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?

My nana could run up and down stairs well into her 80s.

She was like the duracel bunny, physically increadibly fit and active. She was far fitter at 60/70/80 than I was at 10/20/30.

Unfortunately it was her mind gave out on her in the end and she lost to Alzheimer's.

should obviously still be worth 800k today 😂

Easy for you to say Crashy, you're barely out of your teens I should think!

Probably not much more if we are being honest?

Why would neighbours in a HOUSE be botherd y anyone going up or down?

Maybe it's just me, but I wouldn't sell to you on principle after that

Because most frequent houses in the UK are terraces joined to their neighbors and the stairs link to a shared wall.

Second most frequent is semi detached and third most frequent is maisonettes which are also... joined to neighbors.

Do you think your noise doesn't effect anyone else? unless you are rich enough to afford to be detached then I guarantee running up and down stairs all day long will carry through to the neighbors.

I have lived in 6 either terraced or semi detached houses over 17 years here, not once have I heard my neigbours walking up or down the stairs, you must be super unfortunate to have that issue wherever you go.

In response to people saying that's a massive drop. Some relatives put their house up for sale for £1.6m and eventually sold for £1m which was less than they bought it for. So it does happen (eventually)

Can I ask how long they held out for?

A year.

Crashytime seems to have fled from moneysavirngexpert where they were a regular poster .

Not bad.

Yes, they've been posting for years about waiting for a crash. They are banned from MSE forums, interestingly.

Imagine being so wrong, for so many years. And still being wrong.

I hope Crashy doesn’t get banned from Mumsnet he’s my main source of entertainment on here.

I did know that they were banned
Not sure why Mumsnet is their next target.

A period house in our street (14 bedrooms) was purchased for £1m about nine years ago. It's now on the market for £2.6m and has had one viewing since it went on in the spring. They've done a few things (added a couple of wood burners to reception rooms and redecorated some rooms) but nothing major like new kitchen, bathrooms or extensions - not that it needs enlarging! They actually had a quote for fixing the huge roof and a few other bits that came in at £1m and the whole place definitely needs work. I can't see it being worth more than £1.75m, probably less. Utterly delusional kite flyers.

Otoh, off the back of this I was researching our road and discovered one much smaller period cottage was sold in 1999 for £20k (!) and resold in 2006 for £232k. Someone I know is friends with the person who paid £20k for it and they told me they spent a further £20k 'doing it up'...not a bad profit on their investment! That cottage is now probably worth about £400k.

it's never cheeky. if the house is worth that to you, make an offer. seller's need to realise there's no cheeky offer, there's just an offer. just go for it.

@LibertyLily

A period house in our street (14 bedrooms) was purchased for £1m about nine years ago. It's now on the market for £2.6m and has had one viewing since it went on in the spring. They've done a few things (added a couple of wood burners to reception rooms and redecorated some rooms) but nothing major like new kitchen, bathrooms or extensions - not that it needs enlarging! They actually had a quote for fixing the huge roof and a few other bits that came in at £1m and the whole place definitely needs work. I can't see it being worth more than £1.75m, probably less. Utterly delusional kite flyers.

Thanks for sharing this. This is happening across the board with most houses in all ranges. I've even heard a seller say "why should I pay for their new roof" (referring to dropping their price). They are soooo soooo delusional. People are paying for the CONDITION of the house! It's absolutely bonkers. The sellers are the real problem in this market and I am pretty sure BoE doesn't want them pocketing extortionate amounts from their usually dilapidated houses.

Because we're a bunch of silly women with a middle class obsession over house prices and we need a man to tell us we're wrong to buy a house/own a house/aspire to own a house.

Some sellers are pricing at an unrealistic level around here (SE London), as if the interest rates weren't through the roof and as if it was still the boom time of a few years ago. We are currently between exchange and completion, the place we are moving to had been on the market for 6+ months and we had an offer accepted that was 10% under asking. I actually think as there is so much money around here, some people just try their luck that someone might swoop in and just pay it.

(we priced our house to sell and were under offer within a few weeks)

That being said, a property bought 12 years ago for 800k could well be worth 1.7 now if it had had say a kitchen extension and loft conversion. Places are still in high demand and there are still buyers who can pay. Most would be unlikely to sell for less than 1.5 in this situation but you never know.

OP - do you have anything to sell? Often those without a place in the market misunderstand sale prices and how agents calculate them. There are some vendors who insist on advertising their house for over market value, but agents generally advise against this as they get commission based on sales. Certainly looking at old sales data isn’t much of a bargaining chip, since the agent will have performed this search as well as a list of local comparables to get the advertised sale price.

Essentially, an agent will put a property on the market for sale at whatever price the vendor tells them to.