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Monday 28th June- Made an offer of £700K

Tuesday 29th June- Rejected as they had a buyer offering £725K

Thursday 1st July - Agent came back asking if still interested as "buyers" couldn't afford stamp duty. Offered £705K , again rejected as vendor is putting place back on market.

Monday 5th July am. Agent calls telling me of lots of offers well in excess of mine, but no one has sold their property, so would I be prepared to increase £705K offer. I refused to increase and told him if I was going to make an offer it would only be £700K now as I only offered the extra to stop them selling it.

Monday 5th July pm - Agent asking if I could pay any more than £700K as seller needs to move quick. Told him £700K is all I will offer. Accepted! Told him I'll sleep on it.

Anyway the moral of that story is that if you have sold your place and have all your finances in place do NOT bid against fairy tale buyers.

But now I have to give them a decision in the morning and I'm thinking are there any real buyers out there and will my 5 bed semi be only worth £600K in 12 months time.

Any thoughts on Woodford?

Edited by arrgee1991

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Monday 28th June- Made an offer of £700K

Tuesday 29th June- Rejected as they had a buyer offering £725K

Thursday 1st July - Agent came back asking if still interested as "buyers" couldn't afford stamp duty. Offered £705K , again rejected as vendor is putting place back on market.

Monday 5th July am. Agent calls telling me of lots of offers well in excess of mine, but no one has sold their property, so would I be prepared to increase £705K offer. I refused to increase and told him if I was going to make an offer it would only be £700K now as I only offered the extra to stop them selling it.

Monday 5th July pm - Agent asking if I could pay any more than £700K as seller needs to move quick. Told him £700K is all I will offer. Accepted! Told him I'll sleep on it.

Anyway the moral of that story is that if you have sold your place and have all your finances in place do NOT bid against fairy tale buyers.

But now I have to give them a decision in the morning and I'm thinking are there any real buyers out there and will my 5 bed semi be only worth £600K in 12 months time.

Any thoughts on Woodford?

Well done...the agents tried to play you and you didnt give in.

These are all classic agent tactics.

I'd tend to wonder how desperate they are to sell now and offer less, seriously.

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Well done...the agents tried to play you and you didnt give in.

These are all classic agent tactics.

I'd tend to wonder how desperate they are to sell now and offer less, seriously.

Tempted to offer less now I have them on the run. Annoyed at the agent and the so-called bidders who were up against me.

Not one of them were in a position to buy yet making offers over £700K. And the estate agency say they only have fully qualified buyers viewing.

My big concern now is that the whole market is inflated by these fairy tale buyers.

We have looked at 20 properties since March. None have sold and only 5 are under offer, 4 of them after price reductions. Of those 5 , the one we made an offer on went back on the market for a week or two.

I expect more estate agents to go out of business in our area. They seem more interested in inflation than turnover. If our experience is anything to go by only a quarter of the properties show any signs of shifting and they are under offer for quite a while.

Even more pleased I sold privately now.

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Twas always thus.

Estate Agents want a sale.

Too willing to push the price upwards as its the seller that pays them.

I dont have a solution, other than make it more like buying a car (quick and no qualified bids).........actually more like the Svcottish system might help.

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My main concern is that having finally found a property I wanted and expecting a lot of demand, I appear to be the only serious buyer.

Property may be scarce but it seems that so are buyers who can afford to complete.

Just wondering if anyone else is buying/selling in IG8 and how unrealistic the asking prices are.

The property we are looking at sold for £500K in 2002, so I believe £700K isn't too unrealistic as appreciation, especially given my £250K purchase in E11 appreciated to £500K in the same time period.

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I went to school in Woodford; it's a fairly decent area with some nice green spaces. Not sure whether it constitutes good value though. It's a bit quiet and sleepy for my tasted, and the strongly beating heart of Essex chav lurks beneath the tranquil surface.

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I went to school in Woodford; it's a fairly decent area with some nice green spaces. Not sure whether it constitutes good value though. It's a bit quiet and sleepy for my tasted, and the strongly beating heart of Essex chav lurks beneath the tranquil surface.

Quiet and sleepy is what I want. As for Essex chav I already have that in E11.

I prefer Buckhurst Hill/Wanstead, but Woodford is where we have to be for the school we want.

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Duke, are you any closer to buying somewhere yet?

I've kind of put it on hold for now, what with prices just being daft and all that.

C.H.

Not buying; contract on my house is up in August 2011. Might buy a couple of years after that at this rate.

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Who does the EA work for? (ie is paid by) the answer is not you so this is how they (EA) behave.... why not offer 650k (or less) exchange and complete in two weeks, the seller wants to move quickly.

I know how estate agents operate, just thought it was worth telling the tale. May make people think twice before increasing offers. The more buyers resist the lower the prices go.

Now my buyer has pulled out, I'll probably have to reduce the offer. I doubt I'll get a buyer paying as much in the next two weeks (my deadline).

Even when I told agents our buyer had gone, they weren't putting the property up for sale again and prepared to wait.

I had tried the low offer on another house when their buyer pulled out just before exchange of contracts, but it only made the buyer come back within a day or two! Could have got a bargain with that one.

Getting a sense of buyers becoming scarce as people start to look at selling which will only lead to falling prices. Amen to that, maybe the prices will drop to around £500K on the houses I am looking at and I'll save the stamp duty to boot.

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... Phrases like 'I will keep looking for you' etc when in reality you are a mug punter with some money.

Funny you say that cos I always feel the only reason they keep in touch is I am a mug with some money. Since I had a very good offer turned down, the estate agent sends me details on almost everything and calls me constantly. They didn't look so much before. Big disadvantage of ever having made an offer is they believe you'll pay that for anything. They hike the price for us, and then when we don't offer it gets cut!

The estate agent we had selling our place seemed to not be aware of interest in our place. Called them other day as our buyer withdrew (now they are back again), but they didn't know of anyone. Next day I had someone ringing my bell to see if we were intrerested in selling. They had registered with agent, yet we were never told of them when we called. Maybe they just hadn't made a stupid enough offer anywhere to have been on the agent's radar.

There are a lot of properties coming up for sale, but as we discovered not too many good ones. Plenty of crap in good locations, and some pretty moderate stuff in poor locations. In four months we only found 2 places to offer on and one was a mile outside our original search area. Not many buyers, no one selling anything decent, silly prices been asked for rubbish and precious few completions. I am only moving cos I think I'm getting a bit more than my place is worth and a getting the new place for a little less. The difference between the two was £250K back in 2002, but I'm only paying £200K for my upgrade, so suspect I would have to pay that difference anyway.

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Monday 28th June- Made an offer of £700K

Tuesday 29th June- Rejected as they had a buyer offering £725K

Thursday 1st July - Agent came back asking if still interested as "buyers" couldn't afford stamp duty. Offered £705K , again rejected as vendor is putting place back on market.

Monday 5th July am. Agent calls telling me of lots of offers well in excess of mine, but no one has sold their property, so would I be prepared to increase £705K offer. I refused to increase and told him if I was going to make an offer it would only be £700K now as I only offered the extra to stop them selling it.

Monday 5th July pm - Agent asking if I could pay any more than £700K as seller needs to move quick. Told him £700K is all I will offer. Accepted! Told him I'll sleep on it.

Thursday 8th July - Everything agreed, inform buyer

Friday 9th July - My buyer cries off.

Sunday 11th July - Buyer returns 100% commited.

Tuesday 13th July am - My buyer cries off again!

I give up!

Edited by arrgee1991

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  • 258 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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