Offering on a £1m+ house

[Househunters1]

House came to market in 2023 at £1.4 but was swiftly reduced to £1.35m.

In 2024 this was reduced again to £1.25. As of 2025 (when we viewed) it is £1.2-1.25m.

The sellers are an older couple who have raised their children in the house and those children along with their GCs have moved to a different area. The house has 6 bedrooms and the man has a degenerative illness that reduces life expectancy. I’d estimate they’re both late 60s.

They had an offer for £1.2m in 2024 which the rejected. In January 2025 they apparently had an offer for £1.24m but this fell through.

We offered £1.155m, this was rejected. From what the EA said, getting to £1.2m could get the offer accepted as they seem adamant on getting their guide but what they want is £1.225m.

I know I can’t control them and their decisions. But I need some confirmation that our offer was reasonable? It’s been on years now with two agents and no other interest.

We are firm we wouldn’t go above £1.175 but haven’t offered that yet. How would you approach it? It’s been a month now since we offered.

Can you do some deal to help with stamp duty? £950 for the house and £75 for contents?

That’s illegal, 75k for contents would never get the solicitor to sign it off

Yes easily, not concerned from this perspective!

I feel you have to draw a line somewhere, this is the figure that makes the rate on our mortgage increase (only slightly but it has big impact)

So a valuer will think it's 'easily' worth £1.2 but you don't?

I agree, if that’s the case then it probably suggests it is worth £1.2 and I don’t blame them for holding out if they are not in a hurry and need the cash for the next stage of their lives. Not everyone has a big pension and maybe their money is in this property, my parents were the same. So it’s basically down to if you want to pay that or not.

Yes. I don’t have concerns simply due to the area. Of course I could be wrong, but it’s the area that will keep prices up. We’re in the slightly nicer bit and our small 3 bed semi is worth £625k. We’ve done no work since we bought it at £500k a few years ago and it has just been valued for a mortgage at this. It’s a bubble area from Covid and it never ended.

It’s worth what someone is willing to pay. We are willing to pay £1.175 so that’s what it’s worth.

@Househunters1 do you have an update on how this went please? We are in a similar position, and I wanted to know how you got on

@Fretfulmum Yes we are currently in the process of buying the house. We upped our offer to 1.18 and we met at 1.19 which was half way between our first offer and what they wanted. Happy with how it turned out!

Sellers tend to view their homes as the best there is, ignoring that most of the time, the buyers will have to do a lot of work to update the property. Labour costs are skyrocketing. You should stick with your offer as you have taken that into account.

@Househunters1 thank you!
@MH0084 yes this is what we are finding. Sellers not budging from a high asking price but nobody is offering at that price, so the houses just sit on the market. Renovations (exc extensions) to just update a house is approx £250k near us (closer to £500k with extension) and we have to reflect this cost in the offer. But the sellers are in disbelief and think it only needs £50k of work 🙄

Come back and offer GBP 1M. Eventually they will need the cash for care home costs and the market for those properties I
Is trending down.