To offer 10% under asking price

[TurquoiseDress]

So we’ve been on the market for several weeks now with our 2 bedroom split level maisonette in SE London zone 5.

We’re on a well known estate agents, price is OIEO £400,000

The best offer we’ve had so far is 11% under asking price (we’ve had 3 offers). It’s not enough to enable us to make an offer on the 2 houses we’re interested in; now just seen they’ve both gone under offer.

The other day we viewed a 3 bed semi on for £625,000 which was nice but on a busy/congested road which put us off a bit.

This house is on with the same agent as us, they’re pushing us to make an offer.

It’s been on the market several weeks too, had a price reduction. We’re wondering whether to offer 10% under asking to reflect the ‘reduction’ applied to ours.

The agent seemed to indicate that the seller would need to accept a reduction.

Does this sound reasonable? If we offered £562,500 that’s 90% of asking price.

Are other areas experiencing something similar?
Or are sellers getting the asking prices they want? Thank you

Then don't offer 10% below asking. Offer less. The macros put the market in one direction - yes you are selling, but you are also upsizing which means that you are making gains as the market falls.

I am currently in the market and am very happy to have my offers rejected. I am in no hurry to buy as I completed in August 2022 for 12% over asking price. It sounds like if you can take on a much larger mortgage that you are in a good position as well, don't waste it.

Yes I do wonder whether this sort of thing needs to happen to keep chains moving/progressing because otherwise things will grind to a halt....or someone needs to "take a hit" which I'm sure nobody is keen for right now!

@Twiglets1

Yes we're not that keen on the house, just feels like nothing much else around...you're right it's a bit more of a longer game at the moment

When we first came on the market I felt so impatient, wanting to get on with it especially as we'd found 2 houses we were really keen on

Now those two houses have gone under offer I feel like I care less and want to see how things pan out

Who knows if those 2 houses will actually complete and may come back on the market (not that I'm actively hoping someone's sale will fall through...karma and all that...)