What to offer on this house

[Wineoffthevine]

I’ve seen a house I really like, it’s on at £700k, but the owner bought it for £530k 18 months ago. It is similar to other properties at that value, but I can’t get over how much the current owners have made on it.

Can I put in an offer at £610k on the basis that we split the difference in the profit? Is that fair? What would you offer?

How is it at your expense. If the previous seller sold it below market rate it is at their expense.

Your only decision is whether you want to buy the house or not and whether your valuation of it aligns with theirs.

OP the market is not even some places dropped 6.6% but the area of the UK with the highest % of house price growth in the period 2023-2024 increased 17.2%.

530,000 / 100 = £5,300 (= 1% of last sale)

17.2 x 1.5 = 25.8 (rough % across 18 months)

25.8 x £5,300 = £136,740 (increase in price in 18 months)

Which means if they where in a top increase area they might only have saved say £30k when they bought 18 months ago which was only 5.3% off the value (if its now £700k) so well with in normal range of reduction and this price is reflective of that natural growth. Its not that they got £170,000 off the house.

You can feel free to offer £30k under (£670,000) or 5.3% under (£662,900) to make it 'fair' if its so stuck in your craw and maybe taken seriously (as its in normal range) but 12.8% under based on nothing except 'well its increased in price from what you paid' will have you laughed at.

I’m astonished you think they should split their profit with you!
If the situation was reversed and you had benefitted from a lower buying price, would you then happily split your profit with your future buyer?

This is so funny. If it's worth £700k similar to other houses in the area who cares what they purchased it for. If someone purchased the same house next door for £650k and sold it for £700k would you feel the same?

It's about do you want the house, how much is it worth and what you can afford.

Wow entitled much! They are perfectly within their rights to ask for whatever price they want. Just as you are perfectly entitled to offer what you want. They don’t have to ‘share’ any profits with you. Why would they!