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

[erhsla14]

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...

We've just gone to 5% over asking and I'm pretty sure we're not done yet 😩

Yes and where are you too @gitbag ?

Lots of reductions here atm - saw a 3 bed cottage reduced from £450k to £400k today and its only been on the market for a few weeks.

East midlands.

Not much to choose from here unless you have £950-850k for barn conversions, £400-500k for a new build or £150k for flats/apartments.

Is there more supply where you’re looking? Are thing being reduced because they’re competing with many other properties (buyers market more than sellers)?

When I’ve considered renegotiating on my offer or pulling out, I decide it’s not worth the risk because there’s nothing else on the market at the moment. Hard to say 5% over asking is too high compared to nothing else available.

@MugOfBuildersTea outer zones SW London

Thank you. The market often changes in London first, then spreads to the regions.

I am trying to buy in a se village and am being outbid by true cash buyers who don't need a mortgage. I am staying with relatives since I completed so am chain free have deposit and aip but am beaten in bidding wars as they don't have to worry about being down valued by a mortgage.
One cottage went for 110k over asking. There are a couple of houses that haven't sold but that's either because they are overpriced and as soon as they adjust they sell or they have issues and again sell once they are reduced.
The rental market is also crazy and there was 10 of us viewing a place with some safety issues. I was told they wouldn't be fixed as the landlady knew one of the other 9 would just accept them!. People are also paying over asking for rents.
As I am on a lone parent I am conscious not to push to my maximum as I don't want to take too much risk but also I look at house prices and think we are not in a zone and the commute to London is expensive if it weren't for family I might be tempted by London as the difference is a lot less than it used to be.

The village my parents are in is the same. Pensioners relocating from cities and they are paying cash. (As did my parents). You'd think some of these city homes would come on the market but often they keep them to rent out.

I really think that BTL should be made less profitable - rent caps, more tax, better rights for tenants.

I'm in the SW. Spoke to agent yesterday who said they were getting fewer offers per property (3 or 4 now, compared to 10+ a few months ago). Where a house was marketed at offers over, they were getting anything from £5k to £100k depending on the type of property, but then lots of downvaluations/buyers pulling out and reassessing. I'm seeing more houses reducing and/or selling but coming back on the market at the same or a lower price.

The house I viewed was originally on at offers over £320k, and then this week I noticed they'd switched it to a guide price of the same amount. It's been on for a month now and hasn't sold. I like it, and want to offer, but I think it's overpriced so am currently deciding what to offer. Identical houses nearby went for £241k in 2019 and £281k last year.

Sorry, crazy at work - I'm looking Bury and surrounding area. Lots reducing. If they are getting devalued by lenders, they need to start reflecting that.

For the first time, estate agents have been contacting me this week to ask whether I'd like to view a specific property, or asking what I thought about something I've previously viewed.

I had an email from the new build estate that refused my offer a month ago (£3k under asking because the price went up by £3k in the two days since I viewed it), offering £15k 'towards my deposit' on any plot.

This morning, viewed three properties badly renovated and marketed before they were ready really - estate agent said 'they just wanted to get them on before the market turns.'

We've decided not to move and stay where we are then reassess when DD is going to secondary school in 2 years. I can't see how the market can keep climbing with massive inflation, bills rising and wage rises not matching. Started to see houses sticking around and reductions we aren't in a really hot property market in normal times. We are very comfortable right now, we can afford bill rises holidays I'm not sure it's worth the pain of competing in a very hot property market.

Offered under asking and vendor is discussing it with her husband. I expected to be told they’d want to wait for any further viewings but perhaps they’ve realised they’re not going to get asking price. Had another viewing this morning and have also offered [under asking] on that.

Manchester is in its own bubble at the moment, thanks to people relocating from the south, and Hong Kong money pouring in.

Prices in the nicest parts of the south and southwest Manchester - Sale, Altricham, Urmston/Flixton, Didsbury, the Heatons - are spiralling up and up.

On a well presented 340k three-bed terrace you can expect the offers to go up to £380k.

Houses are being taken off the market SSTC within 48 hours; if you don't call up within an hour of it going on Rightmove, you don't stand a chance.