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leefam83

Reduced Price, £30 K Without Batting An Eyelid

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I'm in no mood to buy , but our landlady gave us notice last week. To appease the wife I said I'd "look" at a property around the corner . She had viewed it and said it ticks most of our boxes so off I went.

This was up for £570k now reduced to £529 , 950. I told the agent it was overpriced etc and would consider it at £480 k. Off I went and thought no more of it

Just had a call from the agent. They will accept £499,950 . Obviously thinking I would be tempted because of the reduced stamp duty etc. Wrong !

I live in West End , Woking, Surrey. Has anyone heard of similair reductions in the area ?

I'm really just testing the water , but found this a very easy negotiation.

I'm older than most of the FTB ers on here , but £30k is still a fortune to me. £30k !!!!

Are things starting to happen , I realise of course that this is wishful thinking on my part but this is hot off the press £30K in Surrey !!!!!!

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Guest Baffled_by_it_all

Er, 30K is a fortune to you but you're looking at 520k houses.

How much do you earn?

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Also, it's easy to knock 30k off the asking price for a house if you put 100k on there in the first place...

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I'm in no mood to buy , but our landlady gave us notice last week. To appease the wife I said I'd "look" at a property around the corner . She had viewed it and said it ticks most of our boxes so off I went.

This was up for £570k now reduced to £529 , 950. I told the agent it was overpriced etc and would consider it at £480 k. Off I went and thought no more of it

Just had a call from the agent. They will accept £499,950 . Obviously thinking I would be tempted because of the reduced stamp duty etc. Wrong !

I live in West End , Woking, Surrey. Has anyone heard of similair reductions in the area ?

I'm really just testing the water , but found this a very easy negotiation.

I'm older than most of the FTB ers on here , but £30k is still a fortune to me. £30k !!!!

Are things starting to happen , I realise of course that this is wishful thinking on my part but this is hot off the press £30K in Surrey !!!!!!

If they came to you at £500K and you offered £480K, there is still room to manoeuvre, why not try it so that your total exposure is £500K (i.e. they pay stamp duty (discount of £15K from that price) and see how low you can limbo.... [also some sellers need to sell, I took £75K out of my seller as he told me he had already exchanged on the one he was buying even before I made an offer.....]

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Er, 30K is a fortune to you but you're looking at 520k houses.

How much do you earn?

Like I said , I'm a bit older than the average poster and worked in the Middle East for a long time. I've earned my crust.

I now earn an average salary in the South East

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Er, 30K is a fortune to you but you're looking at 520k houses.

How much do you earn?

Does not matter, it's what he can afford. If he's got £400K banked, what's the problem. If he's on £150K a year, again, no problem.....

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Would you have gone ahead with the purchase if they had accepted £480k?

Not sure, as I said I was testing the water. The house doesn't tick all of the boxes and i'm hanging in for the interest rate rise

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You have obviously had your eye on the property, or your wife has. Do you think that the EA was being over the top by putting a high valuation on the property to get the vendor to use that agent?

How does the asking price compare to other similar properties currently for sale or to properties recently sold on that street (houseprices.co.uk)? That I think would be very intersting.

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I'm in no mood to buy , but our landlady gave us notice last week. To appease the wife I said I'd "look" at a property around the corner . She had viewed it and said it ticks most of our boxes so off I went.

This was up for £570k now reduced to £529 , 950. I told the agent it was overpriced etc and would consider it at £480 k. Off I went and thought no more of it

Just had a call from the agent. They will accept £499,950 . Obviously thinking I would be tempted because of the reduced stamp duty etc. Wrong !

I live in West End , Woking, Surrey. Has anyone heard of similair reductions in the area ?

I'm really just testing the water , but found this a very easy negotiation.

I'm older than most of the FTB ers on here , but £30k is still a fortune to me. £30k !!!!

Are things starting to happen , I realise of course that this is wishful thinking on my part but this is hot off the press £30K in Surrey !!!!!!

If my calculations are right then the 30K reduction is about 6% off asking price. I believe that's about the average figure at the moment.

Believe me I'm not at all belittling your efforts but I would see how far you can push it. 10%? That would give us a little bit of insight into how soft the market is right now.

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Guest Riser

Does not matter, it's what he can afford. If he's got £400K banked, what's the problem. If he's on £150K a year, again, no problem.....

Thats exactly the problem with Todays market, people only think about the size of repayments on the mortgage rather than taking into account the interest or nvestment opportunities they will be missing out on by having £400k tied up in a single asset which is likely to depreciate in value!

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If my calculations are right then the 30K reduction is about 6% off asking price. I believe that's about the average figure at the moment.

Believe me I'm not at all belittling your efforts but I would see how far you can push it. 10%? That would give us a little bit of insight into how soft the market is right now.

I suppose the point I'm making is that it was up for £570k recently. The £30k I'm on about is only from my viewing / maybe offer.

The house is over valued IMO , but so is everything else. I've not heard of similair reductions in Surrey hence my post

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Thats exactly the problem with Todays market, people only think about the size of repayments on the mortgage rather than taking into account the interest or nvestment opportunities they will be missing out on by having £400k tied up in a single asset which is likely to depreciate in value!

You are assuming he wants an investment, I guess he's relatively comfortable with having enjoyed the Middle Eastern tax rates (or it's Osama looking to move to Surrey) so it's wind back a bit and enjoy the life and you would rather do that in a nicer house than a hovel next to a crack den (or is that just central Woking ?). Your logic is of course right, but most people want a nice house to live in as much as they want to make wonga.

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You originally offered a 10% reduction which is what I'd do if I was buying (which I'm not) I'll buy in when prices have dropped 20% and I can offer 10% below i.e. I'll buy at 30% below todays prices! :rolleyes:

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£70k is just over 12% of the original (£570k) asking price, so while it's a big number, it's hardly sale of the century stuff is it?

If someone obviously needs to sell, I would have thought the rule of thumb would be to market the property at 10% more than they'd accept, surely. Being close to a stamp threshold will make negotiation easier, but I wouldn't have thought there's much more to come off.

Any idea what it previously sold for?

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I'm in no mood to buy , but our landlady gave us notice last week. To appease the wife I said I'd "look" at a property around the corner . She had viewed it and said it ticks most of our boxes so off I went.

This was up for £570k now reduced to £529 , 950. I told the agent it was overpriced etc and would consider it at £480 k. Off I went and thought no more of it

Just had a call from the agent. They will accept £499,950 . Obviously thinking I would be tempted because of the reduced stamp duty etc. Wrong !

I live in West End , Woking, Surrey. Has anyone heard of similair reductions in the area ?

I'm really just testing the water , but found this a very easy negotiation.

I'm older than most of the FTB ers on here , but £30k is still a fortune to me. £30k !!!!

Are things starting to happen , I realise of course that this is wishful thinking on my part but this is hot off the press £30K in Surrey !!!!!!

Very tricky to try and sell somewhere just over the stamp duty threshold so not a complete shock they were ready to negotiate.

Also remember that at this price level a 10k reduction makes no difference whatsoever, so you have to look at bigger reductions. £30k off at £530k is only about 6%.

If the price is very high to start off with - the bigger reduction needed to make the price competitive and not necessarily an indication things are starting to happen. (I'm not a million miles from you and have had a very good start to the year)

PS - is it the one on with Carsons?

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You are assuming he wants an investment, I guess he's relatively comfortable with having enjoyed the Middle Eastern tax rates (or it's Osama looking to move to Surrey) so it's wind back a bit and enjoy the life and you would rather do that in a nicer house than a hovel next to a crack den (or is that just central Woking ?). Your logic is of course right, but most people want a nice house to live in as much as they want to make wonga.

I agree 100% , but at 50 you want to make sure it's the "right " house. I've made my mistakes in the past and hope Ive learned something .

I'm no Osama , and no investment genius either, but there's something almost tangible in the air right now, making me hesitate before taking the plunge again.

My problem is telling the wife I dont want to buy anything just yet which is no problem at all when compared to what all you young FTB's are going through.

Very tricky to try and sell somewhere just over the stamp duty threshold so not a complete shock they were ready to negotiate.

Also remember that at this price level a 10k reduction makes no difference whatsoever, so you have to look at bigger reductions. £30k off at £530k is only about 6%.

If the price is very high to start off with - the bigger reduction needed to make the price competitive and not necessarily an indication things are starting to happen. (I'm not a million miles from you and have had a very good start to the year)

PS - is it the one on with Carsons?

Yes , Carsons

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Guest Fiddlesticks

I would guess the oroginal £570,000 was just a try on. The market at the level of this house is quite distorted by the £500k stamp duty threshold. If they put it on at £550k they would very likely get bargained down to £499k. So they decided to push their luck at £570k. They must have realised that they weren't going to get away with it, so resigned themselves to a sale at £499k (which what an asking price of £530k implies).

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I know two people who have bought this year. Each went in at least 20% below the current asking price. One guy is a first time buyer - paid £195k for a flat that was on at £239. The other is a friend with a large family - they bought a 6-bed house with 1.5 acres near Taunton that started out and reduced as follows: £850->840->825->795-> they offered £625k :lol: and got it for £640k (19% off last asking price, 25% off original) AND the previous owner threw in a knackered old Land Rover and a fancy Kubota garden tractor as part of the deal. The place does need some work though.

I have a business contact who sold near Cirencester late last year - and got £1.4m (asking £1.5m!). They turned down many "silly" offers... yet he tells me that they are demanding 20% off anything they look at as a matter of course (they want to move to Devon) - he says "when you're spending that much you expect to get a discount!" Funny how double standards come in the moment you switch from seller to buyer!

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ISV, TV,

the problem is that's not happening everywhere, near me (less than 10miles from the original poster). almost everything properly saleable (i.e. not a wreck) is selling quickly at good money (which would tend to indicate it's near asking).

the second one down went u/o in a weekend (it's about 3,000 sq foot)

http://www.moveto.co.uk/resultssaleslink.a...48&PageNumber=4

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Well things are going south near here. Some low-end examples (just from one block):

Started at £155K, went to “offers over £152K”, now £149K. On the market since August 2005 me thinks.

http://www.rightmove.co.uk/viewdetails-115...pa_n=1&tr_t=buy

Same as above only now at £149.5K. Roughly same time on the market.

http://www.rightmove.co.uk/viewdetails-500...pa_n=1&tr_t=buy

Went on sale just this week for £145K.

http://www.rightmove.co.uk/viewdetails-118...pa_n=1&tr_t=buy

I expect asking prices to gradually go below £145K before the end of June.

Offers are even lower: Sale in Feb at £137.5K, same block.

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ISV, TV,

the problem is that's not happening everywhere, near me (less than 10miles from the original poster). almost everything properly saleable (i.e. not a wreck) is selling quickly at good money (which would tend to indicate it's near asking).

the second one down went u/o in a weekend (it's about 3,000 sq foot)

http://www.moveto.co.uk/resultssaleslink.a...48&PageNumber=4

Would agree with this - anything sensibly priced selling well. If price is too optimistic buyers don't want to know.

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Well things are going south near here. Some low-end examples (just from one block):

Started at £155K, went to “offers over £152K”, now £149K. On the market since August 2005 me thinks.

http://www.rightmove.co.uk/viewdetails-115...pa_n=1&tr_t=buy

Same as above only now at £149.5K. Roughly same time on the market.

http://www.rightmove.co.uk/viewdetails-500...pa_n=1&tr_t=buy

Went on sale just this week for £145K.

http://www.rightmove.co.uk/viewdetails-118...pa_n=1&tr_t=buy

I expect asking prices to gradually go below £145K before the end of June.

Offers are even lower: Sale in Feb at £137.5K, same block.

TV, those are pretty digusting. I think I'd rather live in the student accomodation in Maple Bank. I think the point people are making is that quality property is getting offers, overpriced undesireable property is not.

Having said that, if the one that started at £155 goes for £137.5, they're still within 12% of original asking, and looking at them, they probably could have been bought for less than £100k 4 years ago!

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1. The house must be well over priced otherwise the vendors would be inundated with offers.

2. The vendors may have the opportunity of a lifetime (in their eyes) and so a £30k loss is worth while.

3. They may have knocked the vendor of a new home by more than £30k.

Probably 1 though. Any houses over £400k don't stay on the market for long where I live in Berkshire.

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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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