable for the area and property, so I'm ok with it.

Both my DC are looking
DC1 has just had an offer accepted at asking, following a 7% reduction, in East of England.
DC2 is looking in East Midlands, but not ready to buy yet. We are seeing price reductions and also properties with several agents, up to 4, and price reductions.

I think it might vary by price bracket too? Within our budget in SE London definitely cooling (up to £750k) but perhaps not for higher priced houses.

I think it's very much location. Scotland has traditionally had a offers over culture, whereas England has had more an asking price which buyers often offer below. We're buying in the SE and there seems to be a move to the offers over model. It's so hard to know how to play it at the moment.

I’m in a NW market town....house next door Completed last week.....up for 290k .... went to final offers.... the owner accepted 306k

Asking prices have gone up where I am, so not so much going for over anymore.

We got ours for 4% under asking price. I'm sure the vendor could've got asking price if not more, but we made an offer (8% under) at our viewing, made it clear how proceedable we were, along with being happy to go at the vendors pace. She counteroffered (4% under) and that was it! The other viewings booked were cancelled, the property was removed from the market and it was ours. Hoping to exchange in the coming days. Granted, it's not a standard plot, so perhaps a smaller market, but it's fab, basically our dream home.

We just got our offer accepted at 10% over asking - and it a bit of a tussle - we weren't the highest apparently

Hmmm myself and 2 other friends have bought in zone 2 north London around March time this year and we all paid below asking price 🤷‍♀️ (I paid 5% less)

We are south coast expensive area and I feel like prices may be cooling slightly. I mean, the agent asking prices are still too whack but things seem to hanging around a bit longer lately. I hope so because we have been looking since April. Will be interesting to check the land registry in a few months and see what the sold prices actually were.

I think things have definitely slowed. Houses sitting on the market longer than they were 6-12 months ago, even houses that look desirable when they mostly seemed to go to bidding wars and SSTC within a couple of days.

NW town here Market has definitely cooled down if a house is desirable on market for reasonable price big square foot, good sized garden not on a main road it will go for offers over. Vendors can't put their house on for anything they want though it has to be a reasonable price or it will sit. I've seen a lot of reductions past few weeks. I'm happy the way the market is calming you should be able to spend more than 10 minutes buying a house it was a joke.