How much have you offered below asking price and been successful?

[tussellous]

Just that really. I know it is usual to offer 5-10% below asking price, but have you offered even lower and if so why? Do you give a reason when offering or just say the numbers?

Yes bought at 88% of asking Sept 2018.

Big house needed gutting and was over priced IMO. Think we still paid top dollar, but within reasonable.

I don't think its usual to offer 5-10% below at all. If there are good reasons, go ahead, but don't presume its the norm. Have sold more than 10 houses over the last 15 years and have never accepted less than 95% of asking price (and that was only once, and only did so as we were in a massive rush to sell). It really does depend on how the house has been priced to start with.

In answer to your question, if you make an offer 5-10% below asking without being able to justify it - or saying because you think its usual - you'll be seen as a flaky buyer just trying it on. Do your research, make a realistic offer and give reasons when you make it that you can back up.

I think I read that somewhere too. But in reality it is a lot to ask. I believe right move published a figure recently that houses are sold on average 97.5 or 97.7 of asking price. We bought two houses one 93%of asking because the garage roof was leaking. The second one 96% of asking which we thought was a good bargain. We lost out on two offering both a tad shy of 96% of asking.

1st house about 5% 2nd 15% 3rd 8%

We had the price per sqft data for local houses in the same price bracket. We pitched it in the middle and told them.

Bought in 2019- asking price 695k
We paid 625k

It had been up for sale since Oct 2018

Offer accepted March 2019

We offered 8% under and got accepted. Did not proceed though as by the time vendor came back to us we already had offer accepted on a different house.

We were in a good position though - chain free in a price segment where FTBs are rare. Vendor wanted to upsize so they could potentially negotiate down their onward purchase with a similar amount which will be a smaller percentage. It all makes sense when you think about it.

There will be people buying up at a 50% reduction if you believe the claims being made by a fair few on MN!

We bought last year at 97% of asking and sold at 99.4% of asking. Both in popular areas with good schools and amenities.
We got several offers, most of them close to asking price, but one of them was about 15% off the asking price from first time buyers. We just laughed at that one frankly. Why would we accept such a low offer if it would stop us from moving, especially with other offers on the table?

I think it really depends on the local market, how long the house has been on the market for, how much demand for it and how desperate the vendor is.

I bought in 2008 just as the market was crashing with 15% off asking price. It was the most I could afford to pay so I said take it or leave it, no negotiating and they took it. 12 years later and I'm still here.

If someone offered me 10 percent of asking price (got house on the market) I’m not sure I’d even be bothered to respond.
I’ve gone on the lower end of the house’s potential sale value to try to get sensible offers.
If you really want the house offer what it seems sensible to offer... well that’s my view anyway

We have accepted 2% below asking, and we weren't prepared to go any lower. It was already priced to sell, and a 10% lower offer was sent packing pretty quickly with a seriously big flea in their ear.

The house we are currently in, we paid full asking. The house we are moving to we paid over asking. It depends on the house. Rare gems are worth paying for.

I had £107,500 accepted on property on the market for £125,000 so decent percentage off, but was a decreased estate with proceeds split between three charities so no emotion involved and the percentage loss is less split 3 ways....you don't ask you don't get!

The house we are currently in, we paid full asking. The house we are moving to we paid over asking. It depends on the house. Rare gems are worth paying for

Surely how the pricing was pitched is more the point?

@intheningnagnong - yes I agree. If a house is priced in your affordability bracket and you love it, and it ticks all the boxes, I say don't be a twit and just buy it. Then everybody's happy and can move along with their plans.

House buying is hideously stressful because so many people play stupid games and turn it into a nightmare. Some people think they've turned into Gordon Gekko. It's a home, fgs, not a sodding wall street negotiation bordello.

I think it's so dependant on the year and how long the house has been on the market.

Our house was offers over 750k we bought for 640k but they had been on for ages, it's had big layout issues we were willing to fix and we were coming from rented, so we just made a 580k offer and talked from there. It's totally unheard of now to get those kind of reductions but it was right place right time, they were so so fed up and wanted to move on.

For those of you who offer lower than asking - how do you balance it with knowing you might lose out altogether?

I was advised not to offer unless serious, really want a place and don't want to risk losing it. Then it's best to just offer asking price as you never know what other offers are being made simultaneously - if you like the place then chances are someone else will see what you do etc.

If you're serious just go for it.

@ChocoTrio Naturally you would take a few factors into consideration. For me personally, I thought the asking price was slightly inflated (which is common practice in London) so my offer was always going to be lower. However, the flat was also on the market for 6 months, so I took advantage of the fact that the seller may may be keen to press on and sell. My first offer was 15% below asking (it was a cheeky offer). They rejected but then accepted 10% below. I would have upped my offer if they'd rejected the 10% reduction...

@Smallgoon that makes sense. I guess area and general competition makes a difference too. Sounds like you judged it astutely.

Were you a FTB or did you have property experience before doing that?

@ChocoTrio FTB, however, I'd spent the best part of 3 years scanning Rightmove and doing my research. By the time I was ready to take the plunge, I had quite a good idea on sold prices in my desired areas. I also had a good understanding on the type of properties that would get instantly snapped up vs those that wouldn't etc.

We bought ours for 95% of the final asking price but had been on the market a while so they had dropped it by 20% already. Completed in March this year - though offer accepted in September but lots of complications.

We sold our old house for 98% and would have sold for less but their fist offer was higher than we where aiming for and you never accept them first offer.

When we offered on various houses we did loads of research and where prepared to walk way. - three that we walked from all sold for less than we offered in the end.

But we where also renting so had time on our side.

We offered 10% below, and agreed on 7.5%.

Oct 2019 - offered 17% below asking price and paid 15% below.

But the house was overpriced, it had been on the market for 18 months and was in a high stamp duty bracket. It also needed a lot of work.