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Original poster

Current property market - how much over asking price are you offering/accepting?

139 replies

erhsla14 · 21/04/2022 22:41

Also where in the UK are you based?

Just trying to get a feeler for what is happening out there currently. Possibly also trying to make myself feel better for making what feels like a really significant over asking price offer but could just be due to FTB nerves etc.
With the current property prices/market, it makes me wonder if prices are bound to crash and if I'll be making a loss whenever it is we sell down the line...

OP posts:
girlmom21 · 24/04/2022 14:44

I have to say, I can't understand this 'we really liked them' mentality. How's that relevent - you're selling a house, not buying a best friend! Go for the best offer/position of buyer. Who cares if you like them or not!

To be fair we chose our buyers because they were a young family who genuinely loved the house so we felt like they wouldn’t mess us around where as we didn’t get good vibes from a couple who’d offered the same amount. So much is based on trust when you’re buying and selling property that I think you need to have some faith in your buyer

XingMing · 24/04/2022 15:44

We're not ready to move, but we had the house valued a while ago, when property was at peak frenzy, and got 100K range of prices. Since then, we read that prices have moved up another 15%. It's not easy when you have a one-off house to read the market. Our house is not the same as the other houses in our road.

GoinSouth · 24/04/2022 18:36

Well I speak from experience.. we were after the a house along with another couple - we were in a great position, offered highest bid but didn't get it - EA said seller went for the other couple because she 'liked them' and felt they wouldn't let her down. We were absolutely gutted. What more could we have done? IMO, your EA should be doing the job of sussing out buyers, asking all the relevant financial/position questions, so that you don't have to.

tokyotolondon · 24/04/2022 20:08

GoinSouth · 24/04/2022 18:36

Well I speak from experience.. we were after the a house along with another couple - we were in a great position, offered highest bid but didn't get it - EA said seller went for the other couple because she 'liked them' and felt they wouldn't let her down. We were absolutely gutted. What more could we have done? IMO, your EA should be doing the job of sussing out buyers, asking all the relevant financial/position questions, so that you don't have to.

Just on the back of this - were you shown around by vendor? All the viewings we've done have been through the EA so unsure how we could get the likeability factor from the vendor? Or is it just what the EA relays back on?

TheLadyDIdGood · 24/04/2022 23:07

I think overpricing, over bidding and a lack of houses has created a perfect storm. I posted this earlier on another thread but will post again below. I'm based in the south of England and the market is overpriced, super hot and fast.

We got an offer on Friday on our house a bit under the asking price. As we received it late on Friday afternoon, we decided to go ahead with the viewings already arranged for yesterday afternoon. We'll hear from the estate agent tomorrow regarding Sat viewings. I'm not sure whether to reject the offer straight away or wait and see if anymore offers materialise.

I registered with five estate agents in the area I want to move to. They all said that they're filling open day viewings and selling before a property goes on rightmove. So Rightmove is out of date as some new properties sell before they're even advertised on RM. I'd advise you all to register with local estate agents ASAP rather than just relying on RM.

rrrrrreatt · 24/04/2022 23:44

We’re in Manchester and it’s madness. Most houses we’ve viewed had 40+ people interested in viewing and they all go to best and final. It can be up to 20% over asking for a house in good condition and it’s around 10% over if it needs work. We've done best and final six times and each time sent a letter with every offer to try and make us stand out a bit.

We accepted an offer £12k under asking on my partner’s flat in the Peaks where demand for flats is low and we’ve just had an offer accepted 10% over asking for a 3 bed semi in Manchester. Originally we were outbid and offer was declined but that person ghosted the agents and we were second choice!!

The place we’re buying needs doing up from top to bottom but we’re very happy with the price we’re going to pay. We absolutely love the area, the house and our seller. We offered on a house in great condition two doors down and it ended up going for £42k more than our one so there’s real potential to add value. Ideally we’ll stay there for at least 10-15 years so hopefully any market fluctuations will balance out and we’ll build a lot more equity in that time.

tuliplover · 25/04/2022 00:58

I'm in sw London and offered on three houses last summer all under asking. Two accepted (fell through gif other reasons) I offered ask on one but a cash buyer beat me and it's on rightmove now as sold for £25k less than I offered. I bought my current house for £20k under ask (listed at £940k). So it's not true that all houses are going over ask. I'd say the market here is buoyant but not crazy.

timestheyarechanging · 25/04/2022 01:16

Offer accepted £425 when asking was offers over £ 400 - Kent coast but likely because no backward chain. Was a bidding war but partners EA spoke to new EA and he's in a better position to move. They had received a higher offer but the person wasn't in a position to move until sold.

timestheyarechanging · 25/04/2022 01:24

I wish it went back to the days when there was a price and you paid it! It's so stressful now.

We are currently selling two properties in London and buying three on the Kent coast. It's stressful! Stupid estate agents (costing 9k) don't even know how to spell!

Bedsheets4knickers · 25/04/2022 17:34

I would be very careful in this current climate to offer much over if you really wanted the house . 1 beautiful house that's been up near us was up for 550£ it was then reduced to 525£ sat there for 3 weeks today it's gone down to 500k .

Whammyyammy · 25/04/2022 18:03

Friend just accepted an offer of 30% over. Had 15 offers from asking price to 30%

TheLadyDIdGood · 25/04/2022 19:11

We've had another offer at asking price which I'm inclined to go with. I think holding out for a higher offer runs the risk of chain breaking down later. Mortgage companies are refusing to issue mortgages for inflated house prices. There are now more house chains breaking down & houses being reduced in my area. Unfortunately, these inflated prices have skewed our perception 9f normal prices. So I'm now thinking whether to refuse in case of a higher offer or to just accept it.

feministqueen · 25/04/2022 19:13

Recently sold a house in the West Midlands. Accepted £15k over asking price for it.

Candleabra · 25/04/2022 19:15

With all these huge offers over the asking price, are you finding the mortgage companies will also value the property at that price? Isn’t there a danger that you accept an amazing offer but the buyers can’t get a mortgage.

girlmom21 · 25/04/2022 19:38

Candleabra · 25/04/2022 19:15

With all these huge offers over the asking price, are you finding the mortgage companies will also value the property at that price? Isn’t there a danger that you accept an amazing offer but the buyers can’t get a mortgage.

Most banks will offer you over the valuation price but at a higher interest rate. It's a silly thing to do.

GoinSouth · 26/04/2022 11:27

tokyotolondon · 24/04/2022 20:08

Just on the back of this - were you shown around by vendor? All the viewings we've done have been through the EA so unsure how we could get the likeability factor from the vendor? Or is it just what the EA relays back on?

Show quote history

We lost out on two houses - both shown around by vendor. In the best position as a buyer, no chain, finances ready etc., we were told by EA that one vendor went with a buyer he knew personally, and who had seen the house before, and then the case above.

MidnightMeltdown · 26/04/2022 12:05

This isn't just affecting buyers, there's an article in the Guardian saying that 1 in 7 renters are paying over the odds to secure a property.

There's a huge shortage in housing in general.

stuntbubbles · 26/04/2022 14:00

We just offered below asking on something and the estate agent called back deeply confused to check whether we meant over, and if not, why were we offering lower? “Er, because then we might get it for a lower price?” (We did not get it.) Currently waiting to hear whether our more reasonable offer is acceptable. 😬

TheLadyDIdGood · 26/04/2022 14:43

Well our buyers have now increased their offer to asking price and now we have to decide whether to accept or not. Lots of thinking to do. Feel a little bit deflated because I was expecting more offers but at least we got the asking price.

CliffordDanger · 26/04/2022 14:48

We paid 12% over. NW England, suburb of large town. FTB chain free both sides. November 21.

TerenceTrentLoughborough · 26/04/2022 14:51

MidnightMeltdown · 26/04/2022 12:05

This isn't just affecting buyers, there's an article in the Guardian saying that 1 in 7 renters are paying over the odds to secure a property.

There's a huge shortage in housing in general.

The ~shithole~ place we moved out of when we bought a few months ago is on the rental market for £300 more per month than we were paying. There have been no changes to the actual property.

ThePittts · 26/04/2022 14:52

East Sussex, accepted an offer yesterday, full asking price, had 3 offers, 2 below and one full, which we accepted. IMO the property market is flattening off

justfiveminutes · 26/04/2022 15:14

The market is flattening here too. I am renting after selling in December. I keep a very close eye on three areas but properties are definitely staying on longer, some SSTC and then coming back on almost straight away, and many are reducing. Prices can't climb forever. Eventually people just opt out rather than paying mug prices. I saw three last weekend that had all been on for about two weeks but didn't offer on any of them, and two of them reduced this morning.

Still some cf about. One came on this morning and when I rang the EA, they said the vendor needs 'at least asking price' within 48 hours so that they can offer on a house they like that's going to best & final the day after. They won't get it, it's grossly overpriced.

TheLadyDIdGood · 26/04/2022 16:57

We've now accepted the offer so the hunt is on to find a place. This is the problem as the market is saturated with over priced properties in all locations not just desirable ones.

dubyalass · 26/04/2022 19:19

Eventually people just opt out rather than paying mug prices

This is where I'm at. Just not bothering going to see the offers over houses. What's the point?