How much to Offer ??

[russ]

Hello All, Please move this post if it is in the wrong forum, hopefully somebody will see it and respond however,

So, currently private renting (£625p/m), my ex bought me out last Nov so i have chunky deposit, i was going to wait and wait until house prices had hit rock bottom all the while saving additional in high interest account, which in a optimistic 5 year plan could buy me a house outright.

However, I saw a house on Thurs with £20k / 10% discount, piqued my interest, turned out to be too small, ex rental, not much upkeep or upgrades, needed money spending to make it open plan

Saw another today today in the next village to gauge the market, felt spacious but old and not right for me

Also saw the house next door to the discounted one. feels right, I want to make an offer, It was originally built Feb 2007 - sold for £156.5k, listed May 2015 159,950 - sold Oct 15 - 150k, listed again July 18 - £165k, now originally listed at £210k down to Offers in the region of £200k, 

I sounded the vendors out, they had been offered £170 k and buyer was moving up in grands.

I feel like offering a low ball £175k based on 3.3% compound growth on the vendors previous purchase price

 

[ChrisSussex]

175k is a 15% discount on 200. Worth a try, they might be desperate to sell and factoring in atleast a 10% drop in prices seems reasonable - given that we might be on the edge of the biggest drop in house prices in history I dont think asking for a big discount is unreasonable.