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Zante

First Time Buyer Going Through Market Craziness

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Right, so I'm looking to buy my first property for which the asking price is £190k, it's a 2 bedroom flat which sold at the end of 2008 for around £145k. I found this information (via zoopla) after my initial offer of £170k was rejected, imagine my relief (not that an offer is legally binding in the UK). The EA said that the landlord (who claimed he didn't know what the lease was and took days to find out) wanted something closer to the asking price (yeah, I bet he does [if he even exists and your little no name EA isn't a front for some sort of scam]).

Am I right to assume they're trying it on? There is no way in heck that a property in the area I'm looking at could ever be worth £190k. In similar blocks next to it I can see that a few fools have spent, at most, £200k on two bedroom apartments (they will NEVER make that money back and have ruined their lives as far as I can deduce). In this block however (where I'm interested in buying) the last two properties, in 2008, went for £153k!

I'm thinking of phoning up the EA tomorrow and saying, "you know what mate, I made a mistake yesterday when I made that offer. After having slept on it and [quoting above evidence], I will reduce my offer to £165k, which is 20k more than it sold for last time in 2008. You will not be hearing from me again, if there is interest in my offer I will expect you to contact me"

Any thoughts on this? As I'm feeling like I nearly walked into the biggest trap of my life!

Kind regards

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I'll let you know what I think in the year 2015

(demonic laughter fading into a quiet echo... the wind... the wind!!!)

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I think you need to go back to the front page of this site and have a long, hard look at the graph there (top right hand corner-ish) showing average house prices in the UK since the 1970's. Bear in mind that this is adjusted for inflation.

Look at where we are right now....and take a guess as to what happens next, house-price-wise.

(The clue is in the name of this site.)

Edited by pideypuss

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You're offering 15% more than the price that a new build flat sold for 2 years ago? You aren't walking into a trap mate - you sound like you are hurling yourself into it willingly. Promise me you won't go bleating to everyone on MSE when the vendor snaps your hand off but the bank won't lend you their money to chuck into this black hole.

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You're offering 15% more than the price that a new build flat sold for 2 years ago? You aren't walking into a trap mate - you sound like you are hurling yourself into it willingly. Promise me you won't go bleating to everyone on MSE when the vendor snaps your hand off but the bank won't lend you their money to chuck into this black hole.

Thanks for the feedback, what you say makes sense to me, at least to an extent. The area is in fact being developed and more flats are being built, there's a leisure centre being built opposite with a police station down the road. That's in it's favour though the recession needs to be taken into account.

I can't see it ever falling to 100k

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Phone the agent withdraw your offer stating the evidence you have found.

Keep saving and wait a year, buy a better flat for much less.

I don't know why any FTBs are even considering buying now...

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Phone the agent withdraw your offer stating the evidence you have found.

Keep saving and wait a year, buy a better flat for much less.

I don't know why any FTBs are even considering buying now...

Cos their parents are stil telling them "you can't go wrong with property", "paying rent is dead money", etc, etc.

tim

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Cos their parents are stil telling them "you can't go wrong with property", "paying rent is dead money", etc, etc.

tim

There is that, yes. The family is also going their separate ways, 'our' property having been purchased for 900k and the money owed to various members now paid back as a result.

Me being offered a job close to where I'm studying, my part-time masters coming into it's final year, wanting to get on with things in general and being 3 mins walk to my place of work. I've so far reduced my offer to 160k, asking price being 190k. As I said, some properties of the exact same type are going for, and have gone, close to 200k, though not the majority of them.

The same property has changed hands 3 times in 6 years, two of which were for prices exceeding 170k.

I'm just writing to the owner to make sure he did in fact receive my offer and that no funny business is happening. So far, all communication has occurred via phone and I still haven't received an information package.

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  • 140 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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