Buying in Cambuslang - how much over home report?

[FunkyPigeon35]

Just wondering if anyone known on average how much over home report houses in
/around Cambuslang tend to go? We are looking at 3 bedroom houses valued £200-£250k, not new build but most not older than 15 years.

Cheers!

Varies enormously from house to house. HR value is just a quicky guess for the mortgage companies and is not usually very accurate.

It's really difficult to say, as it can vary so much from house to house.

Is it in one of the Drumsagard / Newton Farm estates?

What is the selling price at? Is it offers over? The for sale price is usually a better guide than the home report value, but if it's offers over, the sellers could be expecting anything up to another £20,000 or more on top. What was it previously sold for?

I would also look at sold prices to see what nearby houses that are similar size / style / street are going for.

Sometimes, speaking to the sellers estate agent to ask them to indicate a realistic amount the sellers would accept is worth doing, but they might keep their cards close to their chest - it can depend on their circumstances too - if they've found a house to buy already, how much of a rush are they in to move, will it go to closing date etc., has there been much interest in the house, how long has it been for sale for etc - the estate agents might be able to advise.

Ultimately, it depends on how much you want the house and are prepared to pay for it.

Completely depends on the estate. In our part of drumsagard I'd expect something to go £30k over based on recent sales.

However, some of the slightly older estates beside us (also Drumsagard) wouldn't be as high.

Now wondering if you're looking at the house I can see up for sale in our street 😂

Thank you so much for this detailed response and advice I really appreciate it!

There's two houses we were interested in, both 3 bedroom. One in Drumsagard (offers over £190, home report £200) and one near Newton Farm (offers over £230, home report £240). Not a new build. Mostly 1s on both home reports, a couple of 2s. Do you think bidding 10k over home report gives us a chance? Or unlikely? Thats all we can afford really, im not sure if we're setting our sights too high.

Wow! Would that also apply to our price range, £200-£250 for a (small) 3 bedroom? We could never afford 30k over home report🙈

I'm also interested that you say offers over is a better indicator than home report, that's the opppsite of what most people have been telling me! Can I ask what your experience is, have you bought/sold in Cambuslang recently? x

@FunkyPigeon35 sorry, I meant over the OO price rather than home report, that's my error because I'm a nosy bastard that checks these things but not quite so nosy that I check neighbours home reports 😂 A 3 bed just went within a week at OO £260k. We paid £207k for the same house 8 years ago so I do feel this street has just gone a bit OTT.

It's a nice area, family moved in to a different estate nearby about 2 years ago and they were on home report so it really can vary street to street. I'm sure they're in a 3 bed semi. So, I'd put the offer in and keep everything crossed 🤞🏻

Personally I wouldn’t bid much over HR, to put it bluntly there is no shortage of identikit houses that come up in these areas.

For every unicorn that gets £20k over HR there will be another that will have to reduce to get a sale.

I don’t deal with many properties in Cambuslang but the only area that tends to consistently achieve over HR by any notable margin are the older villas heading towards the rugby club.

Any I’ve dealt with in the new(ish) estates since 2023 have been around HR, a few thousand either way.

On a positive note you can get a lot more for your money here than similar areas.

Thanks to insomnia I just checked the reduction rate for Cambuslang, over the past few months 11% of 3+ Bedroom Houses had to be reduced.

Make of that what you will but it doesn’t suggest everything is going over or even at HR.

HR - (number of months on the market x 10k) + (Number of notes of interest x 10k)

Hi, yes I sold a semi detached newer house house in Cambuslang a few years ago - it went for around £12,000 more than our offers over price.

I then sold a traditional sandstone house, which went for just under £30,000 over asking price.

I would say that the market value is more for mortgage purposes - some estate agents advise putting the house for sale just under this and market it as offers over to try and get more money.

There are lots of the newer type of houses in the Cambuslang estates which are similar in style and size as well as work required - unless it ticks all the boxes for you, I definitely wouldn’t stretch yourself too much and go higher above the offers over - I do think that the days of house going for crazy prices are over as there is a lot more choice at the moment.

Sorry, that should have said Home Report, rather than Market Value, it won’t let me edit.

I still think that looking at recently sold properties is the best indication of what houses are likely to go for.

@soontobeamama What you’ve said makes perfect sense for the Cambuslang market.

There was a period post-pandemic where pretty much everything everywhere was going for above HR.

However there are so many new(ish) buildings which puts competition for them right down.

Plus HR’s have increased in value over the last couple of years too.

The problem people have is that they still believe they are likely to get 25% over HR because their neighbour got it in 2022, despite a higher HR value and a completely different economic landscape.

Thank you so much for all your advice!! As a fellow soon-to-be-a-mama I really appreciate it, we are trying to balance giving ourselves the best chance to have a place before the baby comes and making sensible financial decisions!

What would you advise in the best way to look at recent property sales? When i go on zoopla for example I can look at "sold house prices in Cambuslang" but I often can't see how many bedrooms or the size, so it's hard to compare like for like. I've been googling the address seperately in case an old ad is still up. Is there a more efficient method? Xx

Amazing! Where can I find this info? I'm so clueless🙈

Both Right Move and Zoopla will give you all the sold house prices, if you search Sold in Cambuslang, sometimes the search is too wide as it will show all sold properties in the area, but it should still give you an idea - you can narrow it down by entering the street name or postcode, if you know it - I’ll try and link an example below:

https://www.rightmove.co.uk/house-prices/g72-7gg.html

Most of the recent sales will have the images and floor plans which will give you a better idea.

My journey to becoming a mama is turning out to be a very long one, wishing you all the very best with the baby and the home search xx

This is great, i was searching Zoopla but rightmove seems to provide more info! Thank you!

I'm sorry to hear your journey to motherhood is taking longer than you'd hoped, it'll be all the more beautiful when it finally happens❤️

@FunkyPigeon35 I’m in the house sales/conveyancing world, we have analytics software that pulls it together quite quickly.

I’m also a bit of a late-starter data geek.

The best one for you to use is the ESPC site, it gives sold prices as soon as they’re published.

The good thing about this site is you can search on all characters of a postcode and it will return all sales.

So if your postcode was AB1 1AA you could search on the below.

AB1

AB1 1

AB1 1A

AB1 1AA

It’s really good if you’re looking for a specific area as if you don’t use the last character in the postcode it will return all local house sales.

You need to look at what your situation is though, do you have a house to sell, are you flexible with dates? Do you have a mortgage in principle? The offer isn't always about ££.
We moved recently in a town similar market to cambuslang we offered HR value for a house that had been on the market a few weeks, which they accepted. Our house wasn't on the market so we had to quickly get it on the market. The first person who viewed offered us HR value, they were in a good position, no chain and mortgage in place we accepted even though we had 5 other viewing booked but all had houses to sell. It wasn't worth the hassle for a few extra grand, plus the estate agents percentage went up over HR value.
Only go in with an offer over HR if it's a closing date, if not offer HR they can only say no, nothing ventured nothing gained!

If 11% of homes in the area are being reduced then the majority of them will be going for HR +/- £2k.

Remember the people on forums telling you to bid 10-20% over often live in the areas mentioned and as such have a vested interest in keeping prices high.

Interesting, I hadn't considered that! Interestingly we put in 10k over home report (home report was £200k) for a house and we were the third highest offer out of 6 at closing date! But then 6 offers possibly suggest above-average interest.

Really appreciate your insights😊