If you bought in 2020 would you say you bought at the top of the market?

[Eskimole]

And that house prices are lower now, relatively? am just working out what to offer for a house last sold in 2020 which I think is now overpriced ( current owners have done nothing to it since last in the market)

What is the difference in what they paid then and their current marketing price?

What else have houses nearby sold for?

depends on the particular market/house but potentially yes

Around here they've gone up and stayed up. We just offered 8% below asking price on a house which had been on since August. Rejected at first but then they came back and accepted.

Yes absolutely. I’m sure it depends on location but I think worldwide there is a general trend that 2020-21 was the absolute peak and things have gone down since then. Around here I would probably even think as much as 20% less now.

According to Nationwide they went up by nearly 5 percent last year.

There was a stamp duty freeze for a year from July 2020. So arguably people paid more for the actual house as they didn't pay stamp duty.

interest rates are a major difference

Depends where it is. Houses here rose from 2021-2023 then started to drop a bit, rising again now. So I’d say 2023 was the peak here.

I am pretty sure I read there is a record number of homes to buy vs recent years & housebuilders share prices are down

No. We bought in 2020 and got the house valued as part of remortgaging and it is valued at around 15% higher than we paid

it really depends when in 2020 and where there was a lot of demand for houses outside London for instance if you wanted to buy a flat somewhere in London it was probably cheaper than before or after.

We’re south east . 60k difference between what they bought it for and asking price. It’s really hard to get a sense of the market as not much similar for sale

Have you tried using the Nationwide House Price Calculator?

I wouldn't take it as the gospel truth but will give you a general idea of what has happened in your region.

www.nationwide.co.uk/house-price-index/

Depends on the area I guess - in the south west, house prices peaked around the end of 2020, early 2021 through to mid 2022

Look at what similar nearby properties have sold for and base it from that.

I would speak to the estate agent and see what the vendor would be prepared to drop to? Chances are that they have probably been guided by the EA to market the property at that price.
The vendor can advertise their property for whatever they want; whether they sell it at that price is a different matter….. if they’re not getting offers and need to move… you could be their saloon.

Not a fucking chance would I pay 60k more. I wouldn't pay the asking price

Houses here are selling for more than 2020 - about 10% more

What percentage is £60k? I’d think 10-15% higher than 2029 would be reasonable but not much more.

We bought in 2020, just before the market went bonkers. Next door bought theirs in late 2021 or maybe 2022 for 15% more than us, they paid more than the asking price.

I’d say house prices round here are still advertised 10% up on when I was looking in 2020, though I don’t know what they actually sell for.

Mine was £165k in 2020 and just been valued at £205k. I’ve done nothing to it.

I think here they peaked late 2022. However a lot depends on type of house, my 2 bed terrace has stayed stagnant and I am getting the same as I was offered in 21/22. However the larger 3/4 bed houses just seem to increase every year.

House prices in my area went up 10% the past year. I bought mine at the end of 2020, a similar house sold for 50k more than we paid and we have a bigger/ nicer garden.

My son bought in 2020, but the sale was agreed in January, although they didn’t move until the summer for obvious reasons. I don’t think they bought at a premium and that rise was later

It really varies by area - we sold and bought in 2020. Our old house sold for £290k and I've seen several identical houses recently for sale on the same estate for £425k! But the house we bought in a different area has barely gone up in price.

Houses in my area are selling for 5-10% more than a year ago never mind 2020.
we sold our old house last year for 25% more than we paid at the end of 2020