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Original poster

How much would you offer on a house for £475k in SE London?

77 replies

Milkandshake · 27/09/2023 13:27

It needs work (not too much) but I don’t want to pay for an over priced house on probate. I think everything is over priced really.

Any thoughts and experience welcome!

OP posts:
randomrandom · 27/09/2023 14:43

Milkandshake · 27/09/2023 14:41

Post reported.

Lots of chips on shoulders here guys, I recommend therapy to sort out your anger towards the world.

No chips, you just don't like having your arse handed to you for being ageist

Twiglets1 · 27/09/2023 14:44

Milkandshake · 27/09/2023 14:36

Oh good god.

Does everyone here behave like this in real life? Jump down peoples throat.

Moderators please delete, as this has turned into an attacking thread.

It started out as an attacking thread with your discriminatory "feelings" against Boomers.

Instead of getting all defensive why don't you answer peoples questions about what research have you done?

Thebigblueballoon · 27/09/2023 14:47

Do you really not understand why your statement was inaccurate? Scary.

Mildura · 27/09/2023 14:47

Milkandshake · 27/09/2023 14:41

Post reported.

Lots of chips on shoulders here guys, I recommend therapy to sort out your anger towards the world.

Try not to post absolute nonsense then.

Diyextension · 27/09/2023 14:48

Put a link up and people will say what they think it’s worth

Original poster
Milkandshake · 27/09/2023 15:02

This is so funny. I’ll go take my questions elsewhere.

OP posts:
IClaudine · 27/09/2023 15:05

Milkandshake · 27/09/2023 14:41

Post reported.

Lots of chips on shoulders here guys, I recommend therapy to sort out your anger towards the world.

Classic response to being pulled up on bigotry.

Mildura · 27/09/2023 15:16

Milkandshake · 27/09/2023 15:02

This is so funny. I’ll go take my questions elsewhere.

Edited

Given the information posed in the original question, it's absolutely impossible for anyone here to answer.

£475k ,might be an absolute bargain, or hideously overpriced.

ilovesooty · 27/09/2023 15:16

Milkandshake · 27/09/2023 14:41

Post reported.

Lots of chips on shoulders here guys, I recommend therapy to sort out your anger towards the world.

You mean you're going to try to get it deleted because you don't like being challenged.

TheLongGloriesOfTheWinterMoon · 27/09/2023 15:51

I agree OP.
Absolutely should be deleted.
I'd ban you for your ageism, but sadly it's not my website.

WednesburyUnreasonable · 27/09/2023 15:54

Yeah, within just my area (Eltham) you need details of bedrooms/size, type of property and rough location to give a meaningful answer.

edit: this was meant to quote one of the posts asking how tf people are meant to answer this

CrashyTime · 27/09/2023 15:59

Mildura · 27/09/2023 15:16

Given the information posed in the original question, it's absolutely impossible for anyone here to answer.

£475k ,might be an absolute bargain, or hideously overpriced.

Show quote history

Good points. IMO you should use PropertyLog to see what other sellers are doing, and ignore recent sold prices if they are from the "near zero rate" era, look at the sales history for the house, what it is worth will be nearer the transaction price of the last time rates were at around 5-6%.

Gasp0deTheW0nderD0g · 27/09/2023 16:04

WednesburyUnreasonable · 27/09/2023 15:54

Yeah, within just my area (Eltham) you need details of bedrooms/size, type of property and rough location to give a meaningful answer.

edit: this was meant to quote one of the posts asking how tf people are meant to answer this

Edited

The quote function is hidden at the moment inside the 3 little dots in the top right of the post. Nobody knows why.

Meadowdog · 27/09/2023 16:25

Milkandshake · 27/09/2023 15:02

This is so funny. I’ll go take my questions elsewhere.

Edited

OK bye. But do take a good hard look at yourself (and your ageism) because whereever you go, there you are. And just because you can't afford something that doesn't make it overpriced.

GoingDownLikeBHS · 28/09/2023 01:25

Well that escalated! I know the OP lost the plot but I reckon there are others on here and in RL who think the same - literally every thread about selling posters insist that all houses are overpriced!

MyAnacondaMight · 28/09/2023 09:01

Lol. To buy a house, you have to pay more anyone else thought that property was worth. So with that attitude you’ll never get one.

BIWI · 28/09/2023 09:14

GoingDownLikeBHS · 28/09/2023 01:25

Well that escalated! I know the OP lost the plot but I reckon there are others on here and in RL who think the same - literally every thread about selling posters insist that all houses are overpriced!

That may be true, but it's not what the OP was being taken to task for!

GoingDownLikeBHS · 28/09/2023 09:33

@BIWI - agreed, but I get the inkling that's what's behind the "your house is overpriced" camp.

BIWI · 28/09/2023 09:34

There's no 'inkling' about the ageism of the OP!

Twiglets1 · 28/09/2023 09:48

MyAnacondaMight · 28/09/2023 09:01

Lol. To buy a house, you have to pay more anyone else thought that property was worth. So with that attitude you’ll never get one.

True - at some point a successful buyer normally has to offer more than anyone else. And deal with the slight feeling of regret, "damn, could I have got it cheaper?" when that offer is accepted.

Some people seem to find it easier to assume EVERY house is overpriced than to take the risk. Though there's also a risk to not buying of course, because the rental market is not exactly smooth sailing at the moment either.

Original poster
Milkandshake · 28/09/2023 09:52

That’s really useful - thank you so much 😊

OP posts:
Original poster
Milkandshake · 28/09/2023 09:53

@CrashyTime for the link to Propertylog

OP posts:
jessicahat · 28/09/2023 10:20

To return to the original question - the figure you quote seems very low for London and the South East generally so I imagine a discount is already built in. As a result there isnt much scope for further discount - maybe go in at 10% less but be prepared to go to £450 which is 95% of the asking price.

Estate agents generally know what they are doing with the pricing.

I am in a similar position myself but from the otehr end of the spectrum- the house owned by my 'pre-boomer' parents is currently in the process of probate.

As part of this process I asked an estate agent for a valuation and she said to work back from the expected price for the area. A similar house in prime condition would sell for £800-850,000 but she would put it on the market in its current state at £650,000 expecting to get that or maybe slightly more if there was significant interest.

She based this on it needing £50-75,000 worth of work to bring it up to the premium standard that someone would expect. Its all perfectly useable currently but she said a new owner would expect to carry out installation of new bathrooms, new kitchen, repainting, possible remodelling of interior etc and so this is reflected in the discount.

As a result of this when I do put up for sale I will not be inclined to accept much less than the listed price.

jessicahat · 28/09/2023 10:24

But of course ultimately the price will be determined by the market - in a country that has not built enough housing for the past 30+ years there is always greater demand for housing than supply!

Original poster
Milkandshake · 28/09/2023 11:22

jessicahat · 28/09/2023 10:20

To return to the original question - the figure you quote seems very low for London and the South East generally so I imagine a discount is already built in. As a result there isnt much scope for further discount - maybe go in at 10% less but be prepared to go to £450 which is 95% of the asking price.

Estate agents generally know what they are doing with the pricing.

I am in a similar position myself but from the otehr end of the spectrum- the house owned by my 'pre-boomer' parents is currently in the process of probate.

As part of this process I asked an estate agent for a valuation and she said to work back from the expected price for the area. A similar house in prime condition would sell for £800-850,000 but she would put it on the market in its current state at £650,000 expecting to get that or maybe slightly more if there was significant interest.

She based this on it needing £50-75,000 worth of work to bring it up to the premium standard that someone would expect. Its all perfectly useable currently but she said a new owner would expect to carry out installation of new bathrooms, new kitchen, repainting, possible remodelling of interior etc and so this is reflected in the discount.

As a result of this when I do put up for sale I will not be inclined to accept much less than the listed price.

Edited

That’s really useful information - thank you so much. Your input is valuable coming from the other end of the spectrum.

I suppose it does make sense that the potential work is being factored into the final cost and any reduction.

I know that articles, news and social media are saying that portals like RightMove are reducing all the time and I see it myself having been house hunting for about 3 months. Interest rates are just so high at the minute, and that’s what’s killing any buyers out there.

If you continued getting similar offers that were below what you expected, would you continue to wait?

OP posts: