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Original poster

Is it cheeky to go in with 700k under asking price

239 replies

namethisbird · 11/09/2023 21:44

There is a Victorian townhouse for sale in our dream street but the sticking point is the asking price.
it is currently on the market for £1.7million however in my opinion based on research, independent valuation sites and recently sold properties it’s only worth just over £1mill.
it doesn’t seem it’s had much interest so my dilemma is would it be very cheeky to offer what i think it’s worth which is £1045000?

OP posts:
Thread gallery
7
xyz111 · 11/09/2023 22:51

Post the link to the house!

Starseeking · 11/09/2023 22:51

Ooh, it sounds amazing!

It's a bit cheeky, but nothing ventured, nothing gained, and as long as you are prepared to lose it (given the vendor might take it personally and be insulted by your offer), I say go for it.

P.S. Please do post the RM link so I can drool and make a proper assessment; it sounds like a lovely property 😍😍😍

BreadInCaptivity · 11/09/2023 22:59

namethisbird · 11/09/2023 22:39

I know a few posts have mentioned London. This house is not in London. It’s Northern England.

Thank you for the helpful posts I will call the agent tomorrow and report back. I really don’t think it’s worth what they are asking so will see if I am right.

Houses on the amenities side routinely sell in excess of 30% more than the other (often much higher if they a period homes in the village centre) even though as the crow flies they are less than a mile apart than those over the bridge. If you compared two similar properties in the village without understanding this it would be easy to think the one on the amenities side was overpriced, when it wasn't.

The house that sold for just over £1mill is on the same crescent.

But as per my pp it might not have been in the same condition (maybe a full reno project) or have comparable amenities even on the same crescent.

Additional parking/garden space for example. Different/better internal layout.

If you like the property you don't want to put in an offer that makes you look like a time waster to the EA and vendor.

Equally I appreciate you don't want to massively overpay for a property.

So have a polite chat with the EA, explain your interest and pricing concerns and see what they say.

HolaPepper · 11/09/2023 23:42

Some agents do grossly overprice. Foxtons are a good example.a few years ago they valued a friends house at £1.45 million. Other agents valued it between £1.1 and £1.2m. Eventually sold for £900k. So Foxtons over valued by 60%. Other agents also got it wrong!

Ghosttofu99 · 11/09/2023 23:49

UANBU we’ve been house hunting over the past year and a lot of people have been listing at the over inflated boom prices when in actual fact prices have been dropping quite fast over the past few months. I’ve seen many properties reduce or come off and back on again. But if I were you I’d bide my time and wait for them to reduce then go in with a reduction on the new price but not as drastic. This all depends on if it’s your dream house. If it’s the dream you may have to pay more than you would like but not so much as to get completely ripped off.

I hope you don’t plan to paint in grey, knock all the rooms through are turn it into a car park though 🫣

YoYo111 · 12/09/2023 00:22

It's worth what someone is willing to pay ,
not what number some estate agent puts on a screen .

Sow the seed and let them sleep on it , it's a falling market ...

astarsheis · 12/09/2023 07:32

Where is the link to the house?

TheyCallMeMr · 12/09/2023 07:32

One of my purchases was on for £1,250,000. It was definitely overpriced, the vendors seemed to just pick a number they liked! Or the estate agents were ridiculously ambitious.

Anyway it sat on the market for 6 months and after research and two viewings I offered £760,000, which was accepted.

I assume other offers must have been around that point, so reality set in for them.

Offer what it's worth to you, you never know.

Newbutoldfather · 12/09/2023 07:41

It really depends. I don’t think it is cheeky, but it is probably a waste of everyone’s time.

If it is marketed at £1.7 mil, the agent must have agreed to it. Although marketing isn’t that expensive, it does cost the agent, so they must have believed it would sell within 10% of that, 15% at a stretch, otherwise they would just be wasting their time.

Maybe your ‘research’ is flawed. There are so many differences between houses, even on the same street. Even if not, the seller has a number close to £1.7 min in their mind. It will take time and gradual adjustments until they are ready to accept a much lower figure.

By all means offer it, but you probably won’t have any luck.

(‘Dream Street’ is a horrible expression. Who dreams of living on one particular street?!).

JustAnotherUsey · 12/09/2023 07:45

Can you phone the estate agent and ask if it was a typo in the listing as other houses in street are selling for around £1mil.

Apparentlystillchilled · 12/09/2023 07:49

OP I’m in Northern England too and bought for around that price in 2012. If I were to sell now, asking price would be £1.5m+, but my purchase price wouldn’t be my reason for the price- it’s just that in my corner of the world, houses like mine don’t come up often and that would be a reasonable price.

when we bought, we were in a strong position and the market was pretty flat, post Lehmans, so we started off super low (20% under asking) and we ended up buying at 9% under asking. So it’s worth speaking to the agent because the market has cooled.

Twiglets1 · 12/09/2023 07:52

JustAnotherUsey · 12/09/2023 07:45

Can you phone the estate agent and ask if it was a typo in the listing as other houses in street are selling for around £1mil.

OP didn't say that other houses in the street are selling for around £1M. They said one other house sold for about a million in recent months.

@namethisbird seems strangely reticent to post a link to the house so we can judge for ourselves whether 1.7M is completely unrealistic for that house in that street. They could just link to the one house that sold for 1M if they prefer? So we could understand why it maybe sold for far less than other comparable properties in the same area.

Unusualactualname · 12/09/2023 07:54

Of course you can. But be prepared for any future bids on the property to be automatically dismissed. When we had a similar "cheeky" offer on our house we instructed our EA not to accept any more offers from the potential buyer. The house buying process is so fraught down the line and we didn't want any more 'cheekiness'.

cushioncovers · 12/09/2023 07:55

Prices are my area in the West Country are ridiculous. Just plain greedy some of them. Properties Still on the market months, later refusing to reduce the price. Offer what you feel it's worth op. They will probably say no but as others have said it will perhaps make them realise what they will end up getting for it.

AnIndianWoman · 12/09/2023 07:56

You can but in some places, London for example, the Estate Agent will stop communicating with you if they feel you’re a timewaster.

IncompleteSenten · 12/09/2023 07:59

I'd talk to the estate agent. Share your research and explain that's what has led you to feel it's worth that amount and that's what you'd be willing to pay.

It's not cheeky to say this is what I would pay because... Everything is worth only what people are willing to pay.

They'll probably say no and you'll carry on looking for a home.

lljkk · 12/09/2023 08:00

let us know what happened. :)

Riverlee · 12/09/2023 08:03

Following for house link

Housebuyingfamily · 12/09/2023 08:10

Agent won’t even put it to the vendor. Irrespective of the law.

TerfTalking · 12/09/2023 08:12

Some people go against the EA guidance and pick a figure they want for it, whether it’s right or not.

might it have planning permission to be demolished and houses built on the plot?

Original poster
namethisbird · 12/09/2023 08:38

No it’s a terraced Victorian townhouse in a private crescent.
its double fronted, nine bedrooms with a courtyard garden and an abundance of period features so rather beautiful.

its not London it’s in Northern England. I am going to make time today to call the agent and put the feelers out

if I manage to speak to the agent I will pop an update in

OP posts:
wooliemam · 12/09/2023 08:40

No link!?

MegaCookie · 12/09/2023 08:45

@Tryingtryingandtrying
I have a blue plaque on my house and it doesn’t add value at all sadly!

Also wanting to see the link. OP why don’t you post it then we can let you know our thoughts?

Hollyppp · 12/09/2023 09:12

I mean you can do it but it’s pretty rude I would say (if I were the seller).

if I were selling a house for £1.7 I think offering 1.4-1.5 is a normal cheeky offer. Offering 1m is beyond cheeky

SeatonCarew · 12/09/2023 09:21

namethisbird · 11/09/2023 21:44

There is a Victorian townhouse for sale in our dream street but the sticking point is the asking price.
it is currently on the market for £1.7million however in my opinion based on research, independent valuation sites and recently sold properties it’s only worth just over £1mill.
it doesn’t seem it’s had much interest so my dilemma is would it be very cheeky to offer what i think it’s worth which is £1045000?

£800k in 2011 to £1.7 million today doesn't sound like a stretch to me in terms of housing inflation, it certainly wouldn't be in our parts. It's around an average increase of 6% compounded.

Also, are you sure the house is the same as it was back then? When I bought my house, it was half the size it is today, and that's before improvements like double glazing, gas CH and many more were added.

You can make the offer, but I'd be very sure of my ground before I did. If you want to chance your arm, there's nothing stopping you, but if you're genuinely interested, I wouldn't. As a seller I wouldn't entertain talking to you, I just wouldn't take you seriously.