Guide price?

[mostlysleepy]

We looked round a property at the weekend that we really like, it needs a lot of work and has a guide price of £650,000-£700,000. Previously when buying it’s always been an asking price rather than a range, in the current market would you offer below the 650? It’s been reduced twice already

I’d offer what I thought was a fair price. Either £650k, or just below if I thought it was overpriced.

Honestly, “price ranges” are as stupid as “offers over” in the current market. Nobody is going to offer over £650k unless there is some sort of bidding war.

I don't know where you are but the housing market London/Kent is ridiculous, when looking at houses last year people were bidding crazy amounts to secure an offer until the house valuation etc. Demand for houses is through the roof pardon the pun. The house we got was listed for £410k we got our offer accepted because we were FTB but apparently we're not the highest bidders.. it sold for £30k over that guide price

You need to check if this is an auction property as they are always listed with guide prices as an estimate of the opening bid or estimate of price property should achieve at auction for cash and completion in 28 days on average.

It could also be an auction property that failed to sell at a previous auction and are now open to offers in a range of prices but would need to confirm if cash or mortgage options.

I wouldn’t worry about the particular terminology used. Just consider it a house currently priced at 650k that has already been reduced twice. This tells you it was overpriced to begin with and that the Sellers are motivated to sell.

We don’t know how it compares to other houses in your area so cannot tell you if it is worth 650k. But if you think it’s still overpriced, you can absolutely make an offer below that figure.

If the offer you make is too low then it will get rejected but hopefully if that happens the sellers will come back with a counter offer.

"I don't know where you are but the housing market London/Kent is ridiculous"

It certainly was like that as you say, it's turned 180 degrees now and predicted to continue to decline. Ignore the guide price completely and offer based on your own assessment of value and market situation. Overpaying in a falling market can be an awful mistake.