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Yeah, Scotland. Glasgow in particular.
We were aware that things in the desirable suburbs were going like this but thought that being a bit further out, in a small village with no high school, it wouldn’t be so bad but apparently not.
It kinda seems like whatever you’re selling, the market dictates the value so with us bidding over the home report valuation and still missing by quite a bit then surely the home report is just wrong if you know what I mean.
M_V-
I don't own any property in Scotland these days so was only going on what my brother has told me. I didn't realise it was going mental in Glasgow too.
From what I've been told it can't keep going on like it currently is. I would imagine that isn't worth much when you're trying to buy a place and keep getting outbid.
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Bit late to the party on this but I live in a small village with no high school 25mins on the train from Glasgow central - prices here, rentals especially have gone from "competitive" to fucking bonkers over the last couple of years (it is nice if you like the country vibe but with easy access to civilization, but still...), properties are going to closing within a week & it's entirely a seller's market.
If I was intent on buying in a certain area, I'd probably sell up with the view to renting until I found the place, with the market so high & rural-ish places in demand there's always another buyer that's not tied to a chain not far away sadly, even if it means a couple of grand less, it's sometimes worth the peace of mind for folk. My mum's just sold her place (Glasgow south side) to buy a new flat near us - the initial buyer pulled out before the missives were signed, if she was buying from a private seller it might have screwed the whole thing up as it took another month before she got to the same stage again with the new buyer, and meant she took a good few grand less as she was worried she wouldn't be in a position to complete on the new place.
TLDR house buying is a pain in the hole.
Bobbo
mcJ78
Assuming that you mean Scotland.
In my experience it's normal for houses, especially desirable ones, to go above asking due to the nature of the blind bidding system. From what I understand though the market in and around Edinburgh has gone absolutely mental. My brother has been trying to buy a place for the last 6 months and every house he's bid on goes for a minimum of 25% above asking one went for almost 40% above asking.
As far as the effect that these high successful bids have on future asking prices it's hard to say. I'm not an estate agent but in my experience estate agents in Scotland are less aggressive than those in England as many of them are also solicitors firms and regulated by the law society of Scotland. Add to this the blind bidding system means that even if the price increases the asking price increases it won't be to the highest asking price of comparable properties in the street / area.