[Misc] Big reduction in property price

[kevo]

….this other flat, comparable price? Anything going on with the freehold…not that I can think this would b an issue

Not that I can tell. Solicitors will hopefully uncover anything.

 

[kevo]

I mean, they couldn’t stand the noise from their neighbours. My only experience of a flat 30 years ago, I hated that aspect, never agan.

But I hope you have spotted a genuine bargain with no strings!

Thanks.

 

[Herr Tubthumper]

Is it a purpose built flat or a conversion?

 

[kevo]

Is it a purpose built flat or a conversion?

Conversion.

 

[Weststander]

Is it a purpose built flat or a conversion?

The long leaseholder lives in Germany, there’s a suspicion this ‘seller’ is a fraudster who doesn’t have legal title.

 

[clapham_gull]

So I'm thinking of buying a flat. It initially went on the market for £350k, then just a month later was reduced to £300k. I can understand that it was overpriced in the first place, but why would anyone make such a drastic reduction early on? Surely you'd reduce it to £325 or something first? I think they want a quick-ish sale but it still strikes me a bit suspicious. Any views?

Tricky old game selling a property.

Possibly advised it wasn't worth what they were asking, but went ahead anyway against advice. Then found another property but had to move very fast.

Leaves you with the impression something is wrong.

I always go for the full whack survey thing. Last three properties (not unusual with old London properties) something was found wrong and all negotiated off the asking price.

 

[Albion my Albion]

The long leaseholder lives in Germany, there’s a suspicion this ‘seller’ is a fraudster who doesn’t have legal title.

No, a German would never do that!

Or is he Brit and is a guy who didn't vote for Brexit?

 

[bhafc99]

So I'm thinking of buying a flat. It initially went on the market for £350k, then just a month later was reduced to £300k. I can understand that it was overpriced in the first place, but why would anyone make such a drastic reduction early on? Surely you'd reduce it to £325 or something first? I think they want a quick-ish sale but it still strikes me a bit suspicious. Any views?

Probably not, and that’s why the price dropped.

 

[dazzer6666]

So I'm thinking of buying a flat. It initially went on the market for £350k, then just a month later was reduced to £300k. I can understand that it was overpriced in the first place, but why would anyone make such a drastic reduction early on? Surely you'd reduce it to £325 or something first? I think they want a quick-ish sale but it still strikes me a bit suspicious. Any views?

Do a data search at the Land Registry to see what others nearby have gone for…….

HM Land Registry Open Data

landregistry.data.gov.uk

 

[Rambo]

Most properties seem way over priced at the moment and not much is shifting quickly.

 

[HeaviestTed]

The long leaseholder lives in Germany, there’s a suspicion this ‘seller’ is a fraudster who doesn’t have legal title.

Maybe @Herr Tubthumper knows him? Germany can’t be that big.

 

[Wrong-Direction]

Conversion.

I have a fat bird living below me, her snoring and coughing keeps us up at night, hopfully her sister doesn't live next to you!

 

[Westdene Seagull]

So I'm thinking of buying a flat. It initially went on the market for £350k, then just a month later was reduced to £300k. I can understand that it was overpriced in the first place, but why would anyone make such a drastic reduction early on? Surely you'd reduce it to £325 or something first? I think they want a quick-ish sale but it still strikes me a bit suspicious. Any views?

In a normal market I'd agree but now isn't a normal market. I've seen property 'values' dive. I recently tried to sell my home because we'd found a great place in Devon and had our offer accepted. We started at what we thought was a reasonable price ( 20k below what the agent suggested ). Over six months we knocked a furthur 60k off. At that point we decided it was silly and are now in the process of redeveloping.

The market prices have dropped due to the high interest rates ( three lenders have put up their fixed rate mortgages this week alone ). Also people have less in their pocket. People are reducing the price of their property in a bid to sell for whatever reason that might be. Anyway, your solicitor and your survey should find anything dodgy.

 

[AmexRuislip]

We looked at moving back to Sussex just before lock down, as the prices were favourable and we'd be left with a decent profit.
Post lock down, Sussex prices levelled out to up here, and other things cropped up.
So have made the decision to stay around here.

 

[BrightonCottager]

I'm in the early stages of selling my mum's house (near @AmexRuislip ) and been told by estate agents that prices have levelled out to 2022 levels, there is uncertainty over the election result and people are selling because of the hike in interest rates / cost of living. There are also personal factors as others have pointed out - perhaps the current owners are keen to sell because they've split up, committed to buying another property etc.
Most of the other advice on here is good.

 

[Binney on acid]

There’s absolutely no confidence out there. We’re still reeling from and awaiting the ‘benefits’ of Brexit ! Added to that you have interest rate hikes, surreptitious changes to employment law and pension taxation, combined with decades of governmental ineptitude and self interest. A general election is on the horizon. It’ll be interesting how things pan out, with the likes of Whelan and Leach exerting undiluted power in wage negotiations. There’s not a lot of people out there willing to commit to anything.

I thought we virtually gave away our house when my girlfriend and I split up, but I couldn’t have bought my beautiful flat without the proceeds from the sale. I don’t think this was an isolated incident. It’ll be interesting to see how Labour respond to multi home ownership, bearing in mind that to the Marxist contingency, property is perceived to be theft, apart from when they are the perpetrators. Such ideology must inevitably stifle demand and have a negative impact upon prices.

 

[Gwylan]

The people selling it could be getting divorced or separating and want it sorted quickly. That's what happened to my flat in Balham; it was sold for about £20,000 below the going rate because the then Mrs Gwylan wanted it done rapido

 

[mikeyjh]

How does it compare to other flats in the block, have they got neighbours from hell (solicitors if you advance this will ask pertinent questions that must be answered truthfully), is there a huge service charge/maintenance/cladding bill in the pipeline? More research is required.

I agree with this entirely, I'd really like to understand why the big drops, especially given that they quickly accepted OP'sreduced offer. OP may not get an honest answer but maybe they could delve in to their social media etc, one could be suprised how much people give away.

Regarding the questions that must be answer truthfully, that is obviously true but in all my house purchases I've never seen one telling me about any neighbourly dispute, noise or anything.

 

[WATFORD zero]

The fact that they have already moved out (and I'm assuming not rented it out) may have put pressure on the need to sell it as they could be losing money every month.

My son is trying to buy a flat in London at the moment and nothing seems to be moving with quite a few reductions. He has made an offer on a couple of properties that have been advertised with a price range. He's offered the lower price and been turned down. I suspect that this 'range' thing is the estate agents trying to get it on the market at a reasonable valuation v the owner's hopes (or possibly what they paid for it). Why advertise it at a range if you're not going to take the lower figure

 

[Baldseagull]

If I needed to sell in a hurry, I would still want to get max price, so you don't want to tell the world how desperate you are to sell. It could also be the vendor is reckoning on prices falling in the near future as life gets tougher for landlords.