How much are you negotiating off?

[Fifi0102]

We are wanting to move house upsize by a fair amount we have seen a new build but I know they don't like to reduce the price they give you a deposit contribution etc. I have also seen a few pre-owned properties I like but prices seem very ambitious..I live in Cheshire in a small town. How much are people successfully negotiating down ? I'm wondering whether to wait another year.

I think a part of it is because the forum keeps getting invaded by House price crash forum people and their style of posting is getting some people’s backs up and they are reacting to that rather than what they may totally actually believe.

www.halifax.co.uk/media-centre/house-price-index.html

@rainingsnoring Halifax shows an increase as does the latest Government data (although Gov is always a month behind).

Did you read the full report from Halifax? Said the underlying trend is down.

Also, although short-term rates are likely to rise over the summer, fixed rates have been coming down.
It is expected that all rates will be lower by the end of the year so I believe prices will have bottomed out by the end of the quarter.

I saw that thanks. It shows a one monthly increase but clearly cites a downward trend and no annual rise of 5% as you said (Nationwide data was down 1.1% annually). Bottoming out in this March is highly unlikely imo.

Who exactly is expecting rates to be lower by the end of the year? Markets are expecting more rate rises, gilt yields up, US treasuries have topped 5%, yield curves inverted, Powell hawkish. The BOE will follow The Fed.

Obviously there are many different opinions out there as nobody can predict what might happen. I wish I could. Here is another article that shows more positivity:

www.theguardian.com/money/2023/mar/07/uk-house-prices-rise-mortgage-rate-cuts-halifax

You are referring to shorter-term and US rates. I believe the longer term fixed rates have dropped from their peak. This to me is indicative of more confidence.

Sorry I can't find my original source for the 5% increase (it may have been something more local to me). Zoopla are quoting prices as 5% up January 2022 to January 2023, but I guess that does reflect the peak in sales in 2022 completing now.

Plenty of mixed messages here:

www.forbes.com/uk/advisor/personal-finance/2023/03/07/house-prices-updates/

Houses on a new build development near me are still increasing by about 10k every six weeks so I don’t think you’d get a reduction on one of those.

I think it's very area and price point specific. Where I live saw a huge covid boom. Lots of people either moved down from London or returned from London, having grown up here and then worked in London for years. The top of the market exploded due to influx of London budgets. That is now past tense and the top end is now very sluggish- stuff coming on, not getting sold, going off again (downsizes who can wait it out). However, around the 250-400 range (your basic 3-4 beds on estates) there is quite a lot coming on and it is shifting, albeit mostly at offers slightly under asking (per my estate agent friend).

I had an offer accepted today for 10k under asking price.

I thought I might push for another 5k off, but instead I will wait to see what the structural survey reveals and would negotiate further down it came back with any costly/hidden issues.

Our house is on the market in County Durham. We’d accept lower than the asking price. We expect to get a lower offer and would drop by 15-20k.