How much below asking price would you go?

[Feierabend]

This house we're looking at is on the market for 529,950. It needs a lot of work - rewiring, probably replumbing, fully redecorating / updating / new internal doors and new floors plus new kitchen. Similar properties have sold for under 500k. DH thinks we shouldn't offer more than 499k to avoid the higher stamp duty. I think that that's too much below the asking price? WWYD?

The thing is that we can't really afford it in the first place

I would go in at £485k tbh. You can always improve your offer.

Really? As in, take 10% off?

at least

Yip, a house is only worth what someone is prepared to pay for it.

I'd offer 70% no more, if they don't accept, raise it to 80%. Then sit tight.

I guess it depends on how much we want the house

Okay thanks ladies, will talk to dh tonight.

We bought a house almost 5 years ago for 499K which was on for 525K and no-one batted an eyelid when we made the offer - and that was in a completely different market to today! I don't think anyone who puts a house up for sale just above the stamp duty threshold realistically expects to achieve the asking price. If you can ultimately afford 499K then offer no more than 485K and back your offer to the estate agent up with a list of works which you feel need doing to the house and evidence of similar houses which have sold for around the 500K mark. As someone else said, you can always up your offer later, if necessary.

Interestingly, the estate agent told me that people around here don't pay much below asking price at the moment because there are so few properties on the market. He's of course trying to sell, but then he also wants to sell our current house so does that mean his valuation of our house is much too high as well? From what I have seen on the fantastic interweb, where you can look up actual sold prices, what he told me he'd suggest putting our house on the market for sounded pretty spot on.

If it's on at £530K I don't think anyone woudl expect to pay more that £499,999.

i'd go in at 450 as a starter.

Always go in at least 10% below.

Our was on at 550 and we actually got it for 440 for all sorts of reasons, but essentially, go in low. They turn you down but you have lost nothing.

If you want it you can go back with a "final" offer.