I’d be willing to put money on the said property easily selling within a month, regardless of whether we buy. It’s absolutely mental!

Surely if that’s the case, then they aren’t asking over the market value? If its going to sell that quickly then the market has determined that, at this point in time, that is a reasonable value for the house. Whether you think the market will stay at that value over the next 5 years is another matter, if you don’t think it will then you need to find somewhere that either is underpriced on the current market, or is not in that part of the market that you feel is currently inflated.

We paid £36,000 for our 3 bedroom detached house and it seemed like an awful lot at the time, but it was 1984 😆

My flat in leith was expensive comparatively – I ad been renting it and asked the landlord to sell – he said ” make it worth my while” – I probably paid 5% over the odds for it

Just had an offer accepted for 15k less than the asking price. I’m satisfied that it’s a pretty fair deal all round, so we’re chuffed 🙂

Offer what you think it’s worth to you…that’s what everyone else will be doing.

If it’s genuinely over priced, then most offers would be around the market value.

Value of any item is not fixed.

A house is “worth” what somebody is prepared to pay for it.

In the same way that a cycling top you would pay £10 in the sale is “worth” £10, not the £40 RRP you would never have paid for it !

If you paid £150,000 for your house, then that was the exact value of that house at that time, as that was what you were prepared to pay for it.

Cheers folks. It’s actually got some great trails in a quiet little wood 30 secs from the front door, so all in it’s a winner. Despite it being 20k more than the vendor paid for it 18 months ago, in the grand scheme of things I think it’s what we had accepted was a solid deal in the current local climate.

Fingers crossed completion goes smoothly. Any tips for a first time buyer with regards to solicitors, etc?

First time buyer here as well. It’s 4 weeks tomorrow since we put the offer in and things aren’t going too bad. Our mortgage was arranged via a financial advisor and he’s been worth his wait in gold. He has sorted all the mortgage out, offered advice at silly times of the day and made the process of getting the mortgage far smoother than expected. At £245.00, he’s excellent value for money.

We chose a solicitor local to the area where we’re buying the house, they are also just down the road from the estate agents so everyone knows each other so hopefully that will help things go smoothly. They were recommended to me by a colleague and so far they seem pretty good. We’re paying £450 for their time + search fees.

Be ready for all the doom and gloom regarding the survey and the ‘problems’ that are found. We were told there was damp and consequently the lender is withholding £1k. We got a specialist damp survey done and sure enough there is no damp! Expect the survey to say there is a problem with one of the following: Damp, Electrics, Drains, Structural issues or the plumbing.

I reckon it will be at least another 6 weeks until we exchange and there is no chain.

Some good advice on this thread. I’m looking at a place thats on the market at “Offers in the region of £110k” Friend says offer £95k. Place is nice and what I’m looking for, rural area and ‘desirable’ I think.
Reasonable offer in the current climate??
Apologies for going off topic to the OP!

It wasn’t near a stamp duty threshold was it, might have paid extra for the fixtures and fittings maybe?