What % reduction did you get from buying your property?

First house: 3%
Second house: 13%

First house was a mistake, we actually made a loss on it due to the market crash and part-exchanging. I think we overpaid and would have lost less money if we'd chosen better. Back then prices were rising and we didn't want to miss out but in hindsight I'm sure we could have got it cheaper, it'd been on the market a while and had a quirky layout (downstairs bathroom, staircase off the kitchen). At the time we didn't mind because we liked it and thought we'd live there a lot longer than we did.

You live and learn.
 
Haircut said:
You mean something almost exactly like the Hometrack link I posted in the other thread?

Link: http://www.hometrack.co.uk/commentary-and-analysis/house-price-survey/20110127.cfm
Click to expand...

Ah, yeah:

% of the asking price being achieved
Nov-10 92.4 (-7.6%)
Dec-10 92.1 (-7.9%)
Jan-11 91.9 (-8.1%)

asking_price.png
 
Our place was originally up for £275k, then it was dropped to £235k 4 months after it had been on the market. We offered £200k after another 3 months or so on the market and eventually we all settled on £218k. The house needed a new consumer unit and kitchen wiring, about 15 new sockets in the rest of the house to make it 21st century compatible and decorating all over.

Offer was accepted in March 2009, We actually signed the contract and paid for it on November 26th 2009. House would now sell for £250k and the market is still in the mire.

All in all we got it for 20% less than the original asking price and 8% less than the asking price when we offered.
 
Last edited:
Haha, just re-read my post from yesterday which I made in a hurry. Yes indeed 10% was an original offer, not 20%.

I think atm 10% is reasonable although if you can get more then more power to you. I guess it depends on how urgent others want out and what a decent estimation of the property is worth.
 
Knubje said:
I guess it depends on how urgent others want out and what a decent estimation of the property is worth.
Click to expand...

Also I think it depends on how much works needs doing to it and the buyers ability to do it themselves. While I'll buy a place that needs a lot of work doing for 200k someone else might not go near it for 180k because they cant do the work themselves.

Our house needed some plastering done, a boiler moved, a doorway studded up, and some wiring done as well as all the decorating and kitchen fitting. Because I was comfortable doing some of that and had the time (shift work) I saved a fortune on having to pay other people to do it all.
 
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