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Speckled Egg

What To Offer?

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Having looked for quite a long time we have finally found our perfect house today. House is a 3 bedroom detached for £325k. It came on the market the middle of this week. Contrary to the rest of the country, houses are still selling quickly here and £325k isn't a bad price. My gut feeling is that it won't hang around for long.

We are in a strong position in that we are currently renting, have a mortgage agreed in principle for £300k and are willing to wait for the vendor to find a property if necessary. Ideally, we would like the house for less than £300k. Our aim is to buy this as a family house and stay in it for the forseeable future. We're not looking at it with a view to buying it to make a fast buck. Any advice on how to proceed?

In terms of the vendor, they have been in the house since new (15 years). They aren't in a desperate rush to sell but are trading up. Historical house prices for similar properties in the same road are:-

£310k Oct 2006

£300k Jan 2005

£290k Aug 2004

£300k Oct 2003

£294k Jul 2002

Any advice would be appreciated.

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It's £35k over-priced now, and it will be worth £175k in 2 years' time. You're a fool if you buy it.

That's my view, served straight up.

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How is it overpriced by £35K?

I sold a one bedroom flat for £153k in Oct 2008 in an area close by. Much as I would like it to drop to £175k I can't see that happening. It's 30 minutes into London on the train, in beautiful countryside, close to the M25, M4 and M40. It's a very affluent area of the country where unemployment is still low despite the recession.

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How is it overpriced by £35K?

I sold a one bedroom flat for £153k in Oct 2008 in an area close by. Much as I would like it to drop to £175k I can't see that happening. It's 30 minutes into London on the train, in beautiful countryside, close to the M25, M4 and M40. It's a very affluent area of the country where unemployment is still low despite the recession.

:rolleyes:

It's worth 2004 level, max.

Only a fool believes EAs garbage spin.

Well done for selling a flat.

Edit:

Offer what you want, but £290 is 2004 level, which is where the market tops out at. Go in at £250k and argue. Ignore EAs as they are the idiot in the middle.

Edited by pie-eater

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How is it overpriced by £35K?

I sold a one bedroom flat for £153k in Oct 2008 in an area close by. Much as I would like it to drop to £175k I can't see that happening. It's 30 minutes into London on the train, in beautiful countryside, close to the M25, M4 and M40. It's a very affluent area of the country where unemployment is still low despite the recession.

Prices are 2004 now, max. Your area may be holding up for now, but it will not defy gravity for long.

None of that suff about beautiful countryside is worth a damn. This isn't a recession, it's a great depression, and it hasn't started yet hardly.

Just wait till the markets dump bonds and the rates go to 9%, the Tories get in and the civil service is cut by 25%, unemployment is one in six and those in jobs have taken pay cuts, the banks have no international money to lend, and half the middle class has been foreclosed...then we'll see.

Maidenhead's okay, but if the banks aren't lending more than 2.5x salary (because they don't have any money themselves), then it's not going to stay at today's prices, is it, with all that happening.

Wakey wakey: you might put your mistress there, but with all the corridor industries going bust, it ain't going to be buzzing like now.

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Oh right, thanks.

Yes, you're right about the 2004 thing - wasn't thinking! Have just done an internet search which confirms it. Not sure I'd be brave enough to offer £250k but 10% off £290k is £261k which would make life a lot easier for us. (Plan to have a family and give up work.)

:rolleyes:

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Thanks 24gray24!

I posted on forums when I was selling my flat and the doom mongers said I wouldn't sell it. There was no hope. The economy was shot, I would be stuck with it forever. Even when I accepted the offer people were telling not to be smug as it would probably fall through.

In actual fact, I knew I would sell it. Yes, the market was slower and yes I did take a hit on the price (even selling it at £153K!). I took their comments on board but in actual fact some of the advice I was given was downright ridiculous.

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?Historical house prices for similar properties in the same road are:-

£310k Oct 2006

£300k Jan 2005

£290k Aug 2004

£300k Oct 2003

£294k Jul 2002

Any advice would be appreciated.

That Road must exist in another dimension. The rest of the country was seeing huge increases in property values and yet on that Road they virtually stood still, in fact taking general inflation/wage rises into account the price effectively went backwards!

Edited by miguel

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