Stupidly low offer

[Indablungerlow]

Selling house. Only been on the market a week or so. Received an offer of 50 - yes 50k below asking price. Really pissed off someone could be that cheeky. Anyone else received cheeky offers lately?

Mark 19735

i spoke to people on here a few weeks ago about the repossessions that happened in the late 80s/early 90s.

I do not live in the North of England, I lived in North East London where flats/small terraced houses were sold for £60,000/£70,000in the late 80s and in the 90s they were lucky to get £40,000 for them. Unemployment was high, but if you were prepared to clean toilets there were jobs.

When peoples mortgages jump up that it’s nearly your wages on the mortgage, no rates, no food, no electric, no gas, no car, it’s very very real

We didn’t lose our place, we both had two jobs each, and lodgers but a lot of my friends did.

It was ruthlessly quick that the banks had you in court and evicted.

I hope and pray that next year is not like the early 90s, I really do, because it was fucking awful.

Well, no.

A peak that's 50% higher than the next outlier isn't indicative of something 'cyclical' even if the overall number of mortgages were static. It would be a sign that repossessions were significantly higher in one downturn than in the subsequent one.

These are of course linked to the recessions and housing market impacts of same - so no more cyclical than the recessions themselves.

In fact, source data shows that there were nearly 2 million more mortgages in 2008 than in 1991. So not only was the 1991 figure significantly higher, it's also against a smaller number of overall mortgages. It is, in fact, markedly different.

There were a lot of interventions in 2008 to prevent repossessions on the scale of the 90s recession.

One key difference is the way interest rates plummeted in 2008. Provided you kept your job, nobody found themselves suddenly having to make significantly higher mortgage payments than they'd expected/budgeted for.

I am kind of hoping @Indablungerlow comes back and tells us that she got a great offer for her house and we all got it wrong.

OP - sorry your thread has got totally derailed. Hope you get what you need to move onto your next home.

Happy Christmas everyone!

A first offer is just that, you turn it down & wait to see if they increase the offer.

That’s not how house buying works. How much a house is worth is not dependent on a viewer’s salary. They could be earning £2 million, that doesn’t mean they have to offer a certain amount.

Are you sure you are up to the highs and lows of buying and selling?

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