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Length Of Time On Market

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Hello

I am a first time buyer. I was sale agreed on a house and had a mortgage approved but the house came back with quite serious structural issues so I pulled out. My limit for a mortgage is £60k. I am now in the process of trying to find another house and a few around the £70 - 75k mark caught my eye. I did some further research on them and have seen that three on at £75k have been on for more than a year - in one case 18 months. How much leverage does length of time in the market give you, if any, when offering on a house?

In terms of me, I am chain free and my last mortgage application was approved which I know is seen as advantageous to some sellers. I was told surprisingly by one estate agent that in the current market "No one tries to sell unless they have to". What do you reckon the chances are of getting them down?

Thanks in advance

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Zero chance if they have no equity. A very good chance of getting a reduction if they do have equity.

Ask the estate agent how much the outstanding mortgage is, they will know. ou can then make an offer based on that.

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Zero chance if they have no equity. A very good chance of getting a reduction if they do have equity.

Ask the estate agent how much the outstanding mortgage is, they will know. ou can then make an offer based on that.

I didn't think the estate agent would have known what the mortgage is, only maybe a lowest offer they will take. There are about several properties on for sale in the two streets, all on for around the same price, but I know that two of them have definitley been on for over 12 months, one with a drop from 84k and one with a drop from 79k.

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I am in Northern Ireland, our land registry doesnt show the price the house was last purchased at. I'm trying to find out how I can see this.

The NI forum on this site would be able to provide more 'localised' info if you wanted to repost.

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The NI forum on this site would be able to provide more 'localised' info if you wanted to repost.

Thanks for that, I got the info that I needed.

I guess it doesnt hurt to put an offer in. All they can do is say no. I think this is a case of FTB naivety, but I'm at a loss to why they are still on. The area in particular has about ten houses up for sale in two back to back streets, all for around the 75k mark. Surely if one has been on at this price for 18 months and hasnt had an offer on at any stage then you would reduce the asking price and swallow the loss. Easy for me to say, I guess as I'm not the one trying to shift it. Just the one trying to get it cheaper!

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  • 338 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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