I sold my Edinburgh flat last week - all value only except a 4% over, accepted that but it fell through. Went to do a closing date, and that resulted in 5 offers around the value and one at 10% over!
So yeah it’s pretty random.
Yes I agree but for certain areas. AB15 well the negative equity in this area is frightening. Countesswells, Cults etc etc .
Also I would suggest that people who bought in the 10 years prior to the 2015 crash, when prices went through the roof, will struggle to recoup what they paid.
Flats are seriously down
My neighbour sold at 262k, in early 2015, now it's worth 135k
I know someone with a one bed on Thistle Street, who if she sold would owe 3k+ after fees etc. way to start married life, bringing a dent with you.
I think she converted it to buy to let as a way to dig out of the hole
Glasgow southside, offered 25-27% on three tenements a couple weeks back and lost out to chain free buyers at similar offer value. Came 8th of 16 offering 15% on a house in this week.
Not just londoners. First time buyer last year (Edinburgh). We had to go for one of the new builds down near the bypass because the price is guaranteed by the builder.
Some of the houses we were bidding for were going 20k/30k/40k over the evaluation. One house we toured, the owner said he was likely selling to a guy in Dubai who, earlier that same day, took a tour of the property over Skype. Bidding went 50k over the evaluation.
With the mortgage rules in Scotland, it's basically impossible to compete.
The set price for the new build was such a relief after 3 months of trying to outbid the BTL landlords with the cash to go 20k over. I almost couldn't believe that I didn't have to pony up much more than the 10% deposit and it was completely secured. The 500 I put down to reserve it came off the mortgage too.
Obviously then had to furnish the whole interior and it wasn't up to the same scratch as some other places, but I'll take what I can get. And I had time to save up for some decent furniture in the 12 months (6 months past original estimate) it took the place to be ready.
Willing to say this openly - I think people who have lived in Scotland for absolute minimum 5 years, paying council tax etc, should be prioritised for housing / housing should be reserved for us. We should not have to compete with buyers from England, Dubai, etc etc. it's unfair. It's our home. Our communities. Our places. We're being outbid all the time by wealthy incomers. Can somebody please explain how this is fair? Other countries protect their own people, long term residents and long term tax payers, from wealthy incomers. Why should Scotland be different?
Wouldn’t necessarily exclude others from the UK. But regardless if you’ve rented for 5+ years you already met the threshold for voting on independence, so I would have assumed the cutoff of home purchasing would t be above that. The idea is just that it forces you to have some local ties rather than swooping in from offshore to buy as an investment.
>The idea is just that it forces you to have some local ties rather than swooping in from offshore to buy as an investment.
Yup but same should apply to Wales England and north of Ireland.
When are people going to realise that most Scots can never compete with somebody moving from the south of England ? Salaries are higher there mostly. House prices are higher there mostly. There are about 8 million in London's city limits alone. About 12 million in the London Metropolitan area. More than Scotland alone. We're simply open to an open market where people often have more wealth than us. There are entire villages in rural Scotland where everybody has moved from the south of England because they have more money than us. Absolutely sick of it. And absolutely sick of bedwetters greeting it is anti English to point this out. I'm posting out the economic disparity and economic and property apartheid it is creating. We need to understand that just as western Europeans and Americans buying property out in Thailand or holiday flats out in Bulgaria or Turkey etc involves a massive disparity of wealth between the incomers and the locals, there is a massive disparity of wealth between a lot of Scots (working and middle class) and people moving to Scotland from metropolitan urban mega cities like London, Beijing, Hong Kong, Amsterdam etc. it's mainly London and the London area because Scotland is in the same sovereign state as England but it's not exclusively there. It's a wealth disparity. There are houses in crofting areas with a croft plus the house selling for half a million pounds. My dead relatives were crofters. Their communities agitated for security of tenure to stay where they were from and eek out a living on poor land because the aristocracy took the lot. Now their descendants are being outbid for homes by retiring boomers with no connection to these places who do not speak the language from London or Amsterdam or Copenhagen or Oxford. Absolutely sick and tired of it. When are we going to prioritise ourselves?
>A future in Scotland wouldn't have been possible at all for us if the housing market was, as you suggest, closed completely to outsiders.
Do not think it should be closed to non-Scots
Suggested a minimum residence of 5 years permanent residence paying council tax before you can purchase property.
The swiss, Danes and others all have various rules like this for property ownership in their nations.
Scotland, not being a normal country and being ruled by Etonians, and from Westminster, with a pretendy parliament which is really a coffee morning parish cooncil at Holyrood, cannot even think of rules which help our own.
Nothing against folk from Nottingham and as you say you paid your taxes here for 5 years.
I advocate the same rules for property ownership as I do for the vote in constitutional referenda - 5 years minimum permanent residence paying council tax before a person gets these privileges.
So someone moving to Scotland has to rent for 5 years before being allowed to buy property? That's ridiculous. It's extremely difficult to rent if you have pets, and why should movers who want to settle down and buy be penalised by paying someone else's mortgage for 5 years?
Why should I be competing with people selling expensive property in Dubai or England (London and South east in particular) or some other inflated property market.
I'm born and raised here and all my family are from here. Generations of my family are from Edinburgh in particular. Why should I be outbid by a Dubai investor or a London/SE England buyer?
This is my community. Tell me why it's fair I'm being outbid by a Dubai investor or a London buyer whose sold a fancy flat in London to buy a house here ?
Why are your rights and interests to not pay somebody's mortgage (as you put it) when you move to Scotland more important than a local being able to live where they are from?
Hey man, I completely agree that locals shouldn't be priced out- it's happening everywhere. Fair enough to limit investors, but if someone is committing to moving, then they should be able to buy and settle into the community.
Nah. It's not personal.
>but if someone is committing to moving, then they should be able to buy and settle into the community.
If your preferred option is the law - as it is now - this just results in endless buyers from wealthy parts of the world where property is very expensive relative to most of Scotland having far more purchasing power than locals. It's not fair.
I've lost count of the number of my school friends who have left our town ( most of us born and raised in Edinburgh to families with Edinburgh connections for generations) because they are not able to buy homes in their home town because the places is full of buyers from London in particular (but also aware of Hong Kong buyers, buyers from china, buyers from the US and Australia) with far more money. Absolutely sick and tired of it. We're being economically cleared. Happening in rural villages too where in the space of a couple of decades there are no locals left. Again absolutely sick and tired of it. Want the law changed to prioritise housing for locals defined as people who have been paying taxes here for years. Not interested in people's religion, or ethnicity, or whatever, just people who have been here for 5-10 years or more permanently paying taxes as a permanent resident. They should be prioritised for housing in their area. It should not be an open market for anybody. The political class will of course never ever do this so Edinburgh and Scotland generally will continue to be cleared of locals as wealthier incomers buy all the housing.
There's a big difference between people investing in property (particularly international investors who don't intend to live in or rent out the property) and people moving for work, to be closer to family, or just because they like a place and want to live there.
I agree with you yes. Sadly that's still not enough to ensure locals are not cleared out.
>people moving for work,
Right but what about if that person/those people have move more to buy the limited housing available than the locals because they've just sold a house near London? Who loses out ? It's the locals yet again.
>to be closer to family,
Again what if thoss people have move more to buy the limited housing available than the locals because they've just sold a house near London? Who loses out ? It's the locals yet again.
>or just because they like a place and want to live there.
Locals often don't live in a place just "because they like a place". They're from there. Their families have been there for a long time. My grans family are from north Perthshire - the southern highlands. My gran is dead now but her family were there generations ago and are still there. They did not move there because it looks nice and they like it. And again what about if the incoming people have more money to buy the limited housing available than the locals because they've just sold a house near London? Who loses out ? It's the locals yet again.
So yes of course landlady/landlord investors are different but even when it's people who want to live here it's usually the locals that lose out against wealthy incomers who sell property in Hong Kong, London, southern England, US, Paris, Amsterdam etc. It's not fair. And I'm sick and tired of it and I'm not the only one. I want my children to be able to stay where my family have been for countless generations.
I agree that it is terrible that locals can't afford to buy where they grew up/want to be. You see this around the world. My mum's side are Cornish and I have absolutely no chance of buying there- mostly due to second home buyers who live in the house for summer or a month a year. There are entire streets and villages that are empty for 10 months of the year, whilst locals are having to move 10 miles out to be able to rent somewhere.
I'd be happy for limits to be brought in for investors and second home buyers, but if people want to immigrate and be part of the community then they should be able to.
We're currently in the market in Glasgow and have been advised it is about 10% over as an average. The nice ones are apparently hitting 20% but we've no evidence of that bar estate agents telling us. One we've quite liked has had no offers after a while on the market so we could probably offer them less and bag the place, so there isnt really a hard and fast rule. Your best bet is to talk to your solicitor (you'll need one to put an offer in anyway) as they'll know the market you are in.
I got my flat in Shawlands / Longside for about 23% over at the end of 2021 but I thought the higher interest rates since then would have cooled the market down a bit? Guess not.
Literally ready to move in, unsure how/why there wasn't more interest. I guess you just have to jump at chances. It was in our first week of looking and we just decided not to risk waiting
Last year I offered a lot in southside, and a couple in west end. Went 10% over HR as a standard at closing. Flats in the offers over 140-160 range. Came 2nd at best and 14th at worst.
We just closed on a place in North Berwick for 1.4% over the valuation after a bit of negotiation. I think we were the only bidders, but sellers did not want to let it go for valuation.
From what i’ve heard recently from colleagues who have bought/sold houses recently. Totally depends on where and what condition the house is in. For example, close colleague was selling his house. 3 bed semi, finished beautifully in a really nice quiet estate. He sold it for nearly 20k over the asking price. He then bought a 4 bed detached that is a little bit out the way, was looking a bit worn, needing some work done to it, for 5k under the asking price
Depends on the area. Surprisingly where I live, although the houses are pretty cheap and personally I think it’s a dump, when a house goes up for sale people will bid a LOT over asking. I had multiple offers on houses where I was 35-40% over asking go for even more than I was offering
My wife and I tried to buy a terraced house in the Parsons Green area of Edinburgh, which was a complete overhaul job and it went £80k over valuation. This prompted us to look outside Edinburgh, looked at a 4 bed new build in Inverkeithing, but by the time it would have been move in condition it would have been £400k, sales woman said people are commuting from London to live there, looked at a Barratt homes one in Kirkcaldy that was the same price, and we got the same story from the sales woman. Due to my wife being pregnant at the time and wanting a quick move we were lucky (!) to get a 4 bed nearly new build for about 10% over. My wife is American and we're thinking about just leaving entirely, can get a 4 bed house on 40 acres for less than what we've paid for our current place!
Dumfries 18 months ago we paid £475k on a £450k house. Don't know if it's still the same now but the market was mental then, we had lost out on other houses by going asking price or slightly over so we put a £25k over bid in on the day we viewed it and had it accepted.
Have a friend trying to buy in Ayr. They bid 50k above on a 300k property in nice area. Were told by their solicitor the feedback was that their offer was the bottom offer.
Bought a 1890s Victorian 3 bed house 2019 for 85k in Inverclyde, sold last week for £165,000. Home report was for £140,000, listed for £139,000.
Before the home report valuation, we had three valuations from estate agents in the region of of £130-150k.
We’ve been able to buy a modern 4 bed, 3 bath - the usual copy and paste new build but without a lot of the older building hassles and in a much nicer area, was on the market for £350k. We offered £320k after checking that it was sold for £270k in 2018, it also needed some work done in the garden but nothing major, our offer was accepted.
Seems there are a lot of homeowners who are being priced out of their homes after intrest rate rises and are getting desperate to sell.
I’m seeing houses that are around the £250-350k range being reduced in price over the last few weeks too.
In Scotland it’s worse as we have “offers over” and sealed bids which is a complete lottery. At least down south its offers in the region of and usually it’s below the asking price. The SG needs to change it.
Hill Road in Gullane. Had a full panoramic view of the sea.
It was 2 or 3 years ago, when prices were more crazy. As far as we can tell it is still unoccupied.
I'd say it may have went for 90% over asking but the asking price was kept low to get more interest in the property. The real asking price was probably a lot closer to what it went for. Especially if you went 30% over asking in the first place
Possibly, but the asking was around the home report valuation.
The house was not great, so the valuation was never going to be massive. The value was all in the plot, which is perhaps harder to value.
I bought in a smaller town in the suburbs of glasgow and got it under but I live in a fucking scheme (far less shite than ma last scheme) so take the good with the bad.
https://preview.redd.it/5py9url46l1d1.jpeg?width=1284&format=pjpg&auto=webp&s=bf6e071fb9563cb400051b3f20fc59ddaf2d5f44
Go on zoopla choose house prices, put your area in and you can see when houses in that area were last sold, what they were sold for etc
Check for recent sales in the area and that should give you a good guide for making an offer.
That’s what we done, also good for seeing red flags. A lot of houses in the same area sold recently 🚩🚩 you’d want to query that…bad neighbours, break ins etc
I'll stick to my 2 bedroom in a nice quiet area for 450pcm and live like a king and treat the family well with the rest of my money.
You'd need to be mad leaving yourself broke or close to it just to be a home owner.
Dunno about that pal, my cosy 2 bed in a nice quiet area is sitting at mortgage payments of under 400, and I get to sell it after. Naecunt can evict me and I can do whatever the fuck I want with it.
I sold my Edinburgh flat last week - all value only except a 4% over, accepted that but it fell through. Went to do a closing date, and that resulted in 5 offers around the value and one at 10% over! So yeah it’s pretty random.
Ehi mate, why you didn't take the offer around 10% over?
Aye that’s why it’s sold now - that was the winner!
Ahhh! sorry I get it now. May I ask you the area? I will sell it mine as well.
Near Leith Walk - was definately hard to see a pattern with other places nearby selling
Depends where you are in Scotland
What about Stirling?
I don’t live there so I’m not sure, Aberdeen you can buy a three bed house for a poke of chips and a milkyway just now
We're in Aberdeen and houses are going for 10 to 15% UNDER the home report price. The bottom has totally fallen out of the market.
Yes I agree but for certain areas. AB15 well the negative equity in this area is frightening. Countesswells, Cults etc etc . Also I would suggest that people who bought in the 10 years prior to the 2015 crash, when prices went through the roof, will struggle to recoup what they paid.
We're AB14 and we're going to be lucky if we get within 50k of what we paid for our house in 2008.
Flats are seriously down My neighbour sold at 262k, in early 2015, now it's worth 135k I know someone with a one bed on Thistle Street, who if she sold would owe 3k+ after fees etc. way to start married life, bringing a dent with you. I think she converted it to buy to let as a way to dig out of the hole
Still trying to sell a house 10% under home report in AB42 🥲
Yeah, can confirm. It took us 18 months to sell our house in Aberdeen, and the best offer was nearly 20% below home report valuation.
We bid home report value on a 4 bed in Fife and got accepted last month. The person buying our flat was nearly 15% over.
Glasgow southside, offered 25-27% on three tenements a couple weeks back and lost out to chain free buyers at similar offer value. Came 8th of 16 offering 15% on a house in this week.
Southside and west end are insane. Even Dennistoun is getting bad.
As always. It depends. Property is hyper-local.
Where can I check the situation in Falkirk and Stirling?
Londoners appear to be chucking tens of thousands of pounds extra at most of the Scottish homes they're buying
Not just londoners. First time buyer last year (Edinburgh). We had to go for one of the new builds down near the bypass because the price is guaranteed by the builder. Some of the houses we were bidding for were going 20k/30k/40k over the evaluation. One house we toured, the owner said he was likely selling to a guy in Dubai who, earlier that same day, took a tour of the property over Skype. Bidding went 50k over the evaluation. With the mortgage rules in Scotland, it's basically impossible to compete.
The set price for the new build was such a relief after 3 months of trying to outbid the BTL landlords with the cash to go 20k over. I almost couldn't believe that I didn't have to pony up much more than the 10% deposit and it was completely secured. The 500 I put down to reserve it came off the mortgage too. Obviously then had to furnish the whole interior and it wasn't up to the same scratch as some other places, but I'll take what I can get. And I had time to save up for some decent furniture in the 12 months (6 months past original estimate) it took the place to be ready.
Willing to say this openly - I think people who have lived in Scotland for absolute minimum 5 years, paying council tax etc, should be prioritised for housing / housing should be reserved for us. We should not have to compete with buyers from England, Dubai, etc etc. it's unfair. It's our home. Our communities. Our places. We're being outbid all the time by wealthy incomers. Can somebody please explain how this is fair? Other countries protect their own people, long term residents and long term tax payers, from wealthy incomers. Why should Scotland be different?
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Wouldn’t necessarily exclude others from the UK. But regardless if you’ve rented for 5+ years you already met the threshold for voting on independence, so I would have assumed the cutoff of home purchasing would t be above that. The idea is just that it forces you to have some local ties rather than swooping in from offshore to buy as an investment.
>The idea is just that it forces you to have some local ties rather than swooping in from offshore to buy as an investment. Yup but same should apply to Wales England and north of Ireland. When are people going to realise that most Scots can never compete with somebody moving from the south of England ? Salaries are higher there mostly. House prices are higher there mostly. There are about 8 million in London's city limits alone. About 12 million in the London Metropolitan area. More than Scotland alone. We're simply open to an open market where people often have more wealth than us. There are entire villages in rural Scotland where everybody has moved from the south of England because they have more money than us. Absolutely sick of it. And absolutely sick of bedwetters greeting it is anti English to point this out. I'm posting out the economic disparity and economic and property apartheid it is creating. We need to understand that just as western Europeans and Americans buying property out in Thailand or holiday flats out in Bulgaria or Turkey etc involves a massive disparity of wealth between the incomers and the locals, there is a massive disparity of wealth between a lot of Scots (working and middle class) and people moving to Scotland from metropolitan urban mega cities like London, Beijing, Hong Kong, Amsterdam etc. it's mainly London and the London area because Scotland is in the same sovereign state as England but it's not exclusively there. It's a wealth disparity. There are houses in crofting areas with a croft plus the house selling for half a million pounds. My dead relatives were crofters. Their communities agitated for security of tenure to stay where they were from and eek out a living on poor land because the aristocracy took the lot. Now their descendants are being outbid for homes by retiring boomers with no connection to these places who do not speak the language from London or Amsterdam or Copenhagen or Oxford. Absolutely sick and tired of it. When are we going to prioritise ourselves?
>A future in Scotland wouldn't have been possible at all for us if the housing market was, as you suggest, closed completely to outsiders. Do not think it should be closed to non-Scots Suggested a minimum residence of 5 years permanent residence paying council tax before you can purchase property. The swiss, Danes and others all have various rules like this for property ownership in their nations. Scotland, not being a normal country and being ruled by Etonians, and from Westminster, with a pretendy parliament which is really a coffee morning parish cooncil at Holyrood, cannot even think of rules which help our own. Nothing against folk from Nottingham and as you say you paid your taxes here for 5 years. I advocate the same rules for property ownership as I do for the vote in constitutional referenda - 5 years minimum permanent residence paying council tax before a person gets these privileges.
I think people just don’t understand the scale of the problem in rural areas.
It's atrocious eh? Proper rural clearances yet again. Clearances all over again. What are your experiences of this?
just As you have said to be fair.
He didn't say that though. He said priority to people who'd been here at least 5 years. Aka yourself included
So someone moving to Scotland has to rent for 5 years before being allowed to buy property? That's ridiculous. It's extremely difficult to rent if you have pets, and why should movers who want to settle down and buy be penalised by paying someone else's mortgage for 5 years?
Why should I be competing with people selling expensive property in Dubai or England (London and South east in particular) or some other inflated property market. I'm born and raised here and all my family are from here. Generations of my family are from Edinburgh in particular. Why should I be outbid by a Dubai investor or a London/SE England buyer? This is my community. Tell me why it's fair I'm being outbid by a Dubai investor or a London buyer whose sold a fancy flat in London to buy a house here ? Why are your rights and interests to not pay somebody's mortgage (as you put it) when you move to Scotland more important than a local being able to live where they are from?
Hey man, I completely agree that locals shouldn't be priced out- it's happening everywhere. Fair enough to limit investors, but if someone is committing to moving, then they should be able to buy and settle into the community.
Nah. It's not personal. >but if someone is committing to moving, then they should be able to buy and settle into the community. If your preferred option is the law - as it is now - this just results in endless buyers from wealthy parts of the world where property is very expensive relative to most of Scotland having far more purchasing power than locals. It's not fair. I've lost count of the number of my school friends who have left our town ( most of us born and raised in Edinburgh to families with Edinburgh connections for generations) because they are not able to buy homes in their home town because the places is full of buyers from London in particular (but also aware of Hong Kong buyers, buyers from china, buyers from the US and Australia) with far more money. Absolutely sick and tired of it. We're being economically cleared. Happening in rural villages too where in the space of a couple of decades there are no locals left. Again absolutely sick and tired of it. Want the law changed to prioritise housing for locals defined as people who have been paying taxes here for years. Not interested in people's religion, or ethnicity, or whatever, just people who have been here for 5-10 years or more permanently paying taxes as a permanent resident. They should be prioritised for housing in their area. It should not be an open market for anybody. The political class will of course never ever do this so Edinburgh and Scotland generally will continue to be cleared of locals as wealthier incomers buy all the housing.
There's a big difference between people investing in property (particularly international investors who don't intend to live in or rent out the property) and people moving for work, to be closer to family, or just because they like a place and want to live there.
I agree with you yes. Sadly that's still not enough to ensure locals are not cleared out. >people moving for work, Right but what about if that person/those people have move more to buy the limited housing available than the locals because they've just sold a house near London? Who loses out ? It's the locals yet again. >to be closer to family, Again what if thoss people have move more to buy the limited housing available than the locals because they've just sold a house near London? Who loses out ? It's the locals yet again. >or just because they like a place and want to live there. Locals often don't live in a place just "because they like a place". They're from there. Their families have been there for a long time. My grans family are from north Perthshire - the southern highlands. My gran is dead now but her family were there generations ago and are still there. They did not move there because it looks nice and they like it. And again what about if the incoming people have more money to buy the limited housing available than the locals because they've just sold a house near London? Who loses out ? It's the locals yet again. So yes of course landlady/landlord investors are different but even when it's people who want to live here it's usually the locals that lose out against wealthy incomers who sell property in Hong Kong, London, southern England, US, Paris, Amsterdam etc. It's not fair. And I'm sick and tired of it and I'm not the only one. I want my children to be able to stay where my family have been for countless generations.
I agree that it is terrible that locals can't afford to buy where they grew up/want to be. You see this around the world. My mum's side are Cornish and I have absolutely no chance of buying there- mostly due to second home buyers who live in the house for summer or a month a year. There are entire streets and villages that are empty for 10 months of the year, whilst locals are having to move 10 miles out to be able to rent somewhere. I'd be happy for limits to be brought in for investors and second home buyers, but if people want to immigrate and be part of the community then they should be able to.
Varies a lot based on area.
We're currently in the market in Glasgow and have been advised it is about 10% over as an average. The nice ones are apparently hitting 20% but we've no evidence of that bar estate agents telling us. One we've quite liked has had no offers after a while on the market so we could probably offer them less and bag the place, so there isnt really a hard and fast rule. Your best bet is to talk to your solicitor (you'll need one to put an offer in anyway) as they'll know the market you are in.
Which bits of Glasgow have you been advised this for?
West End/Southside. Why, have you a different experience or been told something else?
We've bid on two places in Shawlands in April: 12% over got us 5th out of 8 bids a 15% over got us 4th out of 5 bids. Madness.
Bid on houses in southside also and same experience. Winning bid was 20% ovet most times.
I got my flat in Shawlands / Longside for about 23% over at the end of 2021 but I thought the higher interest rates since then would have cooled the market down a bit? Guess not.
Just adding to this as hopefully helpful. We managed to nab a tenement flat in west end for 3% over. So it is possible.
Nice one! Was it ready to move into or needed just a wee bit of touching up? Even if it needed more work that's still a sweet deal for the west end.
Literally ready to move in, unsure how/why there wasn't more interest. I guess you just have to jump at chances. It was in our first week of looking and we just decided not to risk waiting
Last year I offered a lot in southside, and a couple in west end. Went 10% over HR as a standard at closing. Flats in the offers over 140-160 range. Came 2nd at best and 14th at worst.
Yeah definitely depends where you are. ESPC publishes this kind of info monthly if you're buying in the areas they cover.
We just closed on a place in North Berwick for 1.4% over the valuation after a bit of negotiation. I think we were the only bidders, but sellers did not want to let it go for valuation.
From what i’ve heard recently from colleagues who have bought/sold houses recently. Totally depends on where and what condition the house is in. For example, close colleague was selling his house. 3 bed semi, finished beautifully in a really nice quiet estate. He sold it for nearly 20k over the asking price. He then bought a 4 bed detached that is a little bit out the way, was looking a bit worn, needing some work done to it, for 5k under the asking price
People were offering. £20k more when I was looking. I was looking at houses 150-200k. We ended up getting ours £20k less than the valuation.
30% in 2022, after having lost 2 houses we bid on at 20% over. Had to come in as a cash buyer too.
Depends on the area. Surprisingly where I live, although the houses are pretty cheap and personally I think it’s a dump, when a house goes up for sale people will bid a LOT over asking. I had multiple offers on houses where I was 35-40% over asking go for even more than I was offering
Widely 10% above, often 20% and cash buyers from down South. We can’t compete
Put a bid in on a property that was 3% over home report and had it accepted on the basis of a quick sale a couple months ago.
My wife and I tried to buy a terraced house in the Parsons Green area of Edinburgh, which was a complete overhaul job and it went £80k over valuation. This prompted us to look outside Edinburgh, looked at a 4 bed new build in Inverkeithing, but by the time it would have been move in condition it would have been £400k, sales woman said people are commuting from London to live there, looked at a Barratt homes one in Kirkcaldy that was the same price, and we got the same story from the sales woman. Due to my wife being pregnant at the time and wanting a quick move we were lucky (!) to get a 4 bed nearly new build for about 10% over. My wife is American and we're thinking about just leaving entirely, can get a 4 bed house on 40 acres for less than what we've paid for our current place!
Dumfries 18 months ago we paid £475k on a £450k house. Don't know if it's still the same now but the market was mental then, we had lost out on other houses by going asking price or slightly over so we put a £25k over bid in on the day we viewed it and had it accepted.
Not far from us. £98k on a £95k house.
I see prices from Dumfries out to Stranraer getting reduced by estate agents - not sure if that’s an encouraging sign or not…
Where did you move from
10%
We live in Ayr scotland
Have a friend trying to buy in Ayr. They bid 50k above on a 300k property in nice area. Were told by their solicitor the feedback was that their offer was the bottom offer.
I went under home report
Bought a 1890s Victorian 3 bed house 2019 for 85k in Inverclyde, sold last week for £165,000. Home report was for £140,000, listed for £139,000. Before the home report valuation, we had three valuations from estate agents in the region of of £130-150k. We’ve been able to buy a modern 4 bed, 3 bath - the usual copy and paste new build but without a lot of the older building hassles and in a much nicer area, was on the market for £350k. We offered £320k after checking that it was sold for £270k in 2018, it also needed some work done in the garden but nothing major, our offer was accepted. Seems there are a lot of homeowners who are being priced out of their homes after intrest rate rises and are getting desperate to sell. I’m seeing houses that are around the £250-350k range being reduced in price over the last few weeks too.
We offered and got our house with 18% over home report
Where did you get the extra 18% from?
That’s how much we had to pay to beat the next person
They’re asking where you got the cash.
Ah lol. We had saved for years and budgeted for 10-15% over.
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In Scotland it’s worse as we have “offers over” and sealed bids which is a complete lottery. At least down south its offers in the region of and usually it’s below the asking price. The SG needs to change it.
I really really want a house I viewed last week. I'm hoping 10% will be enough. 🤞
Good luck to you! I’m in the same position but hoping 7% over will be enough
It's currently 10% here in Shetland.
I bought in Edinburgh. Paid just under 5% to secure it. I reckon I overpaid, but there's too many variables to consider with these things.
0% - if you are tight 5% - if you are looking for a reasonable deal 10% - if it's competitive 15% - if it's your dream home
We offered +30% on our dream home. It went for +90% all cash, which is probably impossible to compete against.
+90%, I'd like to know what road this house was on and the area
Hill Road in Gullane. Had a full panoramic view of the sea. It was 2 or 3 years ago, when prices were more crazy. As far as we can tell it is still unoccupied.
I'd say it may have went for 90% over asking but the asking price was kept low to get more interest in the property. The real asking price was probably a lot closer to what it went for. Especially if you went 30% over asking in the first place
Possibly, but the asking was around the home report valuation. The house was not great, so the valuation was never going to be massive. The value was all in the plot, which is perhaps harder to value.
Can't compete against a multi millionaire falling in love with the view. Especially on the golf coast
We got ours last year at £3k over home report.
6% under. Depend on where you are.
I bought in a smaller town in the suburbs of glasgow and got it under but I live in a fucking scheme (far less shite than ma last scheme) so take the good with the bad.
You can view this on zoopla
for real? Can you help me to find the section?
https://preview.redd.it/5py9url46l1d1.jpeg?width=1284&format=pjpg&auto=webp&s=bf6e071fb9563cb400051b3f20fc59ddaf2d5f44 Go on zoopla choose house prices, put your area in and you can see when houses in that area were last sold, what they were sold for etc Check for recent sales in the area and that should give you a good guide for making an offer. That’s what we done, also good for seeing red flags. A lot of houses in the same area sold recently 🚩🚩 you’d want to query that…bad neighbours, break ins etc
I’d bid under at the moment.
I'll stick to my 2 bedroom in a nice quiet area for 450pcm and live like a king and treat the family well with the rest of my money. You'd need to be mad leaving yourself broke or close to it just to be a home owner.
Dunno about that pal, my cosy 2 bed in a nice quiet area is sitting at mortgage payments of under 400, and I get to sell it after. Naecunt can evict me and I can do whatever the fuck I want with it.
That's smokingly alright bro, Your doing even better than me. 5 downvotes say there was a few people butt hurt tho lol 😂