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"offers Over" System Dead In Scotland

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Scotsman article, with EA & Solicitor capitulation chat in it.

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ESPC business analyst David Marshall said: "Conditions remain challenging for sellers and those that are achieving sales are generally having to show some flexibility in negotiations. "'Offers around' and 'in the region of' are increasingly popular. I suspect we will probably not go back to premiums being paid of 25 per cent over on the 'Offers Over' properties."

Janice McIvor, the manager of estate agent Slater Hogg & Howison's Stirling branch, said: "The boom is over. Properties that were worth £900,000 in the boom are now worth £750,000. Agents need to have the guts to tell clients what their house is worth."

Peter Ryder, manager of the Tayside Solicitors Property Centre, added: "Sellers have suddenly realised that they are not going to get what their neighbours got for their property in 2006 or 2007. Houses are now selling for around the Home Report valuation."

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Peter Ryder, manager of the Tayside Solicitors Property Centre, added: "Sellers have suddenly realised that they are not going to get what their neighbours got for their property in 2006 or 2007.

...taken a long time to sink in.... :rolleyes:

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Beat me to it. This is such a HUGE change in attitude for EA's up here. Scotland really was the very centre of the 'It is different here prices will rise forever we won't be impacted by anything like everyone else' mantra.

Seems even EA's have finally realised what is going on. I assume the low sales volumes, and subsequent low commissions are finally starting to bite. Took it's time.

Welcome though.

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Scotsman article, with EA & Solicitor capitulation chat in it.

Link

ESPC business analyst David Marshall said: "Conditions remain challenging for sellers and those that are achieving sales are generally having to show some flexibility in negotiations. "'Offers around' and 'in the region of' are increasingly popular. I suspect we will probably not go back to premiums being paid of 25 per cent over on the 'Offers Over' properties."

I thought that the system in Scotland took account of this.

I.e. if you have a property worth 200K you marketed it at "offers over 150K" so as to get that 200K, you didn't market it say "OO 200K" in the hope of finding a mug to give you 250K.

tim

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Great news. I'm also finding lots of price reductions in the Glasgow area, and this is before the public sector cuts start to hit. Excellent.

I take it a non-scot wrote the title for this thread? Nobody from Scotland refers to themselves as from 'Jockoland'. But whatever, nice find :)

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Offers Over is a cancer. Thankfully it saved me financially as when I went for a flat 4 years ago I got outbid (I thought 5% over would have bagged it but supposedly somebody went 30% on top...!!!). It really makes the prices rise exponentially.

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While it’s nice to see such an article appearing, I’m afraid Offers Over isn’t completely dead, at least not in the posh districts of Edinburgh. Here are three examples, all two-bedroom (c. 90 m²) tenement flats in Morningside, and all currently being marketed at Offers Over £260,000:

39/6 Woodburn Terrace

66/2 Falcon Avenue

9/5 Falcon Gardens

They won’t sell for much over 260K, but I wouldn’t be surprised if somebody with more borrowed money than sense were to pay 270–275K for any of them.

In 2007 and 2008, flats like these were typically advertised for Offers Over 225–235K, and typically sold for 300–340K. Certainly we’re in different times now, but Offers Over is still just about alive.

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Offers under 50% of the asking price will not be considered

now there is reality

‘Offers Over’ are actually not compulsory, even if the property is thus advertised. I saw a flat for ‘Offers Over’ 250K selling for 240K about a year and a half ago, in south Edinburgh. I think it’s rare, though.

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Great news. I'm also finding lots of price reductions in the Glasgow area, and this is before the public sector cuts start to hit. Excellent.

I take it a non-scot wrote the title for this thread? Nobody from Scotland refers to themselves as from 'Jockoland'. But whatever, nice find :)

its `chilly` jackoland actually, well not today though :)

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It's about time this practice died. I'm seeing lots of properties now markerted as "10k below home report!" usually it's a report from 2009 though and I take great pleasure in telling a estate agent that I don't give a hoot what some monkey in a suit thinks it's worth.

I'll bid what I think it's worth...

BTW why do some Scots allow the term "Jock" to be used? It's patronising and offensive - a term based on ethnicity designed to belittle the target...

I'm sure there's an official term for people who use terms like that ;)

Edited by Krackersdave

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<br />It's about time this practice died. I'm seeing lots of properties now markerted as "10k below home report!" usually it's a report from 2009 though and I take great pleasure in telling a estate agent that I don't give a hoot what some monkey in a suit thinks it's worth.<br /><br />I'll bid what I think it's worth...<br /><br />BTW why do some Scots allow the term "Jock" to be used? It's patronising and offensive - a term based on ethnicity designed to belittle the target...<br /><br /><br />I'm sure there's an official term for people who use terms like that <img src='http://www.housepricecrash.co.uk/forum/public/style_emoticons/default/wink.gif' class='bbc_emoticon' alt=';)' /><br />

I had a Scottish teacher - first name

Jock

- derivation from Hebrew John or Jacob - related name Jacques (Jacob-ites)

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BTW why do some Scots allow the term "Jock" to be used? It's patronising and offensive - a term based on ethnicity designed to belittle the target...

Unfortunately, housepricecrash.co.uk is not known for its inclusiveness or racial tolerance!

I’m English and live in Scotland because I love it, and would never use a term like Jock, Taff or Paddy, any more than I would use the ‘N word’ to refer to a black person. Maybe some self-deprecating Scots don’t mind the term ‘Jock’.

And why is there no equivalent term for the English? Actually, don’t bother answering – let’s not get too far off topic here!

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  • 277 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% +
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      • Even
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      • up 5%



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