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Original poster

Offers over - how much to offer on property?

37 replies

soontobeamama · 29/01/2022 16:11

We want to put an offer in to buy a house, but we are unsure how much to offer.

Property seems to be moving really quickly just now and going to closing date within a few days of going on the market. I have heard that the average offer is at least 10% over market value price - is this about right?

It's so difficult to know how much we should go for - obviously we don't want to offer way over, but want to put in a realistic amount.

Any advice from people who have bought / sold recently? Thanks in advance.

OP posts:
Glitterkitten24 · 29/01/2022 16:13

We bought in May 2021, just outside Glasgow. We offered 11% over and we’re the highest bidder for our dream house!

Fleur405 · 29/01/2022 16:14

It’s going to depend a lot on where you are. To put an offer in you will need to instruct a solicitor. A good one will be able to give you some guidance on what’s about right in your local market. Good luck!

Justkeeppedaling · 29/01/2022 16:15

How much do you want the house?
How much have similar houses in the area gone for recently?

ChippyDucks150 · 29/01/2022 16:16

Some houses round my way are routinely going for 20 or even 25% over the home report value, it's actually bonkers. If it's a closing date, and a property that you really want, then I would throw every available penny at it.
(Also Scotland here)

StarryEyeSurprise · 29/01/2022 16:21

Yes, 20 per cent is the normal at the moment.

OohRahhMaki · 29/01/2022 16:23

It is really location dependent. We sold and bought again in Glasgow last year and it was manic.

We lost out on one that went for 26% over the Home Report Value. Most were between 10-20% over HRV.

It got to the point where we realised we needed so much capital for the additional offer, we decided to push ourselves into the next price bracket up. We then managed to get something more expensive for ~5% over HRV which meant even though we needed a larger deposit, we needed less upfront cash.

Hugasauras · 29/01/2022 16:24

It's really area dependent. Some areas have their own micro-climate that don't follow the general Scottish property market (Aberdeen, for example). I'd imagine your solicitor can advise on what is going on in your area.

LtGreggs · 29/01/2022 16:29

We have just (in the last month) sold at 2% above HVR and bought at 1.5% above HVR. 5 bed victorian detached family homes in Central belt.

A do-upper near us recently sold for 45% above HVR - but it needs loads of work done. A friend is buying locally under HVR, walk in condition. Again both large victorian villas.

Imo, our estate agent and surveyor both set our value quite high - a lot of excitement about the 'hot property market' stories.

aquamarine1 · 29/01/2022 17:46

Oh wow @LtGreggs, where roughly are you? Glasgow west has gone wild - our house has gone up 70k in 3 years and we've done bigger all to it except paint.

Scottishflower65 · 29/01/2022 18:19

Between 10-20% around here.

mapleleavesreturn · 29/01/2022 19:38

What does your solicitor advise? They should know the local market best. It really, really depends on luck and local factors.

We've bought for just over HR once, and 5 percent over in supposedly super hot markets.

mapleleavesreturn · 29/01/2022 19:42

Other things may matter too for buyer qualifications - such as how quickly you can close the deal and if you have your mortgage sorted.

ContadoraExplorer · 29/01/2022 20:08

I follow the market in East Ren pretty closely, houses come up and go down really quickly here, because of the schools. The norm is for the home report to be c.10% higher than the offers over price and houses here have been c.13-14% over the home report value. That can be a little bit more for bungalows

EmmaC78 · 29/01/2022 23:13

I sold and bought in October last year. I got 10% over HR for the house I sold and paid 15% over for the one I bought.

SingingSands · 29/01/2022 23:23

My parents sold quickly in November. Offers over £250k, accepted £315k. Scotland's property market is hot!

Weaselstoatferret · 29/01/2022 23:24

We just missed out on a house 😔 we bid 25% over HR value so no idea how much over it went. Market is nuts here.

Mychitchatdays · 29/01/2022 23:38

The market is super crazy. I bought my house less than 2 years ago for £120,000 it's now worth £150,000 but selling for £180,000.

Hotelhelp · 29/01/2022 23:39

15% over minimum. We got 20%.

Hotelhelp · 29/01/2022 23:42

Sorry it was 25% over we got.

sarah13xx · 29/01/2022 23:45

We’re in Ayrshire and have just bought and sold. Ours worked out very well for us because we sold a modern new build, walk in condition, looked good in the photos if I say so myself. Our neighbours had just sold for 10% over home report and was identical to ours so that’s what we were hoping for. I think the fact other people knew that probably helped us though because ours ended up going for 15% over! The fact it had a massive interest on the estate agent’s Facebook definitely helped give this impression that it was going to be a mad scramble for it, which to be fair it turned out to be in the end 😂

On the other hand the house we bought was extremely old fashioned, a few minor structural issues but nothing that couldn’t be fixed. It wasn’t attractive at all in the pictures because of the decor so got very little Facebook interest. A lot of local people went to see it but we were the only people who offered. We went in at 10 grand under the home report and eventually got it for 4 grand under. It’s the only house I’ve heard of that has gone for under the home report in our area! I’d say the going rate is 10-15% although our estate agent recommended 11%

Original poster
soontobeamama · 30/01/2022 15:38

Thanks so much for all your comments.

We are trying to buy in South Lanarkshire - the house is quite unique and semi rural, so there’s no similar properties to compare to. It’s such a minefield, especially with the market being so crazy just now!

We lost out on a house recently where we offered 21% over HRV and it went for over 30% over.

My worry is paying over the odds for the house and if we ever sell it, the market will not be as crazy as it is just now and we won’t benefit from the sale.

They do say that a house is worth whatever someone is willing to pay for it.

OP posts:
I0NA · 30/01/2022 21:27

If it’s rural you could look on scotLis for recent sales in the area.

User48751490 · 30/01/2022 21:35

@ChippyDucks150

Some houses round my way are routinely going for 20 or even 25% over the home report value, it's actually bonkers. If it's a closing date, and a property that you really want, then I would throw every available penny at it. (Also Scotland here)
20% over asking price in my local area. Properties selling within a few days maximum.
Guttedbuyer · 30/01/2022 22:05

That shouldn’t be too much of a concern unless you’re planning on only staying for a short time. The long term trend is always upwards.

Grumpycatsmum · 31/01/2022 00:05

Bought last may/June. About 20 miles from Glasgow. We were second to view. Offered 5% over hrv within an hour, but said we wouldn't bid if it went to closing.
We had previously got a house at under hrv but buyer pulled out. Had also lost on about 4 before getting this one. They seem to have gone for between 12-20% hrv over I think.