How much can you haggle on house price?

[LindaMum]

Has anyone done any haggling on property price recently? How much we can negotiate in today's date?

I think it very much depends on the local market. Round here things are selling within a week of going on the market and people are offering well over the valuation price. If it's a slower market and something has been on the market a while then i think you have more opportunity to go in lower than asking price, particularly if you're in a good position e.g. 1st time buyer, cash buyer, chain free, already sold etc.

About 10% over asking everywhere we're looking. It's not great.

@emmathedilemma

I think it very much depends on the local market. Round here things are selling within a week of going on the market and people are offering well over the valuation price. If it's a slower market and something has been on the market a while then i think you have more opportunity to go in lower than asking price, particularly if you're in a good position e.g. 1st time buyer, cash buyer, chain free, already sold etc.

Selling within a week? Really? Where do you live? Around my area they are reducing prices like crazy. Have seen few properties which had prices reduced 3-4 times within a month. My assumption was that prices are going down and we have more chances of haggling.

Houses where i am are flying off the market. Theyre all going to closing dates just now & selling for well over the asking price. There's constantly folk on the local FB pages asking if anyone is planning on selling their house. Quite honestly you'd need to have your head read if you considered a private sale just now. Its definitely a sellers market

We got 2 1/2 % off the asking price. Houses are selling very quickly near us, apart from the really undesirable ones. We didn't want to risk losing it by waiting to see if we could get it cheaper. It's a price that we're happy with, but I expect our buyers are feeling pleased (as we were when we sold ours last year!).

It's very difficult to haggle much as all when they're new on.

It seems silly to reduce a price several times in a month - I've never seen that.
Do your research - find out recent sold prices, how close to ask things are selling for etc. You seem to be unusual in that your market is sluggish, but it means you can certainly negotiate. Factors to consider are: how proceedable you are (cash buyer? Already under offer on your own? Renting but need a mortgage?) The sellers position (just on the market? Probate sale? Very motivated seller? Or just testing the market?). How long he property has been in the market and local conditions.
If you find a place you like, as you have done your research you should have a good idea how much it is worth, and then add how much it is worth to you. Offering a good 10-15% under asking in a buyers market is a good place to start.

where are you OP, roughly?
I'm with others, where I'm looking there is NO hagling belowasking price, only over it.

Clearly you're in a different market to me! I live in a city and since last summer a lot of people have been moving out of flats into houses and also further out to the suburbs and surrounding small towns and villages. Not many houses are on for more than 2 weeks, particularly in the lower price brackets and desirable school catchment. It's quite normal for things to go for 20% over the offers over or even valuation price (scottish system but you can only get a mortgage up to the valuation price). My friend had over 20 viewings, 5 offers and sold in 4 days last week and it would have been 3 if the solicitors office hadn't been closed on bank holiday Monday!

I'm not talking about city or London. I'm talking about out of London. I've saved properties on RM & Zoopla since Feb. Barring one or two all of them are still on the market and most of them had price reduced. I've also spoken to few agents and owners are ready to negotiate. I'm ready for 5-10% haggling.

Just go for it 10% can be seen as a bit cheeky at the lower end. Where I am some houses are going quite quickly and all houses are getting a lot of viewings but most are going for under asking price as the offers aren't coming in. Some estate agents are definitely talking the market up but others are saying its slowing. Ive spoken to a lot of agents in the last couple of weeks.

MILs flat in Essex we put it on for 110k and accepted 105k for a quick sale as its a retirement complex one

We are in Manchester and both bought and sold over asking price in January

Hertfordshire here, and we've just accepted a 1.5% less than asking for our house, and offered 1.5% over for the house we want. Things are moving really quickly and there's not much room for manoeuvre.

Depends so much on the local market and also the individual circumstances of the vendor. We're in Wales and our area is still in the grip of a hot market- any half decent property goes within days of listing. Our very bog standard new build had multiple asking price offers on the first day of viewings. We put asking price and above offers on three houses since then and lost them all to higher offers, also within days of those houses going on the market.

We then saw a house in a really desirable area that was priced at top end but needs complete modernisation throughout. So we recognised as we knew the value of the area and specific road that it was really overpriced. We were the first to view it, within 24 hours of it going to market and we were open with the agent about how overvalued we felt it was. The agent agreed and explained it was the vendor who'd wanted to chance a higher price but also wanted a quick sale. We offered 10% under and negotiated to 8% under, which he accepted. We feel it was pure luck in many ways as if he'd listed it for what the house was worth to begin with it would have been two Rightmove price brackets lower and I'm sure we'd have had a lot of competition for it. Basically, unless the market is really buoyant in your area with many more houses for sale than there are buyers I wouldn't expect to automatically be able to haggle.

We are in south east and properties shifting fast here, apart from the usual few suspects, over priced that no one wants becayse of it, there is always a couple.

Op, just offer, there is no rule, offer what you think it’s worth, the seller will either say yes or no. It’s their decision, they don’t need to sell they can hold out if they wish more, offer and let the cards fall as it may. There is no such thing as “haggling” in house buying. You make an offer they say yes or no, if they say no they may tell you what they will accept. You then decide to offer it or not. Alternatively they will think you’re time wasters and just tell the agent not to deal with you any more. No one can guess. It’s about the individual seller.

I would just go for it but depends on house and market and how keen owners are to sell. We took an offer of 91% of our original asking price in October after it was on 5 weeks.

In the past I've got over 10% off asking price but in cooler markets and in a strong position buying empty property.

If most of your local market is being reduced then that would suggest lots of room for haggling - so ignore everyone that's saying otherwise. Go for it! (Fwiw 10 years ago we got ours for £150 less than the originally listed price of £750.)

Have seen few properties which had prices reduced 3-4 times within a month

That’s really really unusual. I’ve never seen anyone drop the price weekly. I can’t decide if it’s good for you or not, as I can’t understand why your area is seeing such drops like this and is different to the rest of the country,

Where do you live Ie south east, midlands etc?

A lot of agents seems to be listing as “offers over £....k” rather than an asking price. It seems housing are selling fast at the moment. I think once the stamp duty comes in things will ease off

I've learnt through my mistakes and now only offer what I think the house is worth in the current market no matter what the asking price is. Don't panic and offer more than you want to pay. I once offered considerably more than a house was worth and sold it 12 years later with a new kitchen and new bathrooms for £50,000 less than I paid.
Sellers can be unrealistic and ask for more than a house is valued at. Don't offer it unless you agree it is worth that.

Houses seem to be barely hitting Rightmove her before going under offer. We got 0.5% reduction.

But your local market is what matters, find something you like/can live with offer what you think it’s worth based on your research.

Good luck.