Is it really cheeky to go in under offer?

[IHeartLockhart]

First time buyers here, we've seen a house we really like and it feels like it could be the one. The only thing is we both feel it's on for slightly more than we think it's worth.

Is it really cheeky to go in under offer? How much under is generally acceptable?

You can offer whatever you like, the worst that can happen is that they say no (I'd expect that on a first offer anyway) and you then up it.
As to how much to offer - how long has it been on the market, what's their situation, what's the market in general doing around you? Are there any comparables which have sold recently?
Don't underestimate how good your position as a first time buyer is, getting into big chains is a nightmare and not having a chain is a big plus.

It's only been on a week so I'm not sure if they'd accept it so soon. If we put an offer in and they declined, then changed their minds a while later would they be able to contact us again and see if we're still up for it?
A house with the same layout and garden size sold earlier this year for £25k less. It wasn't decorated as modern as this one but it still wasn't a horrid house that needed loads doing.

I guess it depends on where you are, but round here, things are moving slowly, and seem to be selling for 10-15% less than asking price.
So, yes. here I would make an offer significantly under asking price.

They should be able to contact you, the estate agent keeps all details of people who have shown an interest/viewed the house.
Think about what your absolute maximum would be, then offer less than that (so you've got somewhere to increase to), don't give your final figure as a first offer.

I'd only consider it "cheeky" if you were way out with the offer.
The comparable property for 25k less is all relative too - 25k on a 100k property or a500k one?!

The old saying goes that a property is only worth what someone else will pay for it .... You're about to put that to the test now. Coupled with the seller's position is, and how much they value no chain.

This property is on for £175, it's twin went for £149 so quite a big difference. Thanks for your advice

If you aren't embarrassed by your first offer, you didn't offer low enough. You can always raise your offer if it's refused, but you can't really drop it. unless it turns out to be falling apart on the survey

20% in a downturn minimum, and we are definitely in a downturn

Our house was on at 290, we got it at 250. No harm in offering at all - the worst that can happen is that they'll say no!

I've gone back to an offerer after initially rejecting their offer (well, I said "not yet" - they offered after being on the market for less than a week, but then no higher offers arrived in the next month). All went through smoothly.

If you want your offer to stay on the table, make sure you tell the estate agent that when they ring you to tell you it's been rejected.