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London Anecdotal - Cheeky Under-Priced Bids

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If all HPCers (the real ones anyway) would do what I do, go about making offers 20-30% under the asking price, then asking prices would tumble.

"A little less conversation, a little more action please" - E Presley

Some of the houses I've been looking at I wouldn't want to pay 30% under asking!

I'd rather wait until things get a bit worse and prices fall more then I'll be making 30% below offers.

Edited by Pent Up

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If all HPCers (the real ones anyway) would do what I do, go about making offers 20-30% under the asking price, then asking prices would tumble.

"A little less conversation, a little more action please" - E Presley

Take heart. I'm looking to buy in SW London and that will be my strategy exactly: opening offer -30% moving up to -25%. My rationale is simply to protect myself from the baked-in future price falls. Market sentiment has absolutely changed and now is the time to press for a bargain.

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Some of the houses I've been looking at I wouldn't want to pay 30% under asking!

I'd rather wait until things get a bit worse and prices fall more then I'll be making 30% below offers.

You have to do it though, we need to break into the seller dillusion. Min 20% below offers from me, its great to see the drop in asking prices after you make an offer like this.

EDIT I'm not in London but I think the same rationale applies.

Edited by FIGGY

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Take heart. I'm looking to buy in SW London and that will be my strategy exactly: opening offer -30% moving up to -25%. My rationale is simply to protect myself from the baked-in future price falls. Market sentiment has absolutely changed and now is the time to press for a bargain.

Given that around my neck of the woods all agents are asking 25-30% over the price that the vendor ends up accepting, you are probably offering too high at -30%.

As for sitting on one's hands, it doesn't cost anything to make an offer. If you unexpectedly get a positive response, you might want to look carefully at the horses teeth. Its part of the normal cut and thrust of business after all. Also making offers gets the agent to talk, which can be very revealing in itself.

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If all HPCers (the real ones anyway) would do what I do, go about making offers 20-30% under the asking price, then asking prices would tumble.

"A little less conversation, a little more action please" - E Presley

Don't you mean 20-30% of asking price...? :unsure:

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Take heart. I'm looking to buy in SW London and that will be my strategy exactly: opening offer -30% moving up to -25%. My rationale is simply to protect myself from the baked-in future price falls. Market sentiment has absolutely changed and now is the time to press for a bargain.

While I would love you to be right, I seriously doubt it

The estate agents will just tell you to piss off

They are all looking for a chinese/greek/arab buyer paying cash

Until interest rates rise there won't much nominal year-on-year fall IMO

However, interest rates must inevitably rise from a 300 year low to a real positive value, right now that would have to be 6-7%....

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Take heart. I'm looking to buy in SW London and that will be my strategy exactly: opening offer -30% moving up to -25%. My rationale is simply to protect myself from the baked-in future price falls. Market sentiment has absolutely changed and now is the time to press for a bargain.

Tell me how that works out for you. SW London is not stagnating at the moment, my whole street has changed ownership. I would expect most vendors to not want to waste their time with you and agencies to steer clear of you due to pure embarrassment of having to go to the vendor with your offer.

I may be wrong here, but this is my opinion, I would tell you to do one and not bother to deal with you again as I would count you as a massive guzunder risk.

EDIT: peer => pure

Edited by I want a house!

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Tell me how that works out for you. SW London is not stagnating at the moment, my whole street has changed ownership.

Must be a great place to live. :D

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Tell me how that works out for you. SW London is not stagnating at the moment, my whole street has changed ownership. I would expect most vendors to not want to waste their time with you and agencies to steer clear of you due to peer embarrassment of having to go to the vendor with your offer.

I may be wrong here, but this is my opinion, I would tell you to do one and not bother to deal with you again as I would count you as a massive guzunder risk.

+1

Guy I know just sold his semi and came across this middle-aged BTL/investor type who made an offer 10%+ below asking price

He said he had no interest in dealing with the offeror at all since he would just try and screw him at every single turn

Its simply that you cant afford what you want yet, so you have to wait until you can afford it

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Must be a great place to live. :D

Here you go, Boyd Road...

My Street

Very small street, 5 on market, some have completed. Didn't check rightmove for a while.

EDIT: Noticed that information has changed on rightmove and had to amend my comment appropriately, apologies.

Edited by I want a house!

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If all HPCers (the real ones anyway) would do what I do, go about making offers 20-30% under the asking price, then asking prices would tumble.

"A little less conversation, a little more action please" - E Presley

I bid £110,000 for a £129,995 semi last week.They said £112, I said £111,they said yes. Simples.

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  • 294 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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