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Original poster

What would you offer for property on at £255000

64 replies

shallibuyahouse · 04/02/2023 20:34

Priced around the average for the street. Last sales were 10 months ago and properties went for around £240-250.
I very much like the house, but others will come along so am fairly fatalistic. Initial offer?

OP posts:
Notplayingball · 04/02/2023 20:36

£280k probably.

Namechanger355 · 04/02/2023 20:36

250k

or if you just want the house 255k and ask for jt to be taken off market with no games

Keepyourmummysboys · 04/02/2023 20:37

If I wanted it, asking

Original poster
shallibuyahouse · 04/02/2023 20:45

Interesting. I was led to believe market was a bit slow and estate agents generally put a house on at about 3% above. Fair enough though (the price is about average for the area, maybe slightly expensive).

OP posts:
WithCat · 04/02/2023 20:54

It’s very difficult to say without knowing the local market. How long has it been on? What do you think it is worth? How hot is the market in that particular area. Where I am looking, I would put an offer in at 240k if a house advertised at 255k had been on the market for a month+.

Whatwouldyouoffer · 04/02/2023 21:06

I’m about to put my house up for sale and the figure I’ve heard for my area is value should be around 3% below the peak which was in September 2022.
So interesting you got the same number…

OhhhhhhhhBiscuits · 04/02/2023 21:33

If you are not a first time buyer I wouldn't go above 250000 due to stamp duty.

Veryfishy · 04/02/2023 21:35

I’d start at £230k and go from there

CatOnTheChair · 04/02/2023 21:43

How long has it been on the market?
Brand new? 249000, as a final offer.
If it's been around for a while, I'd start lower - maybe 237000 and negioate.

Original poster
shallibuyahouse · 04/02/2023 22:08

Helpful thanks. Yes, first time buyer.

OP posts:
Original poster
shallibuyahouse · 04/02/2023 22:13

Oh actually- maybe I'm not a first time buyer! I inherited a share of an estate including a property that was sold. I think that counts as ownership?

OP posts:
Mossstitch · 04/02/2023 22:31

Recently sold a property of slightly less value which went on the market in October, estate agent advised putting it at £10k more than they expected it to go for. We had one offer £25k below within the week which we declined, a day later offer for the £10k below from someone else which we accepted. A lot depends on the position of the buyer though, ours was best case scenario, ie cash buyer in rented accommodation. I would say they are not expecting to get over the £250,000 and would start with £240,000 and hopefully get it for £245,000.

Mark19735 · 04/02/2023 22:51

Ahh - that's easy. If you really, really want this house, right now, I'd offer £247,500.

If you're easy come / easy go about this place ... I'd offer £215k. Knock a clean £50k off. And hold your nerve. Don't be tempted to increase the offer, or haggle, or plead. A straight out take-it-or-leave-it. Might not work ... but it might. Who knows how desperate the sellers are? And if they are, you could knock 5 years off your mortgage and retire early. Sweet!

Chippy1234 · 04/02/2023 22:53

How long as it been for sale?

Petronus · 04/02/2023 22:58

I would guess that the number they really want is £250k. So if you are really serious about it. I would start around £243k and then go to £247k, but you sound pragmatic and not like you are in love with it so i would probably take a punt on something lower than that even.

Original poster
shallibuyahouse · 04/02/2023 23:07

It's only been on for a week. It is nice, ready to move into.
They haven't found anywhere yet, so probably aren't in a big hurry.

OP posts:
TheTeenageYears · 04/02/2023 23:30

Agents are generally quite aware of stamp duty thresholds so I think they have probably advised the vendor that just under the threshold is realistic unless they get lucky with either masses of interest driving the price up significantly to warrant going into SD territory or a FTB where the threshold is higher. Go with a final offer just below the SD threshold.

rainingsnoring · 05/02/2023 00:21

shallibuyahouse · 04/02/2023 20:45

Interesting. I was led to believe market was a bit slow and estate agents generally put a house on at about 3% above. Fair enough though (the price is about average for the area, maybe slightly expensive).

Yes the market has definitely fallen in most areas, a lot in some.

You need to research your own area on RM and by speaking to people locally. If the house has only been on the market for 1 week they are unlikely to take an offer far below asking price. However, I would want to pay less than 240/250K previous sale prices in a falling market.
This might be helpful to you. Lots of YouTube videos and I think he has a website too.

DemonHost · 05/02/2023 00:26

Well everyone expects prices to drop 10% this year then another 10% next year…

Furries · 05/02/2023 03:07

shallibuyahouse · 04/02/2023 22:13

Oh actually- maybe I'm not a first time buyer! I inherited a share of an estate including a property that was sold. I think that counts as ownership?

Am pretty sure this means you’re exempt from the raised threshold re FTB stamp duty.

Taking that out of equation, am assuming you are essentially buying your first home, so you have nothing to sell and there is no chain on your end. If so, that’s still a good position to be in.

Do you have an offer in principle from a mortgage company?

I would maybe go in with an offer of 245k, with the EA highlighting you have no chain behind you and an offer in principle (if these facts are correct). It leaves a bit of room for negotiation, but you need to stay under the stamp duty threshold. Not having a chain behind you can be a huge plus point for vendors.

Having said that, if you have the funds for stamp duty and you think that this is your perfect home, sometimes it’s not worth losing out on it for the sake of a few £k. I’d never pay more than asking via a bidding war. Equally, I wouldn’t risk losing a place by not offering asking price for a property that ticked all my boxes.

Twiglets1 · 05/02/2023 06:21

240k seeing as you say you have seen houses sold in the same area for 240k assuming they are of a similar size & quality.

Hollyhead · 05/02/2023 06:38

How desirable is the area? There is no way I’d offer anywhere near a 2021/2022 completion price, the market was overheated. Do not risk negative equity on your first home, I’d go in at 230k, but to be honest if I were you in a good buying position I would hold on tight for a few more months, in case the market drops in the way some analysts think it will, but the extent of it won’t be apparent for another 6-12 months.

newtb · 05/02/2023 07:15

Fixtures and fittings can be deducted when assessing a property for stamp duty. So, you could deduct the value of a fitted kitchen, built-in wardrobes etc.

Chippy1234 · 05/02/2023 09:21

I know some people presumably the people who want to buy are hoping 10% then another 10% the following year but it doesn’t happen does it. There has been negative equity but generally it was because people were getting 100% mortgages and took out endowment mortgages. Let’s say a house is on for £500k. Are you really saying that the house next year will be £400k. I just don’t believe it. People will stay put, won’t move jobs and the housing market will just stop. The government cannot afford to let that happen because they get £££ from SD.

Chippy1234 · 05/02/2023 09:22

I am not sure you can remove the cost of a fitted kitchen (and presumably bathroom) and take it off the value of the house for SD purposes.