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Buying Scenario

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Buying scenario.

There are two roads 0.5 miles away from a railway station that we like that are part of the same 2005 development.

Property prices sell anywhere from £300k to £350k on these two roads. General layout is 3 bedroom townhouses, which are either terrace or semi.

All prices below are based on 3 bed town houses.

The last sold prices according to houseprices.co.uk

Road A

20-04-06 sold price £267,000

14-11-08 sold price £335,000

20-07-07 sold price £322,000

17-07-07 sold price £337,500

Road B

16-07-10 sold price £300,000

03-03-10 sold price £285,000

06-11-2009 sold price £290,000

Houses on Road A are on the market for £349,950

Houses on Road B are on the market for £342,000

Agents in the area tell me that one sold for £345,000 last month on Road A and they have just completed.

Another one is under offer on Road A at the same price.

Another agent has told me that one sold for £339,000 on Road B, but it’s not on houseprices.co.uk yet.

Zoopla.co.uk average house price paid in the last 3 years:

Road A £321,666 (3 sales)

Road B £305.625 (4 sales)

Where do I go from here?

I have 4 viewings tonight for properties on both Road A and Road B. Showing examples of all 3 layouts available within the development.

Bf and I love the location and tonight will be our first set of viewings.

I’ve tried telling the agent what houses have sold for, but he tells me to wait a few months and see the land registry figures. He is adamant they will all sell within £340-350k.

I’ve also tried to tell him it’s a buyer’s market and that prices are dropping and he said “yes” they are dropping, but houses on these two roads get snapped up due to the great location.

One Agent has arranged all viewings and has asked me to call him tomorrow and let him know what I thought.

Our budget is £320k. We could go to £330 but don't really want to.

We are chain free.

Should we wait?

If we like any of the properties should we make an offer?

Does anyone know how long sold house prices take before they appear on websites such as houseprices.co.uk and zoopla.co.uk?

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Should we wait?

If we like any of the properties should we make an offer?

Does anyone know how long sold house prices take before they appear on websites such as houseprices.co.uk and zoopla.co.uk?

Dont wait, go and look, it doesnt hurt does it.

If you like them then by all means make an offer.

Just DONT be pushed into making an offer you arent comfortable with or that is too high. If you are buying something to live in for the rest of your life then the price is maybe a bit irrelevant (i dont think so but some do and i can see why). If however you are gonna be moving in 5 years say then you do not want to take the hit.

The prices you have posted are all 2006 onwards, so higher than they would otherwise be. The fact the asking prices are even higher should put a bit of fear into you. Go see, if you like offer and offer low would be my advice. If they dont like the offer then move on.

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Dont wait, go and look, it doesnt hurt does it.

If you like them then by all means make an offer.

Just DONT be pushed into making an offer you arent comfortable with or that is too high. If you are buying something to live in for the rest of your life then the price is maybe a bit irrelevant (i dont think so but some do and i can see why). If however you are gonna be moving in 5 years say then you do not want to take the hit.

The prices you have posted are all 2006 onwards, so higher than they would otherwise be. The fact the asking prices are even higher should put a bit of fear into you. Go see, if you like offer and offer low would be my advice. If they dont like the offer then move on.

Thanks for the response Rozza. We love the development though and would most likely like to live there. So much for it being a buyers market on paper. Let's see what happens.

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Thanks for the response Rozza. We love the development though and would most likely like to live there. So much for it being a buyers market on paper. Let's see what happens.

Dont forget, it IS a buyers market, make the offer you want. Vendor may well reject hoping for bigger offers but it doesnt mean they will get any. Its all a bit of a game unfortunately

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going to see them won't hurt. Get a good look at a few of them and try your luck with an offer if you see one you really like.

Asking prices might be high, but depending on the sellers' situation, they may well take it. If they're in a hurry to move, they'll accept.

Tell them you're chain free, ready to proceed straight away, etc.

Good luck :)

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Have the properties been on the market for long time? This may indicate either that they have been very few offers or the sellers are willing to wait for the asking. IF you ask the agent enough questions he will provide with a clue as to wether the seller is waiting or there is a lack of interest.

I would put an offer of 20% below the asking price or the 20% below the price you are willing to pay. The market depends on the sellers situation. IF they are under financial pressure to sell- you may get a good deal. So start low and be patient. Unless you are in a hurry to move.

ww.proprateanalyst.wordpress.com

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  • 145 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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