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Are You Making Offers? If So, At What % Off Asking Price?


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We bought about 3 years ago and I recently had a look on Rightmove and there were a couple of houses still for sale that we looked at 3-4 years ago (4 bed detached Solihull) at the same price from what I remember. One in particular I was very keen on but the estate agent said they wouldn't accept much off asking price. I suppose it all depends on how motivated the seller is at the end of the day.

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How do you calculate this on average? use sold prices and rightmove floor space? Surely this is rather laborious?

Do you do it by category and postcode? Would have thought it varies a lot.

The areas we are looking at are quite specific, I save details of all properties that come on the market in these areas over a certain price threshold. When they go under offer I add them to my spreadsheet. Address, starting price, reduced price, floor area, comments. Then when the LR is updated calculate % off initial and % off final and price per Sqm. It is a bit laborious but not that much due to the small number coming up. As I say been doing the sheet since 2010 as a suggestion form someone on here actually. Been saving electronic details much longer.

The spreadsheet must be about 400 lines or so, of which only about 5-10 properties would have been of interest to me. Obviously large plots etc will make a difference. Also don't count Sqm of garages etc.

I haven't gone as far as post codes etc, but have a good memory so have a scan of the sheet for comparables. One thing I forgot to add was price for really bad condition, that seems to be about £2500 per Sqm (as in uninhabitable).

It does vary but the categories I posted of average, good village and prime spots do seem to give a good indication. In the past this was the way agents valued property, but now I think they just make it up, or look to see how disappointed you are when they give you a price lol then up it!

As everything it's just a guide but its better to be informed than not....I guess a lot of people on here are analytical so would like this approach, but as ever not everything conforms to rules or averages so I might still get it wrong :(

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The areas we are looking at are quite specific, I save details of all properties that come on the market in these areas over a certain price threshold. When they go under offer I add them to my spreadsheet. Address, starting price, reduced price, floor area, comments. Then when the LR is updated calculate % off initial and % off final and price per Sqm. It is a bit laborious but not that much due to the small number coming up. As I say been doing the sheet since 2010 as a suggestion form someone on here actually. Been saving electronic details much longer.

The spreadsheet must be about 400 lines or so, of which only about 5-10 properties would have been of interest to me. Obviously large plots etc will make a difference. Also don't count Sqm of garages etc.

I haven't gone as far as post codes etc, but have a good memory so have a scan of the sheet for comparables. One thing I forgot to add was price for really bad condition, that seems to be about £2500 per Sqm (as in uninhabitable).

It does vary but the categories I posted of average, good village and prime spots do seem to give a good indication. In the past this was the way agents valued property, but now I think they just make it up, or look to see how disappointed you are when they give you a price lol then up it!

As everything it's just a guide but its better to be informed than not....I guess a lot of people on here are analytical so would like this approach, but as ever not everything conforms to rules or averages so I might still get it wrong :(

EAs don't have to make it up. When you've been looking at the market for so long you get a feel for what the price should be. I have been looking at my area for 5 years plus and I can value the properties in my area to within 20% or so without having to go through calculations (that's "normal" properties of course, huge ones are more difficult).

If I can feel like this after spending a couple of hours a week looking at the market then an ea who spends a few hours a day and is constantly looking at places then they must be much better at it.

My guess is that ludicrous asking prices are normally dictated by sellers rather than eas.

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How do you calculate this on average? use sold prices and rightmove floor space? Surely this is rather laborious?

Do you do it by category and postcode? Would have thought it varies a lot.

I do this and it is laborious. It doesn't take that much work to get a good feel for it though. And has the unfortunate side effect of turning you into something close to and estate agent. I've been thinking about automating it but it would take a bit of work.

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I do this and it is laborious. It doesn't take that much work to get a good feel for it though. And has the unfortunate side effect of turning you into something close to and estate agent. I've been thinking about automating it but it would take a bit of work.

I do this and it is laborious. It doesn't take that much work to get a good feel for it though. And has the unfortunate side effect of turning you into something close to and estate agent. I've been thinking about automating it but it would take a bit of work.

:unsure:

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Great thread.

I'm in Worcester and asking prices are all over the shop. Most new listings hit rightmove at silly prices.

We've probably going to leave buying for another year at least. We realised that we currently have quite an easy life. Committing ourselves to 25 years worth of repayments that are more than our rent just seems like madness.

If we were still living in the South East we might be saying something else. We had a horrid time in private rented down there.

I think more people should focus on getting out of the rat race of having to work a job you hate to service some debt that you racked up.

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Great thread.

I think more people should focus on getting out of the rat race of having to work a job you hate to service some debt that you racked up.

Over the last 20 years, my rent has always cost me about 50% of the amount of an IO mortgage on an equivalent property, for which I could have afforded the mortgage. Each month I put the difference aside. Theoretically, I now have ~ 20 years of rental ahead of me already paid for. Could always use the cash to buy.

I simply can't understand the logic behind taking out a loan on an overpriced asset.

Edited by LiveinHope
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Yes. Though it took some threats etc, and the various solicitors thrashing things out. Got the sellers to move into rented / storage as originally agreed (though about 3 weeks late). She is still at least 4-6 weeks away on her purchase but she realised that we were walking if she didn't move pronto. I decided in the end to stick with the house as you have to keep a level head and do the best for yourself and not cut your nose off to spite your face. By the end of the process her solicitor and estate agent were glad to see the back of her. Apparently she would regularly ring them up and rant at them. Later she would call and be as nice as pie. A real loony by all accounts. The husband was well shot of her IMHO.

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Yes. Though it took some threats etc, and the various solicitors thrashing things out. Got the sellers to move into rented / storage as originally agreed (though about 3 weeks late). She is still at least 4-6 weeks away on her purchase but she realised that we were walking if she didn't move pronto. I decided in the end to stick with the house as you have to keep a level head and do the best for yourself and not cut your nose off to spite your face. By the end of the process her solicitor and estate agent were glad to see the back of her. Apparently she would regularly ring them up and rant at them. Later she would call and be as nice as pie. A real loony by all accounts. The husband was well shot of her IMHO.

Well done. It seems that you have been seeing the same trend as me. Very frustrating the southeast!

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I do this and it is laborious. It doesn't take that much work to get a good feel for it though. And has the unfortunate side effect of turning you into something close to and estate agent. I've been thinking about automating it but it would take a bit of work.

I've started calculating floor space after reading and posting in this thread, but I've got a problem

Some agents seem to include garages, others not. Some include bathrooms upstairs but exclude downstairs cloaks.

So one house I'm looking at comes up as c.122m excluding a double garage, excluding utility, cloaks, hallway, landing.

But here's the kicker

the EPC gives total usable space as..... 87m!!!!

from epc wiki:

The total floor area is the area contained within the external walls of the property. The figure includes internal walls, stairwells and the like, but excludes garages, porches, areas less than 1.5 m high, balconies and any similar area that is not an internal part of the dwelling

What's going on here?

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I've started calculating floor space after reading and posting in this thread, but I've got a problem

Some agents seem to include garages, others not. Some include bathrooms upstairs but exclude downstairs cloaks.

So one house I'm looking at comes up as c.122m excluding a double garage, excluding utility, cloaks, hallway, landing.

But here's the kicker

the EPC gives total usable space as..... 87m!!!!

from epc wiki:

The total floor area is the area contained within the external walls of the property. The figure includes internal walls, stairwells and the like, but excludes garages, porches, areas less than 1.5 m high, balconies and any similar area that is not an internal part of the dwelling

What's going on here?

Lying, from what I can tell. I wonder whether ea's simply multiply max width by length even if there's a recess in the room.

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I've started calculating floor space after reading and posting in this thread, but I've got a problem

Some agents seem to include garages, others not. Some include bathrooms upstairs but exclude downstairs cloaks.

So one house I'm looking at comes up as c.122m excluding a double garage, excluding utility, cloaks, hallway, landing.

But here's the kicker

the EPC gives total usable space as..... 87m!!!!

from epc wiki:

The total floor area is the area contained within the external walls of the property. The figure includes internal walls, stairwells and the like, but excludes garages, porches, areas less than 1.5 m high, balconies and any similar area that is not an internal part of the dwelling

What's going on here?

Clarification. I am pretty sure the agent's mesurements are pretty accurate. Should we be treating EPCs with caution. I know they are criticised for the accuracy of the energy information, but I know that HPCers use the area calcs. This could be a problem.

To reiterate. I am pretty sure the 120m is accurate. EPC gives 87m.

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Apart from the last sentence, that could have been written by me.

:lol:

If you want to use the benefit system to underpin your mortgage, be my guest. There are plenty of benefit scroungers, one more makes little difference.

Sorry BB but I think that was unnecessary, and an over-reaction. I don't remember if the duke has a family or not, but if he does, I think it's understandable that he is worried about job security. And given the fact that our welfare system is totally perverted, and perverting, his concerns are not totally unreasonable, or clearly unethical, IMPO. Lots of grey areas here.

Edited by Tired of Waiting
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Sorry BB but I think that was unnecessary, and an over-reaction. I don't remember if the duke has a family or not, but if he does, I think it's understandable that he is worried about job security. And given the fact that our welfare system is totally perverted, and perverting, his concerns are not totally unreasonable, or clearly unethical, IMPO. Lots of grey areas here.

You are entitled to your opinion, as I am to mine.

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After 2 years of looking in Edinburgh, recently had offer accepted at 20% off initial asking price, and 10% off reduced "offers over" price.

House had been on market for almost as long as I'd been looking, with almost no viewers despite being a highly desirable property.

Over the two years, I saw many properties languishing but also saw some sold at prices way above what I would have paid - one in particular shocked me - a probate sale of a nice house priced at maximum but in very poor condition went for above asking price.

I found few properties I liked, offered on even fewer, always at 10-20% off - many sellers were in dreamland - time was the best negotiator but I consider myself lucky to have finally bought.

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  • 415 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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