If you are selling a house in London/suburbs...

[NotAnotherNewNappy]

What percentage under the official asking price are you realistically hoping to achieve?

EA has persuaded us to take a look at a house on Sunday that is slightly over our budget. I am getting v panicky as, apart from one v obvious fault (it's on a main road), it looks like my dream house. I've heard people talk about offering 10-15% under for a first offer - but is this realistic in London (zone 4)?

We are FTB, so really don't have a clue. It only came onto the market today.

zone 3 on for £389950 accepted £380000. As they say in the north 'Shy bairns get nowt' so you should pay what you think it is worth but don't take the mickey.

How fast are they selling? Offer acccepted 2 weeks after being on market so were happy to wait for better offer (obviously didn't need to). If we had been on market 3 months then open to other offers, surely?

Our sale completed less than a month ago and we took a 10% hit on our house (but that's because it was a 2-bedder targeted at first-time buyers and those are thin on the ground...) and the house we bought the vendors finally took an offer for 5% under asking.

BTW, house we sold in zone 4, house we bought in zone 3.

Well it depends ...

At least 50% of properties listed on Rightmove drop their price at least once. Currently, most properties sell at an average of 92% of the final asking price. See here: goo.gl/93fH2

What price to offer would depend on how long has the property been on the market and how many times the vendor has dropped their price? This can be found be using Property Bee: goo.gl/uCykV

Also compare the street price for similar properties - these you get from goo.gl/gOsI7

To find some inside info on the local market you could also look at the regional areas on HPC: goo.gl/ZJtrn

Zone 5 SE London. Offer on ours at asking price and buying ours at slightly above asking (fingers crossed). However, there is not much on the Market near us. If there was more choice we may not have offered full asking.... Good luck!

A neighbour on our street (zone 2) just sold their 1 bed flat for £302k, their asking price was £285k and there was a bidding war, maybe flats more in demand for FTB's?

We are just outside the M25. The house we have just bought we bought for £5k above the asking price - it went to sealed bids. The one we tried to buy previously also went to sealed bids - we didn't get it despite putting in an offer at the asking price and being a cash buyer.