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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
CrashyTime · 12/09/2023 18:19

honeylulu · 12/09/2023 12:50

Big houses are really hard to price correctly especially in an unstable market because (a) there's usually not many (if any) truly comparable houses in the vicinity and (b) the pool of potential buyers is much smaller so there can be a lot of variation in what each buyer feels a particular property is worth to them.

Pre covid a spectacular renovated coach house near to us (South East) went on the market for 2.5m. It got a lot of interest - it was truly beautiful- but I presume no meaningful offers. We saw the price drop from 2.5 to 2m, then further increments over a year or so right down to 1.25m. But it still didn't sell and was taken off the market. Its just gone back on for 1.35m. I shall be interested to see what happens.

If you think it's worth 1m and can offer that, you might as well do so. The worst that can happen is they say no.

PropertyLog is great isn`t it?

Bottlerecycle · 12/09/2023 18:21

Perhaps not in York

or perhaps not…. 🤔

Wintersgirl · 12/09/2023 18:23

OP you can't compare what the house sold for in 2011 in todays market it doesn't work like that, 12 years is a lifetime in the housing market. If it sold in 2020 for £800,000 then you might have more bargaining power but not if it sold at that price 12 years ago! Can you not offer something a bit more sensible? You don't want to insult the owners if you really want the house..

Bottlerecycle · 12/09/2023 18:25

Comparing the house to what it sold for in 2011 simply demonstrates are absolutely inexperience of the property market

CrashyTime · 12/09/2023 18:28

Moveoverdarlin · 12/09/2023 12:22

If they bought it for 800k in 2011 it’s worth far far more than a million now. I bought a house in 2011 for 270k, sold it in 2019 for 500k, so it nearly doubled. South West, not London.

It’s a very cheeky offer, but if you really want the house you’ll be seen as CFs and time wasters. Have a frank chat with the agent, and see what they’d realistically accept. If you can’t afford to at least go up to 1.4million, you can’t realistically afford it.

2011 and 2019 had interest rates at well under 1%, absolute historic never to be repeated lows, there is no way a house bought and sold in those conditions has doubled now with base rate heading for 6%, not a chance, which is why we see people trying to market property at frankly deluded (for the rate environment) prices.

OneHundredOtters · 12/09/2023 18:55

I happen to be quite bored on a 4.5 hour train journey so challenge accepted!

My top picks for the OPs property are:

www.rightmove.co.uk/properties/129123659

This one is my front runner. It's on a terrace in York and could be 9 beds if you count the flat. www.rightmove.co.uk/properties/86285046

This one is on a crescent in a gated estate in Nottingham but properties in The Park tend to be quite different from each other so I would have thought it would be hard to compare. www.rightmove.co.uk/properties/139694930

As an aside- IfI was going to spend 1.7m on a property in the north of England it would be this one!

www.rightmove.co.uk/properties/135460541

Highandlows · 12/09/2023 18:58

Come and tell us OP. However, I smell a troll

Twiglets1 · 12/09/2023 19:01

Does it really exist, this terraced house in the North with 9 bedrooms and a price tag of 1.7M? 🧐

Twiglets1 · 12/09/2023 19:04

@OneHundredOtters I love that first house in Harrogate but it’s detached so can’t be that one. Plus looks looks worth slightly over a million 😂

Bottlerecycle · 12/09/2023 19:14

Twiglets1 · 12/09/2023 19:01

Does it really exist, this terraced house in the North with 9 bedrooms and a price tag of 1.7M? 🧐

In the OP’s imagination

OneHundredOtters · 12/09/2023 19:15

Yeah that one snuck in because it was by a crescent and I thought she must have been fibbing about the terraced bit...

Or the North of England bit...

Or just all of it 🤷‍♀️

What I have discovered though is that if you have 1.7m to spend on a house north of Birmingham then you should be able to afford something detached!

Pebblesontheside · 12/09/2023 19:21

I believe a ‘cheeky offer’ a semi official term, and anything that’s 25% of the asking price or lower is considered one? Therefore yours would most definitely be categorised as one. But there’s no law against low offers!

OneHundredOtters · 12/09/2023 19:23

Late entry:

www.rightmove.co.uk/properties/139022063

Twiglets1 · 12/09/2023 19:29

OneHundredOtters · 12/09/2023 19:23

I like your dedication but that one has only been on the market since the end of August. Possibly a tad soon for thoughts of a 700k reduction?

CrashyTime · 12/09/2023 19:30

OneHundredOtters · 12/09/2023 18:55

I happen to be quite bored on a 4.5 hour train journey so challenge accepted!

My top picks for the OPs property are:

www.rightmove.co.uk/properties/129123659

This one is my front runner. It's on a terrace in York and could be 9 beds if you count the flat. www.rightmove.co.uk/properties/86285046

This one is on a crescent in a gated estate in Nottingham but properties in The Park tend to be quite different from each other so I would have thought it would be hard to compare. www.rightmove.co.uk/properties/139694930

As an aside- IfI was going to spend 1.7m on a property in the north of England it would be this one!

www.rightmove.co.uk/properties/135460541

The last one looked promising when he started up the video tour but much less impressive when you get inside, quite cramped feel to it actually.

Twiglets1 · 12/09/2023 19:31

The Shrewsbury one is gorgeous though isn’t it?
Think I’ll make a cheeky offer of 800k

RudsyFarmer · 12/09/2023 19:36

I would imagine they are vanity vendors. On the market to show off their house on RightMove with zero intention
of moving. If they did want to actively move they would price their houses correctly or would have dropped the price because of lack of interest.

ensayers · 12/09/2023 19:37

If you think that's cheeky, there were two new build properties left unsold on a new estate. My dad went to the builder and said he'd buy one of them if they gave him the other for free.
Basically 50% off.
And the builder said yes!

CrashyTime · 12/09/2023 19:38

Twiglets1 · 12/09/2023 19:29

I like your dedication but that one has only been on the market since the end of August. Possibly a tad soon for thoughts of a 700k reduction?

Show quote history

Looks like a prison outside though, and a Victorian hospital inside, probably wont be long until the reductions start rolling in? The problem with a lot of these properties is clear if you use the mortgage calculator on the ad page, you are shelling out 10k a month to live there in some cases, in the days of cheap as chips debt lots of people would have overborrowed and squeezed themselves into a "lifestyle" they cant afford when money goes back to its real price. Loads of reductions ahead IMO or lots of these "country homes" will just sit unsold, the demand isnt there at these prices when you are actually having to pay for it.

CrashyTime · 12/09/2023 19:40

ensayers · 12/09/2023 19:37

If you think that's cheeky, there were two new build properties left unsold on a new estate. My dad went to the builder and said he'd buy one of them if they gave him the other for free.
Basically 50% off.
And the builder said yes!

Sort of thing that happened in the last proper crash (80`s) and it will be happening again soon.

OneHundredOtters · 12/09/2023 19:41

Twiglets1 · 12/09/2023 19:31

The Shrewsbury one is gorgeous though isn’t it?
Think I’ll make a cheeky offer of 800k

Edited

Seems reasonable. Sure they'll bite your hand off.

Original poster
namethisbird · 12/09/2023 19:42

I do have a certain naivety for buying houses and I am completely clueless regarding property prices which is why I wanted to post on here. Better to look like an idiot on an anonymous internet forum than in real life eh?

however I have spoken to the agent today and they have explained the reason behind the price which I still think is too high but does make sense.

None of the houses linked are correct but it has been interesting seeing what I could get else where for the same amount of money.

a few things that the agent highlighted

  • size of the house
  • location - it is desirable in the city where I live as next to the beach
  • improvements made by the current owners
  • the natural increase in values of houses over the past decade

I won’t be linking the house as I don’t want it linked with this user name as I have discussed this at length in real life as I have always wanted to live here since I was a child and I don’t want any of the posters on this thread to put in a ‘cheeky’ offer 😂

I am also aware that I can buy a detached house for 1.7mill or less. However it’s this specific crescent where all of the houses are townhouses that I lust after.

OP posts:
Twiglets1 · 12/09/2023 19:44

CrashyTime · 12/09/2023 19:38

Looks like a prison outside though, and a Victorian hospital inside, probably wont be long until the reductions start rolling in? The problem with a lot of these properties is clear if you use the mortgage calculator on the ad page, you are shelling out 10k a month to live there in some cases, in the days of cheap as chips debt lots of people would have overborrowed and squeezed themselves into a "lifestyle" they cant afford when money goes back to its real price. Loads of reductions ahead IMO or lots of these "country homes" will just sit unsold, the demand isnt there at these prices when you are actually having to pay for it.

Show quote history

wow Crashy you always worry me when you start with that deranged typing style. Have a nice cuppa dear and calm down 🙂

Bottlerecycle · 12/09/2023 19:46

You speak as though you are buying alone

and yet on your other thread you speak about your DH and parents being very concerned about your travelling alone to London 🤔

ensayers · 12/09/2023 19:48

Post the link. If a few mumsnetters phone the agent and offer 900k first, then they might actually think that your 1£mil offer is not so low lol

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