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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:
PinkPantherPaws · 05/02/2023 09:32

I would guess that the number they really want is £250k

Yeah...but lots of sellers this year won't get anywhere near what they want, which is a price match on similar properties sold in the last couple of years.

It's obviously going to differ depending where you are - but in my county, many houses recently advertised are clearly massively overpriced because they're on at the same price as they'd have been 18 months ago, in the middle of a frantic boom.

But the market is on its way down. As a FTB, I'd not be buying anything new to market now and certainly wouldn't be offering asking price. Many of these houses will linger and I'd be waiting few months for sellers to get increasingly concerned and then go in at 10% under, possibly more.

LizzieSiddal · 05/02/2023 09:42

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.

I would not do this unless you don’t mind the the tax man knocking on your door in a few months time asking for the rest of the stamp duty you owe.

Another76543 · 05/02/2023 09:44

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.

You cannot deduct the value of fitted kitchens and cupboards for stamp duty purposes. That would be tax evasion and, therefore, illegal.

Original poster
shallibuyahouse · 05/02/2023 12:09

Really helpful replies, thank you.

Yes, I have a 80% deposit and mortgage in principle for remainder. I am lucky.

I rent currently in a nice area, so am not in a huge hurry other than there is always that level of insecurity and dead money (paying someone else's mortgage).

I think I will do my best not to get carried away. It's always a gamble, isn't it - but even if this doesn't work out, something usually comes along.

OP posts:
good96 · 05/02/2023 12:58

All depends how much you want the house. If you desperately want it, then offer the asking price. If there is competition for the property and you’re in a position to do so, you could offer above the AP. £260k or £265k.
I think £247,500 would be a good starting point if you just want to try and negotiate a decent enough deal. Anything lower and many people will think you’re taking the piss.

thinkponk48 · 05/02/2023 13:10

DemonHost · 05/02/2023 00:26

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

Yea everyone always expects that. Never seen it happen

WeCome1 · 05/02/2023 13:25

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.

You’ve misunderstood the meaning of fixtures and fittings. These are the extra things, not in the listing, that you can buy. So, non fitted wardrobes, curtains, appliances if not in the listing (ie ‘space for washer dryer’ would be how it appears). In the UK, it’s a given that the kitchen and bathroom are included, not an extra.

rainingsnoring · 05/02/2023 16:07

thinkponk48 · 05/02/2023 13:10

Yea everyone always expects that. Never seen it happen

Show quote history

Maybe you are too young to have seen it happen but it has happened in recent memory in both 1990 and 2008. No reason it can't happen again and worse.

Another76543 · 05/02/2023 17:34

rainingsnoring · 05/02/2023 16:07

Maybe you are too young to have seen it happen but it has happened in recent memory in both 1990 and 2008. No reason it can't happen again and worse.

Show quote history

Exactly. They fell 15% in 18 months around 2008. And that was with falling interest rates.

dontholdback1 · 05/02/2023 18:08

Well. We offered £240k 2 weeks ago on a house up for £259k. They laughed in our face. They accepted an offer of £255k from a cash buyer.

We were due to view a house yesterday that came on the market on Friday for offers over 250k. We'd decided we'd offer 250k if we loved it. They accepted an offer for £265k before we had chance to view ☹️

BlueMongoose · 05/02/2023 18:50

Depends whether the house is over or undervalued for wht it is, and how special or otherwise it is for you. One on our road has just gone up for bonkers money- even above the top end of its (very optimistic in my view) Zoopla valuation. In a falling market. Bonkers. I'll be interested to see if it sticks on the market for well over a year like the last house on here I thought was up for silly money....

OnceThereWereDragons · 05/02/2023 19:45

@rainingsnoring I watched his video and am now confused! I can't wait until 2025 to buy, but it seems buying at the moment is madness.
Lots of financial crash talk, so not safe to keep cash but I always thought it best to invest in property - but apparently not right now?
Crikey, it's difficult to predict currently. Where I am decent houses are still selling quickly at asking and above. Where my friend is the prices are dropping like a stone!

jimmyjammy001 · 05/02/2023 23:35

I would start at offering 15% under asking and go from there, people who brought around 4 years ago are listing for 50% more than what they brought for according to rightmove sold prices in my area, so wouldn't feel I'm taking the Micky compared to what the sellers are asking considering mortgage rate rises and cost of living crisis

strawberryandcreams · 05/02/2023 23:44

I think going more than 20k under the asking price for a house priced at that is so cheeky! We went in at 225 on a 245 house, knowing full well we wouldn't get it for that.

We agreed on 235.
Offer what you think it's worth op. 249 for the sake of stamp duty

Copperoliverbear · 05/02/2023 23:47

240k.

Copperoliverbear · 05/02/2023 23:48

Sorry meant to say £245k

HeddaGarbled · 05/02/2023 23:57

If it’s only been on for a week, they’re not going to take a low offer yet. A month or two on, they’ll be more worried that it’s not going to sell but it’s too soon for that.

On the other hand, a full price offer after one week will make them think they can hang on for a higher offer.

So I would go with £245,000 but be prepared to up to £250,000 or full asking if that’s what they come back with. Once they’ve entered into negotiations, they’re less likely to turn you down if you meet their request.

Hollyhead · 06/02/2023 07:17

@strawberryandcreams unless the area is exceptional and not falling, that house is currently losing about £750 per week in market value. I think expecting a 2021/2022 boom price is pretty cheeky!

ssall · 06/02/2023 10:56

shallibuyahouse · 05/02/2023 12:09

Really helpful replies, thank you.

Yes, I have a 80% deposit and mortgage in principle for remainder. I am lucky.

I rent currently in a nice area, so am not in a huge hurry other than there is always that level of insecurity and dead money (paying someone else's mortgage).

I think I will do my best not to get carried away. It's always a gamble, isn't it - but even if this doesn't work out, something usually comes along.

As a renter with a mortgage lined up you are in a very strong position and could be completing very soon if this is the case - I would emphasise this to the seller as, if they have any sense, they will value this.

Personally I would go in at 235 which is over 90% of the cost and then go up to 240 which is 95%ish of the cost.

C4tastrophe · 06/02/2023 11:14

From my ‘research’, the market above 400k is dead, but below 300 ( let’s say affordable) is still active, though at reduced levels.
I’d go 15% below asking, if you don’t want to wait, and emphasise you are in a very strong position.
Expect the agent to try and get you up to 5% below though.

XVGN · 06/02/2023 11:38

A lot of folk here have never experienced a housing crash and can't believe the kind of falls that may happen. No one knows what will happen but credit is drying up and the cost of money (which ultimately drives prices) is increasing back to "normal" rates.

Every area and property type is unique so no one here can tell what a sensible offer would be at this time. I agree that a good strategy is to let the vendor try to sell at their chosen price and then react if the house remains unsold after a month.

Use this site for a good view of local price action:

houseprices.io/?q=io

SallyWD · 06/02/2023 11:46

When we were interested in houses and knew there was a lot of interest in them we always went straight in at the asking price, knowing we were willing to increase our offer if necessary.

rainingsnoring · 06/02/2023 13:39

OnceThereWereDragons · 05/02/2023 19:45

@rainingsnoring I watched his video and am now confused! I can't wait until 2025 to buy, but it seems buying at the moment is madness.
Lots of financial crash talk, so not safe to keep cash but I always thought it best to invest in property - but apparently not right now?
Crikey, it's difficult to predict currently. Where I am decent houses are still selling quickly at asking and above. Where my friend is the prices are dropping like a stone!

You must be in an area where the marker is still hot. As you say, other areas have fallen. Are you in the NW?
Depending on your situation, could you wait 6 months rather than getting into bidding wars?
OP, unless your area is still 'hot' I would go in low, emphasising your favourable position. Or wait a bit if you aren't paying a lot of rent and can save.

Kennykenkencat · 06/02/2023 13:43

Depends what position you are in and what position the sellers are in

£240,000 if you think they are desperate and you can move quick
Otherwise £245,000 and if that is turned down £247500 and then £249,000 and then £250,000

Kennykenkencat · 06/02/2023 13:44

XVGN · 06/02/2023 11:38

A lot of folk here have never experienced a housing crash and can't believe the kind of falls that may happen. No one knows what will happen but credit is drying up and the cost of money (which ultimately drives prices) is increasing back to "normal" rates.

Every area and property type is unique so no one here can tell what a sensible offer would be at this time. I agree that a good strategy is to let the vendor try to sell at their chosen price and then react if the house remains unsold after a month.

Use this site for a good view of local price action:

houseprices.io/?q=io

Our house went from £250,000 to £125,000 in the early90s crash