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Asking price v high compared to past sales in area! Help!

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  • Asking price v high compared to past sales in area! Help!

    I would really appreciate some advice.

    I live in rented accommodation in S London and my landlady has put my flat on the market.

    I like the property and would like to bid for it and, if the price is right, buy it and continue living here (it's more convenient than going through the hassle of moving again into another rented flat and buying another property a year down the line...). The funds are available and my intention was to buy a property to live in at some point fairly soon anyway.

    The problem is that I don't know how much money I should offer.The asking price for the flat is £180,000 but when I checked recent sale prices in my area in Rightmove they were much lower (£160,000 max this year for flats far bigger than mine -60 vs 44 sq mts as an example- and/or with extras such as garden, parking space etc).

    I know that the market in London is really hot at the moment but I don't want to end up paying an exorbitant amount of money and I can't decide what sort of offer I should make. I was thinking something in the region of £162,000 which is 10% below the asking price and closer to what flats seem to be actually going for... Would this be fair?? If not, why not? Thanks!!