House Offer Help (Scotland)

[Runner1234]

Hello,
Looking for some advice on a house offer and what the market is like around the central belt just now. I recently viewed a house, it is on for offers over 250k with a home report valuation of 255k. We put in an offer of 250k, we are first time buyers and ready to move. We don’t want to go over this offer value as we will both lose our Help to Buy ISA bonuses. We both really like the house but we feel going over the 250k we will regret the extra is will end up costing. Is this a fair offer or should we be offering the home report value? I also feel with interest rates just now the market was starting to slow down? Is this true? Any advice?
Thanks :)

When they turn it down, then I’d offer the home report.

Depends on what houses are going for in that area, compared to home report though. Have a look at that.

It's such a minefield! Round here (west of Glasgow) houses are going for 15/20% over the home report so you wouldn't get it with that offer but have you checked the area? Are houses hanging about on the market for ages, etc?

If you really want it, offer the valuation. I'm in Edinburgh which is a little different, but recently bought and had to go over valuation by around 5% to get the flat.

You should get the chance to up your offer - if there is more than one offer they may go to a closing date where you all give sealed bids.

I would be very, very surprised if you get it for the O/O price or to be honest even the Home Report, but you never know.

Usually you need to at least offer the home report value. I would only offer less if the property had been on the market for a while.

With a home report value of £255k you should be offering somewhere in the region of £260k - £275k, really depends on where you are and what kind of property it is!

I have recently sold in Edinburgh to move to Inverness, neither place has slowed!

My experience (although a few years ago) is that estate agents price the expected 10% or whatever over into the O/O price (which feels so pointless), so it's not so much that if the market slows down properties will stop going for over the asking price, it's that the asking price will be lowered and you will still be expected to offer over.

If that is still the case, you need to factor that in when you're doing your searches as you may be pointlessly viewing properties that are out of your price range.

I've just sold my flat in central edinburgh for 5% under the home report value and bought another flat for 4% under hr value. The market has definitely slowed. We were on the market for 6 weeks.
Both flats in excellent condition and a year ago would have gone for way over hr value.
Very stressful time but interest rates have killed the market. Know of another house, 3 bed, detached, on the outskirts of the city that's been on for 6 weeks with no viewings.