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

[namethisbird]

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?

the estate agent would never pass on such a low offer to the sellers. makes his valuation look ridiculous.

Can't find a popcorn emoji, so these will have to do 🍹🍟🍹

If the sellers want more than what the EA has recommended then EA can't stop them listing it for what they want but the EA will advise them it's unlikely to sell at such a high price and the property could be languishing on the market for months and months unless they are sensible about the price. I've seen it happen, sellers can get an over inflated idea of how desirable their house actually is..

Not everyone on MN is on the breadline

Don't be so desperately patronising just because you are pissed off that some people gave more money than you.

I expected you to say the agent have some astounding insight in to the price

but instead

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

They’ve seen you coming OP

"Houses went up massively (ours twice the price) since 2011..."

That is because interest rates were at historical never to be repeated lows (well south of 1%) and there were silly stunts like the stamp duty holiday (probably designed to let those "in the know" exit the market) and daft schemes like HTB etc. that if repeated will see the bond markets eat the UK alive (see Truss budget for how the reaction materialises) as soon as rates started going up that door closed.

It's worth making the offer.
There's a house near us that has been up for sale for over a year despite being in a very popular area where properties normally sell in a few weeks. It's ludicrously overpriced. The estate agents know that but the seller won't listen to them.
So sometimes everyone knows a property is over-priced. It just depends how desperate the seller is to sell.

My money's on this one:

https://www.rightmove.co.uk/properties/135032996#/?channel=RES_BUY

It has 6 bedrooms not 9, but also has a study, a media room and a studio, all of which could be used as additional bedrooms.

It's a terraced townhouse with a courtyard next to the beach and it last sold for 800k (albeit in 2015, not 2011).

Cornwall certainly isn't north of London but it's possible OP fudged that bit, along with adding £400,000 to the price.

Months and months? Some house will be on the market for YEARS, and many will never sell, demand is way down from what it used to be, silly prices just get no viewings now (these large pads will get people maybe wanting a nosey but they won`t buy it)

No fudged the price
the opposite of “north of London”
and increased bedroom number from 6-9

😂

Months and months? Some house will be on the market for YEARS,

I know that, i was being restrained I was just making a point about how unrealistic (and greedy) sellers can be. There's a 9 bedroom house in West Sussex which was on the market for about 4 years, I think the agents just gave up in the end, house of that calibre sells for about £3-4million ish give or take, the seller wanted 7.5 million, why he didn'take the advice of the agents I'll never know...he eventually pulled it from sale..

And it isn’t Victorian or on a private crescent. But close 😂

Lol - not even close @Palindrone
Never mind, house with all those characteristics probably doesn’t really exist anyway.

I was trying to reply to a previous poster re. which of their four links I thought was most likely but bodged that up 😂

It's the house of OP's dreams...

🤣🤣

Yes, it is weird, you see these Celebrity types buying houses for stupid money then five or so years later taking a 10 million pound hit or whatever, it is like they know a lot about their specialist subject - Singing, acting, sport, being an "influencer" or whatever but SFA about economic realities, and they seem to have listened to "advisors" who know SFA as well (or maybe are skimming them somehow?) Sitting around thinking your house is worth 7.5 million when it is worth half that is a nice little fantasy but could also be categorised as a form of mental illness?

Sitting around thinking your house is worth 7.5 million when it is worth half that is a nice little fantasy but could also be categorised as a form of mental illness?

He was a minor celeb so your theory holds up about being clueless!

I see that a PP suggested a house in Rugely, which is hardly North -

but I guess that if you live in Penzance, then Exeter is north -

So maybe "north" is in the eye of the beholder?

I don't really see how cheekiness is relevant or even a consideration during such negotiations, especially if you make what you believe to be a fair offer ? .... You can always increase your offer depending on feedback.

Yeah the Rugely one wasn't really in criteria- it's just the one I would have bought after carefully considering all £1.5-1.75m houses north of Birmingham. I have already justified it by deciding I would run a discrete occasional wedding business for hand-selected guests. This would definitely cover the £1m gap between what I can afford and the asking price

I am definitely over invested in this thread

Things I have learnt:

1. How depressing it is that I need to live in London

2. the terrible things that people are apparently prepared to pay good money to do to lovely period houses

3. that the house only exists in the OPs head

I wondered Edinburgh as that has crescents and is adjacent to a beach, but couldn’t find any fitting the description. Off to look again.

Extending the Right Move search to the whole of the UK, there's only one 9-bedroom terrace for sale in the 1.5 - 1.75 million price range and I'm not sure Bristol city centre could be described as near the beach:

https://www.rightmove.co.uk/properties/135835349#/?channel=RES_BUY

I guess we can all dream...

https://www.rightmove.co.uk/properties/134539004#/?channel=RES_BUY

Almost 1.7 mil, but sorry, only seven bedrooms, and south (Hastings), not north.