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One of these days....

West Sussex - Am I Expecting Too Much?

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We've been looking for a 3 bedroom house for almost 6 months. We are FTB's with a 25% deposit and are keen to move ASAP. We are looking at spending about 210-220K. We have put 7 offers on over the last 6 months and all have been refused. The most recent was a 210K offer on a 222K priced house - we were told the vendors want 220K for it. We know we will only get a terraced house with our money in this area but we would at least like a nice one, preferably 3 bed end of terrace with a decent garden although we would settle for mid terraced. Our offers have been like this - 212 asking - 195 offer, 222 asking - 210 offer, 229 asking - 210 offer, 200-230 asking - 205 offer etc (all rejected). Are our offers really too low being FTB's and in the current market, or are people just digging their heels in and not dropping when they really should be? I guess I have kind of answered my question because these houses are selling, but I want to know if we should stick to our guns and wait or just accept defeat and offer more? I don't need to tell you how hard it is being a FTB and getting a deposit and still ending up with a box for a house so we are at least hoping to be in a better position being 2011 rather than 2008. Should we be offering more?

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We've been looking for a 3 bedroom house for almost 6 months. We are FTB's with a 25% deposit and are keen to move ASAP. We are looking at spending about 210-220K. We have put 7 offers on over the last 6 months and all have been refused. The most recent was a 210K offer on a 222K priced house - we were told the vendors want 220K for it. We know we will only get a terraced house with our money in this area but we would at least like a nice one, preferably 3 bed end of terrace with a decent garden although we would settle for mid terraced. Our offers have been like this - 212 asking - 195 offer, 222 asking - 210 offer, 229 asking - 210 offer, 200-230 asking - 205 offer etc (all rejected). Are our offers really too low being FTB's and in the current market, or are people just digging their heels in and not dropping when they really should be? I guess I have kind of answered my question because these houses are selling, but I want to know if we should stick to our guns and wait or just accept defeat and offer more? I don't need to tell you how hard it is being a FTB and getting a deposit and still ending up with a box for a house so we are at least hoping to be in a better position being 2011 rather than 2008. Should we be offering more?

There are no hard and fast rules about this. Your approach is reasonable and common, but it does not mean that it works for every house/area/time. I, personally, take your approach, but do my homework/research before increasing my offer. I would suggest you to research recent sold prices of similar properties in the area. if you are rentling, calculate whether you would be better off buying or continuing the status co. If you are buying in a reletively good area, then the prices are more robust compared with the prices of properties in the less appealing areas.

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We've been looking for a 3 bedroom house for almost 6 months. We are FTB's with a 25% deposit and are keen to move ASAP. We are looking at spending about 210-220K. We have put 7 offers on over the last 6 months and all have been refused. The most recent was a 210K offer on a 222K priced house - we were told the vendors want 220K for it. We know we will only get a terraced house with our money in this area but we would at least like a nice one, preferably 3 bed end of terrace with a decent garden although we would settle for mid terraced. Our offers have been like this - 212 asking - 195 offer, 222 asking - 210 offer, 229 asking - 210 offer, 200-230 asking - 205 offer etc (all rejected). Are our offers really too low being FTB's and in the current market, or are people just digging their heels in and not dropping when they really should be? I guess I have kind of answered my question because these houses are selling, but I want to know if we should stick to our guns and wait or just accept defeat and offer more? I don't need to tell you how hard it is being a FTB and getting a deposit and still ending up with a box for a house so we are at least hoping to be in a better position being 2011 rather than 2008. Should we be offering more?

Looks to me you have been offering a reasonable amount.

Its worth finding out how much properties in the area have been selling for. I used this approach on a property I looked at which was up for 400k and offered 340k purely becuase the identicle property next door sold for 320k a year ago. 1 week later the property I looked at then was advertised for 375k.

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Don't buy now ferchrissake. Wait like the rest of us sensible FTBs :)

Good things come to those who wait.

Listen to Shell, he speaks wise words. Buying now is insanity. Although I'd have a good think about the safety of your deposit in:

a ) The bank

b ) Sterling

Edited by General Congreve

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No - what you are talking about is sadly all too regular in west sussex - its a supply and demand problem - not enough houses for sale & too many buyers.

At the end of the day if people are offering full or close to full asking price then you will always get turned down. If you can afford to wait, then wait & hope that price reductions start to filter through to West Sussex. Problem is compounded however with limited rentals available - I had to recently accept a 10% increase on my rent.

Where specifically are you looking?

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Looking in Horsham & Southwater area which I know is a small area but our life/jobs are here and I think I'm being realistic with what I expect for our £'s. It seems Horsham isn't affected by the market crash as there have been at least 2 properties I've gone to offer on that have been sold above the asking price, and anything else decent is snapped up straight away. I get close to giving in and offering more than I know I should just to get somewhere, especially since everyone else around here is and they are the ones getting the decent houses.

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Looking in Horsham & Southwater area which I know is a small area but our life/jobs are here and I think I'm being realistic with what I expect for our £'s. It seems Horsham isn't affected by the market crash as there have been at least 2 properties I've gone to offer on that have been sold above the asking price, and anything else decent is snapped up straight away. I get close to giving in and offering more than I know I should just to get somewhere, especially since everyone else around here is and they are the ones getting the decent houses.

Supply & Demand sadly...there was huge outcry to building new homes in Southwater recently & the plans were thrown out. Until significant numbers of homes are built (and we need thousands in this area alone), then nothing is going to change.

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  • 284 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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