Scottish house purchase; what % over asking price?
Discussion
I understand that Scottish properties tend to sell over the asking price because they do the 'full and final offers' thing after intial interest.
Does anyone know how much, on avearge they go over the asking price and if that only applies if there are more than 1 bidders?
Constantly on the look for somewhere quiet to retire to, not withstanding the weather, the asking prices look fantastic.
Does anyone know how much, on avearge they go over the asking price and if that only applies if there are more than 1 bidders?
Constantly on the look for somewhere quiet to retire to, not withstanding the weather, the asking prices look fantastic.
Totally depends on demand/location. We have just bought our house for 5k under the asking price and sold a flat in Edinburgh for again, under the guide price (you see more and more of Offers in the region of rather than offers over).
However in areas where houses come on to the market rather less frequently eg nice wee croft house in the West Highlands they are still going for well over the asking price and will more than likely go to sealed bids. It used to be 10-15% over but really up to you - what's it worth to you?
However in areas where houses come on to the market rather less frequently eg nice wee croft house in the West Highlands they are still going for well over the asking price and will more than likely go to sealed bids. It used to be 10-15% over but really up to you - what's it worth to you?
On Location x3 they were doing some Edinburgh stuff and Phil said the popular stuff goes for around +25%.
Years ago I bought a flat in Edinburgh and decided to buy new (brewery conversion) for this reason. When I sold it I had to fight the agent to get it up for sale at a fixed price and not offers over. I lost, and had it up for offers over £98,000. Got an offer for £98,002 and accepted it. Oh, the agent was rubbish btw, I only sold it due to me nicking one of their signs and putting it in the flat window for viewers of the other flats to see.
Years ago I bought a flat in Edinburgh and decided to buy new (brewery conversion) for this reason. When I sold it I had to fight the agent to get it up for sale at a fixed price and not offers over. I lost, and had it up for offers over £98,000. Got an offer for £98,002 and accepted it. Oh, the agent was rubbish btw, I only sold it due to me nicking one of their signs and putting it in the flat window for viewers of the other flats to see.
You don't have to offer over.
I bought my house a year past August for £97.5k, when the asking price was offers over £99K. It really does depend how desperate the sellers are to move. (The property had gone on the market at £114.5K 6 months previous)
I bought my house a year past August for £97.5k, when the asking price was offers over £99K. It really does depend how desperate the sellers are to move. (The property had gone on the market at £114.5K 6 months previous)
Edited by Penny-lope on Saturday 18th September 10:53
whirligig said:
Totally depends on demand/location. We have just bought our house for 5k under the asking price and sold a flat in Edinburgh for again, under the guide price (you see more and more of Offers in the region of rather than offers over).
However in areas where houses come on to the market rather less frequently eg nice wee croft house in the West Highlands they are still going for well over the asking price and will more than likely go to sealed bids. It used to be 10-15% over but really up to you - what's it worth to you?
Exactly this, it's demand based. We bought a house last month and went about 25% over the asking, there were 9 notes of interest so we had to go large. Back in the day I've bid on houses that did 40%+ over, but fortunately those days of underpricing houses to "generate interest" seem to be behind us.However in areas where houses come on to the market rather less frequently eg nice wee croft house in the West Highlands they are still going for well over the asking price and will more than likely go to sealed bids. It used to be 10-15% over but really up to you - what's it worth to you?
The one we sold didn't go to closing, just had a chat about the price with the buyer-to-be and that was that. So... if it's very popular you might have to go well over, no harm in having a chat with the seller and see if they'll name a price.
The property should have a Single Survey Home Report Valuation. Unless the property or area is particularly desirable, unique or fantastically-wonderfully-different from most others on the market at the moment then that valuation figure is a good guide to the likely top of the bargaining spread. Up till recently it was more likely that this figure would have been the initial asking price for offers over.
Nairn's quite dear in my understanding so you may have to go offers over - but in some areas of Scotland - we're selling a flat in Central Belt - property hasn't gone to closing in months - put in an offer and see what happens. Be aware tho if moving from Englandshire and the potty house market down there, one reason we've not had the peaks and troughs of England is down to the Scottish nature - we don't pay more than we have to (so the peaks don't happen so much) and we don't give things away either (so we'd rather hang on to a property than sell it for less than its valuation!)
Also be aware in Nairn that the planners are sticky so if you want to extend, investigate before buying! Not sure about Elgin.
Also be aware in Nairn that the planners are sticky so if you want to extend, investigate before buying! Not sure about Elgin.
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