Topher Bear Posted March 11, 2009 Share Posted March 11, 2009 Hi all, as a followup to me message on the rental forum, I am considering buying our current rental property as an alternative to having to move again as we've been served notice. I am trying to find out what percentage of asking price is being achieved in recent times. I know a little while ago it had dropped to about 90%, is this still the case? I'm having trouble finding the info. Thanks Topher Bear Quote Link to comment Share on other sites More sharing options...
Accidental STR Posted March 11, 2009 Share Posted March 11, 2009 Can't remember where but I'm sure I've seen 88% mentioned. It does depend where you are in the country and whether your landlord needs to sell etc. Quote Link to comment Share on other sites More sharing options...
Topher Bear Posted March 11, 2009 Author Share Posted March 11, 2009 Actually I finally found it, on a reuters report from 2nd March, from Hometrack. They say on average 12 weeks to sell, and 88.3% of asking price achieved on average. would be interesting to see the region breakdown on that! Now thinking my initial thoughts of 80 - 85% asking price are too high, might try 75%! Quote Link to comment Share on other sites More sharing options...
mr slump Posted March 11, 2009 Share Posted March 11, 2009 Actually I finally found it, on a reuters report from 2nd March, from Hometrack.They say on average 12 weeks to sell, and 88.3% of asking price achieved on average. would be interesting to see the region breakdown on that! Now thinking my initial thoughts of 80 - 85% asking price are too high, might try 75%! really depends on the realism of the asking price in relation to the peak for similar in the area Quote Link to comment Share on other sites More sharing options...
HXO Posted March 11, 2009 Share Posted March 11, 2009 Actually I finally found it, on a reuters report from 2nd March, from Hometrack.They say on average 12 weeks to sell, and 88.3% of asking price achieved on average. would be interesting to see the region breakdown on that! Now thinking my initial thoughts of 80 - 85% asking price are too high, might try 75%! Wow, for someone with that much time on the forum I would have thought that 75% was generous. I realize you may have family considerations and the act of moving is a major undertaking but 75% of a "realistically" priced house today is going to sting in 10 months. Quote Link to comment Share on other sites More sharing options...
Sonic the Hedge Fund Posted March 11, 2009 Share Posted March 11, 2009 Hi all,as a followup to me message on the rental forum, I am considering buying our current rental property as an alternative to having to move again as we've been served notice. I am trying to find out what percentage of asking price is being achieved in recent times. I know a little while ago it had dropped to about 90%, is this still the case? I'm having trouble finding the info. Thanks Topher Bear Hometrack publish such data, and is about as current as mortgage lending data i.e lagging by about a month or two Quote Link to comment Share on other sites More sharing options...
Sonic the Hedge Fund Posted March 11, 2009 Share Posted March 11, 2009 Hometrack publish such data, and is about as current as mortgage lending data i.e lagging by about a month or two Ah the beggars, just realized you have to pay £20 for an actual valuation to get the 'sale to asking price' ratio for an area Quote Link to comment Share on other sites More sharing options...
johnny5thumbs Posted March 11, 2009 Share Posted March 11, 2009 Wow, for someone with that much time on the forum I would have thought that 75% was generous.I realize you may have family considerations and the act of moving is a major undertaking but 75% of a "realistically" priced house today is going to sting in 10 months. I agree. Anecdotal evidence from friends suggests that if you make potential offers on a number of properties at 25% below asking price, 20% - 25% of them will accept your asking price within a fortnight (usually after attempting to get you to raise your price first). Don't be put off by E.A. eyeball-rolling, severe frowning or sharp sucking of air through clenched teeth and other spurious body language. It's all part of the game. By the same token, then 30% or better should be theoretically be possible, but there may be a waiting period while the vendors 'peruse' your offer. If, of course, you've fallen in love with one particular property, then it all becomes a little more difficult to remain relaxed about the process. Quote Link to comment Share on other sites More sharing options...
Putney prices to come down Posted March 12, 2009 Share Posted March 12, 2009 Hi all,as a followup to me message on the rental forum, I am considering buying our current rental property as an alternative to having to move again as we've been served notice. I am trying to find out what percentage of asking price is being achieved in recent times. I know a little while ago it had dropped to about 90%, is this still the case? I'm having trouble finding the info. Thanks Topher Bear tim warren said on 6th march 2009 that a 30% reduction is currently required to achieve a sale in putney. this is a 30% less than peak (july-august) 2007 price. source: http://www.putneysw15.com/default.asp?sect...ault.asp?site=3 it is difficult to suggest a set discount to asking price as asking prices vary greatly between dreamers who are testing the market or those in denial thinking that although prices across the country are falling their house/street has held up and those who have to or want to sell and have priced their properties accordingly. although tim warren is an estate agent (yes, much disliked on this forum) he has consistently and periodically provided honest and useful information on both the property snake and putneysw15 websites. he knows what he is talking about and is very highly respected as an agent in putney. please note for the record that i do not work for tim warren. i am not related to tim warren. i have neither met nor spoken to tim warren. approximately 2 years ago i asked on the local putneysw15 discussion forum whether people thought property prices would fall in putney (as i did) and by how much, tim warren responded and since then has been periodically providing the site/forum with regular updates. Quote Link to comment Share on other sites More sharing options...
jocohen Posted March 12, 2009 Share Posted March 12, 2009 thats nice to know as thats my part of the world! I though the assumption things were still heading southwards and would 30% provide any protection for the buyer Quote Link to comment Share on other sites More sharing options...
Putney prices to come down Posted March 12, 2009 Share Posted March 12, 2009 thats nice to know as thats my part of the world!I though the assumption things were still heading southwards and would 30% provide any protection for the buyer your assumption is right and i think prices are set to continue their fall. buying 30% below peak means you are buying at current market value, it does not guarantee against further price falls which are in my opinion inevitable. Quote Link to comment Share on other sites More sharing options...
DementedTuna Posted March 12, 2009 Share Posted March 12, 2009 (edited) The average on successful sales is around 10%, to the point where you might as well knock that much off of the asking price from the word go. 20-30% is achievable, but you'll have to take a blitz approach with lots of offers on lots of different places until one bites. Edited March 12, 2009 by DementedTuna Quote Link to comment Share on other sites More sharing options...
the flying pig Posted March 12, 2009 Share Posted March 12, 2009 as others have said, it really depends on the asking price. there plenty of places out there that are priced a [sometimes sizeable] notch above the very height of the peak. 30%+ cuts off such prices should be possible. Quote Link to comment Share on other sites More sharing options...
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