Offering under in Scotland

[Hdkatznahtw125sgh]

Hello

I previously posted regarding mortgages and received good advice . I’m currently viewing and looking for a flat in Glasgow. In the penilee / hillington / cardonald area (I already live here so don’t care about it’s reputation).

my budget is an absolute maximum of 130k, but ideally less. 2-3 bedrooms. Off street parking ideally.

There are quite a few properties in my area that fit this requirement between 95-110k. They are however probably overpriced or priced to a historical market, and have been on the market a long time. In this part of Glasgow the market has slowed right down.

A trend I’m seeing is them being listed as o/o, then down to a fixed price after a few months of not selling.

I offered the asking price on one property which hadn’t sold in six months and required a lot of work and it was rejected and the agent informed me the owner was ‘offended’. It is now up for a fixed price 5k under what I offered so clearly not that offensive an offer. I am no longer interested in it.

I am from England where offering under is much more common, my question is has anyone in Scotland offered under successfully and is there an acceptable margin?

I am not meaning to sound like a cheapskate, but I do not want to go above the ceiling value for this area.

thanks

I'd say offers under are rare here. It's pretty much always o/o and over is what the sellers are looking for. Even before the house prices rocketed recently about 10% over was pretty normal.

I bought my house in 2017. I was very lucky because the EA told me what the sellers were looking for (probate sale) and I offered it & got the house. It was 10% over the asking price and I was lucky they weren't needing the max for the house or it would have gone to a closing date

The market is slower but we are not really seeing properties selling for under Home report value.

we bought a house last year for HR value. It had been the market a while and we spoke to the seller directly at the viewing. It had some issues like the fuse box was from 80’s and the décor was shades of dirty beige.
I think some people are still holding out for the big offers . The market went crazy last year.

@Hdkatznahtw125sgh I agree with what everyone else has said. Offers under is pretty rare.
Completely ignore the o/o price. Get the Home Report and look at the valuation. We have a local EA who puts a much lower o/o price (I know a bit lower is normal but I’m talking 30/40k!) just to get more potential buyers through the door.

We got our house for under HV report but over the offers over. It was badly marketed (no measurements) and very dated decor so minimal viewings - also unfashionable area. I think they had 3 or 4 viewings at most...

In some markets (towns like Banff) where things are slow offering under can work, but generally in the major cities you won’t get anything for under home report value