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Chasing The Market Down

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In a moment of madness back in February, I put in an offer on a two bed flat in Redbourn Herts. very nice location, and very nice old couple selling it, and even the agent seemed a decent guy !!

Anyway this place was up for £167500 and I offered £160000.

The offer was rejected (thank god) and I was told a week or two later that they had accepted a higher offer.

I have just seen this place for sale again in the paper, with the same agent, for £163000 and I'm sure its the same people still living there as it never came up on the Land registry sold prices.

We are now 7 months on, and they are still probably going to have to accept less than I originally offered.

If I were still in the market to buy which i'm not ( thanks HPC.co.uk) I would now be offering £150k.

So we are always going to be out of step.

Is it buyers getting ahead of themselves, or vendors always one step behind ?

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I think you have summed it up nicely. As buyers start to realise the market is falling. They will want to protect themselves and will always offer way below asking price. And drag the market down quickly.

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In a moment of madness back in February, I put in an offer on a two bed flat in Redbourn Herts. very nice location, and very nice old couple selling it, and even the agent seemed a decent guy !!

Anyway this place was up for £167500 and I offered £160000.

The offer was rejected (thank god) and I was told a week or two later that they had accepted a higher offer.

I have just seen this place for sale again in the paper, with the same agent, for £163000 and I'm sure its the same people still living there as it never came up on the Land registry sold prices.

We are now 7 months on, and they are still probably going to have to accept less than I originally offered.

If I were still in the market to buy which i'm not ( thanks HPC.co.uk) I would now be offering £150k.

So we are always going to be out of step.

Is it buyers getting ahead of themselves, or vendors always one step behind ?

I have come to the conclusion that EAs will often say there is a higher offer already on the table if they don't like the offer that is being made (the phraze "they have already recieved an acceptable offer" in a disparaging tone has been used twice by EAs in places 25 miles and 6 months apart and in both cases the property was taken down for about 5 days before being put back up again). LIES LIES LIES. I probably need to do an assertiveness course, but ultimately my pathetic meakness in accepting their falsehoods has saved my bacon.

Edited by Elizabeth

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i think at the end of the day, vendors will not reduce anything. they will have to been battered into crap offers over time. none of them consider that they paid half on average.

its a greed thingy.

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  • 301 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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