15% under asking price?

[CPHB2021]

Is this a cheeky offer? Previously only bought new builds and we didn't make any offers, good old google suggests 10-15% under asking is acceptable for an offer but 15% seems quite a lot less... which would be wonderful for us but don't want to make buyers think we're cheeky and put off. Advice gratefully received!

Meant sellers not buyers!

I would absolutely not accept anything under value - but houses in my area are still selling really quickly and above/on valuation.

All depends on your buying position. Cash/in rented/short chain etc

We've sold, staying with family so no chain.

Depends how the market is in your area. If houses aren’t moving quickly then I’d offer 10-15% under asking price. You can always increase your offer if needs be.

In addition to pps points, it also depends how the property has been priced.

If it has been priced to sell, 15% below probably won't go down well. But if it priced higher "just in case" the offers may be welcome. You need to research the market a bit

It’s only worth what someone is prepared to pay.

How long has it been on? That will tell you if your offer is fair or not.

It totally depends on your market!

Locally a lot of stuff is going for asking price (usually takes a few months, but it does go eventually). We got 5% off (£45k) as we are chain free, we just would not have got them to accept 15% off as there were other offers.

I’d be surprised if anyone accepts 15% off, unless they already know the property is overpriced. You should get 5%, and might get 10% if they’ve had no other interest and are keen to sell. I’d offer 10% and see if they counter-offer.

Thank you for the replies.

There are a few properties we're interested in. One is the favourite, and typically at the top of our budget. It's been on a few weeks and reduced once but the asking is still slightly over what we can comfortably afford.

There are a few others, all quite different that if the top house doesn't accept, we may look to offer on something else.

All the houses have been on at least two to three weeks.

I just did the maths to work out this

With our current house we offered 14% under asking, they turned down and we offered 11% under as a final offer (our full budget) which was accepted.

That was 4 years ago, I thought we would be turned down but our max was our max and I didn't want to offer the maximum on the first round as most turn down the first offer so it felt a little better phychologically to come up a little for them!

I guess if you don't try you can't know :)

Yes of course OP. It is a buyer's market.

Where I come from, the housing market has fallen 30% at least over the past 7 years.