How much to offer?

[snurkabean]

First time buyers and a bit clueless to this whole process! Not a massive budget for our city which is very popular and housing market is ridiculous.
Property is on for £200k. We could at a push afford £192 with some help from my parents. There's very little around at lower prices! How much can we reasonably go below asking price without them laughing us out the door? Ideally I'd like to pay £185k for it but don't think if they'll drop that far?!
House has been on the market a couple of months and they've already reduced. We have no chance, right?!

How does the asking price compare to other things on the market?

How does it compare to recent sold prices?

What was the last sold price of that house, what work has been done to it since, what has the market done since then?

I might offer 188, if that gets rejected go back with 192 letting the agent know this is all you can afford and is your best and final.

Try to find out the position of the vendors, have they found something to buy and need a quick sale? As FT buyers you are in a good position, with nothing to sell.
I'd make an offer just below £190. and give yourself a little negotiation room. Good luck.

If you get financial help from parents they will have to declare it is a gift not a loan or it will affect your mortgage affordability.

Unless £200k is noticeably higher than other similar houses are on for then I think Kiroro is in the right ballpark. What they will accept will depend on a number of different factors.