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peakoil

What Is The Average Offer Under Listed Price?

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I've seen a house come down over 30% but it is still priced at 20% over what id call a bargain and 15% over what I'd be prepared to pay. The agent has said they would take 3 % under asking! For f@ck sake! 3%! anyway I want to go back to agent with something and some more solid stats would help.

Oh, the price last dropped mid September so it's been 3 months at current price.

Any advice appreciated. The place would last my family forever and I could afford mortgage on interest only if rates went up to 10%. Also pricing in 5 year fixed at 4.49%

merry Christmas everyone who reads these posts! I've spent at least an hour per day for three years here!

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I've seen a house come down over 30% but it is still priced at 20% over what id call a bargain and 15% over what I'd be prepared to pay. The agent has said they would take 3 % under asking! For f@ck sake! 3%! anyway I want to go back to agent with something and some more solid stats would help.

Oh, the price last dropped mid September so it's been 3 months at current price.

Any advice appreciated. The place would last my family forever and I could afford mortgage on interest only if rates went up to 10%. Also pricing in 5 year fixed at 4.49%

merry Christmas everyone who reads these posts! I've spent at least an hour per day for three years here!

Look, I keep telling you, there are thousands of HPC members, and we can have an influence. Get out there and make a derisory (ie, realistic) offer. Imagine a vendor for example, asking £350k, gets three offers on the trot of, say £280k (with appropriate comment - love the house, but sorry, it ain't worth £350k), the message will get home. House prices are based entirely on sentiment, not some scientific certainty, but sentiment. If enough of us get out there and tell enough vendors they are out of touch, house prices will tip over the edge.

To put my mouth where my money is, I've just done another one: asking price: £250k, offer £200k. To my surprise this was accepted. Unfortunately was obliged to withdraw when survey showed some insurmountable problems.

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I thinkw there are a couple of sources - just pop '% of asking price achieved' into google and see what comes up. But from memory think itr around 93% at the mo (perhaps down from 95/6). I would look at the peak price and knock off 25-30% to allow for drops from peak and a further 10%. Some here would suggest more to compensate for future falls but imo unlikely the eaw or vendor would swallow this. Personally, i'd leave it for a year by which time we should of had some decent falls.

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According to the last Land Reg figures the average house is getting about 90 to 91 percent of asking.

TMT, that is true once the sale has occurred, but relative to the final asking price, not the previous attempts.

Even if I think back to selling in 2007 (before the SHTF) we got about 92% off asking. I think you need to be that close to get an offer.

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TMT, that is true once the sale has occurred, but relative to the final asking price, not the previous attempts.

that is a good point. A number of the houses I have looked at recently have had significant reduction in asking prices. A typical example is a 4 bed detached initially at 285k, then 275k and now 259k. So close to 250k I am now certain it will not sell for more than 249k at best.

At 249k it would be 96% of asking price when in fact it really is 87%.

Another house now STC started at 289k, then 279k, then 265k and although it has not yet appeared on LR database, I believe it will have gone for 250k as when I offered 238k for it the EA said they had 2 offers at 249k, so that would be 86% instead of 94%

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Around me in the 500 houses I keep an eye on (Poole, Dorset area) average sale price over the last two years has been 11% under initial asking.

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According to the last Land Reg figures the average house is getting about 90 to 91 percent of asking.

Surprised it's so much on average TMT.

If correct (and I have no reason to doubt), that's pretty exciting if you can mentally knock off 10% of the prices you see on Rightmove.

The market is right on the edge of my budget and doing this squarely pushes it in, so this post has bought a smile to my face :)

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Yes, you have to just go for it. We've got our eye on a house at £250 that's in a brilliant area for us. It's in need of modernisation, though, and even though it would be worth a lot more in decent condition, by the time you do the bare minimum on it the sums don't add up. It needs to be at least 20k less, probably more.

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According to the last Land Reg figures the average house is getting about 90 to 91 percent of asking.

A lot of people won't remember that at one time it was expected that you would get about 10% off the asking price. The 80's boom started to erode that percentage as folk started looking at the amount in pound notes and thinking "I can't ask for £10k off, that's nearly a years wages". It fell to about 5% or even the ridiculous idea of offering the asking price (and sometimes being rejected).

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Surprised it's so much on average TMT.

If correct (and I have no reason to doubt), that's pretty exciting if you can mentally knock off 10% of the prices you see on Rightmove.

The market is right on the edge of my budget and doing this squarely pushes it in, so this post has bought a smile to my face :)

Yep i mentally knock 10% off and envisage if the price looks right , fair , acceptable or round it up, down to the closet 2.5k ... so it does !

Kind of skews everything when people go & offer 7% Over the asking price though .. are these for Real :rolleyes: ?

If they're real offers why not just snap their hand off & accept instead of broadcasting it for weeks (in case of a better offer) of course ;)

Edited by Secret Squirrel

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  • 314 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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