Property Prices

[EPalmer]

I am looking to purchase a property and have found one which seems overpriced and needs some work. I am wondering in today’s financial climate, what sort of offers people are putting in, and how realistic prices advertised on internet really are? I know somebody who offered £40K less than asking and got the property but this must be unusual. And am I right in thinking first time buyers are still not getting mortgages as I am trying to sell a nice one bed house and struggling. Property around £250K is moving quickly, why is this?

[mortgage_advisor]

There is nothing stopping FTBs getting mortgages aside from the issue of raising a deposit. However this in itself is a barrier.

As for asking prices, I've seen people deropping considerably and other srefusing to budge. Developers still seem to be offering deals, and I have seen several offers accepted up to 15% below asking price. The trouble is, its down to the individual selling the property, how desperate they are, what they think the place is worth and what they require for funding their next purchase.

[brian]

Originally Posted by mortgage_advisor

There is nothing stopping FTBs getting mortgages aside from the issue of raising a deposit. However this in itself is a barrier.

As for asking prices, I've seen people deropping considerably and other srefusing to budge. Developers still seem to be offering deals, and I have seen several offers accepted up to 15% below asking price. The trouble is, its down to the individual selling the property, how desperate they are, what they think the place is worth and what they require for funding their next purchase.

Quite right.