If you bought around Jan - August 2022…

[instantpotnoodle]

Do you think you overpaid and do you regret it?

Just thinking about all the houses we went well over asking price for (and still didn’t get/fell through) and whether we’d just have been happy to be in the house! We’re now paying more mortgage per month for less mortgage debt with house prices coming down a bit but interest rates going up, so there’s no smugness or anything. interested to hear from those who did get it done!

I bought June 22, over asking by 10k. According to rightmove/zoopla it's now worth 7k more than I paid for it l before accounting for improvements done) so think very much depends!

I looked up a couple that I missed out on and of 4 of them, one sold for 55k more, one for 25k more and 2 for 15k-20k less than the offers above price!

So swings and roundabouts I guess. I possibly overpaid because of the amount of work now needing doing, but I don't regret it, I'd rather be on the property ladder than biding my time waiting for a crash!

Absolutely love the house, not moving anytime soon, no regrets!

We probably bought at the top of the market but we sold well too.

Yeah we deffo overpaid. Paid 7k over asking and it needed a lot of work. According to zoopla (I know it’s not that accurate) it increased 10 grand by September last year and has now dropped 7 grand. I guess the thing is we have a much lower interest rate that we fixed so if we were buying now, we might pay less for a house but would be looking at a much lower budget then we were last year 🤷‍♀️

I think we paid the right amount. We were very lucky as the only other people interested in our house were landlords but the vendor sold to us for asking price as we were local and were going to live in it. I know at least one potential landlord offered £15k over. We only managed to view 6 properties over 6 months despite considering 5 different towns as so little was available in our price range(!)

Zoopla reckons it's now worth £35k more, that's too high imo but I think it would get £25k more if we sold today. We've spent about £15k and the house needs about another £20-30k to be nice (it's a probate fixer upper). Luckily took 5 year fix too(!)

My friend brought a house just over a year ago for £350k - the property next door (which has recently been refurbished to a very high spec) has recently sold for £325k. Layout and size is exactly the same. They have no intentions to move though - although it cost them more because they needed to do work to the property!

People have just gotta be careful they don’t end up in negative equity from this.

We moved in August 2022, paid the asking price, and zoopla estimates that our house is worth £4k more than we paid for it. I suspect the reality is that it's worth a little bit less than we paid for it in reality. However, we are much happier here than we were in our previous property and really stretched to buy this one. There's absolutely no way we could have afforded to have moved to this house if we'd waited. One massive advantage of stretching ourselves so far was that we opted to pay the ERC on our old mortgage rather than porting it, and went for a 10 year fix for safety. At the time, people thought we were mad but given what interest rates have done since, I'm very grateful I insisted on doing it against the advice of the mortgage advisor! So yes, in short, very happy we did do it. Even if house prices do decrease further, we are here for the long term and should be able to ride out any periods of negative equity.

Offered Feb 22 and completed May 22. Absolutely no regrets. We wouldn’t be able to afford this house today with current interest rates so I’m not bothered whatsoever what the market price of it is today. No plans to move and Zoopla says it’s £35k more today than we paid, although I’m not sure how accurate that is.
Ones we missed out on - one went for £5k over asking, £75k over, and £15k over. The £75k over is ridiculous and I wonder if the current occupants regret that as it’s definitely not worth what they paid.

Zoopla isnt reliable, use LR for sold prices and PropertyLog to see asking price changes, I dont think there is any way a house bought in 2022 could be worth more now TBH.