Report Bidding War in Anecdotals Posted March 23, 2009 My situation is somewhat similar. Looking to buy £500k-£650k. The vendors of the less desirable houses in this price range are always willing to take a big cut, 20%-30% is not uncommon taking the price to 2003 levels. However if it's a house we really like others either buy at 2007 levels or the vendor won't reduce and leaves the house sitting there. I've seen at least 5 properties that should be priced £500k in today's market but people are jumping in and paying top whack. I just don't get it. I suppose when there are so few nice houses the demand is high and vendors can ask for silly prices. In the area I'm looking I could buy a flat at 50% of 2007 levels, I could buy a small 2/3 bed house in a part of town I don't like for next to nothing but in a desirable area they won't even accept 5% off. It seems that with so few nice houses in nice areas coming on the market around here prices are being kept high. I'm sure that overall house prices have plummeted in my area but certainly not in my price bracket.