Advice with this house buying malarkey

[Sunwillcomeout]

I’ve been looking for a house since June last year.
I’ve viewed just 10 in this time, not because I’m not serious about it, but because there hasn’t been much coming onto the market in my area and in my price range. I live in a rural county that’s not very densely populated.

According to the land registry, properties sold back in Sept/Oct (so presumably SSTC in early summer) were going for around asking price, and a property like I’m after was probably going for around 180 - 200k ish.

Anyway, this evening I’m going to see a property I really like the look of. It isn’t perfect, but ticks enough of my boxes for me to be happy there. I have only seen one other property I like as much in the past 3 months.
Today is the first day of viewings and it’s on the market for £220k

Looking at what similar properties sold for last year, it is overpriced. But, likewise properties like this have tended to go for around asking price, and I have barely seen anything lately.

So, if I like it, do you think it would be wise to offer asking price on the first day of viewings and try to bag it? Or is that overkill and maybe I should offer 200 and see if I can get it for what it would have cost last summer in the first instance?

I’m worried that if I don’t offer asking price somebody else will and they will just accept that and won’t bother going for best and final.

Worth checking out the financielle app to help save for a reasonable house deposit? They have a goal tracker where you can put the amount you want to save in and the budget tool helps you save for it - found it to be really helpful when buying our house. The costs associated with home ownership are mind blowing!

221 does sound a bit silly. I would try offering 222k and emphasise the positive things you can bring to the table.

House prices have gone up hugely over the last 2 years. Today I'm going to view a house that is valued at 12.5% over what it was 18 months ago. It's a huge increase, but it's where the market is at the moment.

If you've seen somewhere you like and can afford it, I'd offer the maximum you'd be willing to pay before you didn't mind losing it. So offer £225k if you'd be comfortable at that level and plan to be there for at least 5 years. Given your chain-free position, and agreement in principle, it should secure it for you.

Good luck!

I've just read this thread and now I'm invested OP! Is there an update?