To offer below asking price - how much less?

[DogLover20]

Is it common to make offers below asking price? And, if so, what’s an acceptable %? I have heard 10% is about acceptable but I guess it depends on the price of the house.
For example, with a budget of £500K-£540K (SE near London), is realistic to look at properties with an asking price of £570K ish and offer £30K-£40K less? And also, how likely it is we’d secure a house doing that?

You can't find the actual sold price until 3 months after the sale. Then the sold price will usually be shown on Rightmove sold prices or other websites.

@Tubbyinthehottub thanks! So most of the ones I’ll see today might still be a reflection of the crazy market we had last year I guess

We offered 10% below and agreed on 7% which amounted to £58K off the reduced price (82k off original price). They needed to get going to keep their onward property and we were in a good position.

Personally I'd only ever accept a few percent under, but I would also only ever price realistically so it really does depend on the actual house and situation. 10% under would possibly make me think it not a serious offer though.

Do they update from the asking price on the advert to the actual sold price?

No. So you need to remember or save it

I didn’t think so, so am a bit confused by you saying you can see sold prices on RM - you can’t, as you’ve just said! You need Zoopla for that.

You can see sold prices on the Rightmove website, not the app.

We offered 12% under and offer accepted 10% under recently. It was because the house needs work which people worry about in current climate, market very slow here and we are in a good position.

Mines on for overs over £400k. No chance I'm taking less as I need minimum of that to move on. If I wanted less, it would be priced less!

I guess a lot depends on the situation of the seller.

I'm actually hoping for £420k and a bit of a bidding war tbh as it's easily worth that.

Hello,

Advice needed! I have seen a property advertised for 465,000.

Is it common to make offers below asking price? And, if so, what’s an acceptable %? I have heard 10% is about acceptable but want to get opinion?
Is 15% too much below?
And also, how likely it is we’d secure a house doing that in today market?

It's often 6 months before the actual sold price appears on land registry data. That's a real pita in a falling market, makes it too easy to overpay by mistake simply because you can't get up to date info. It really needs to be sorted out - but I doubt anything will change as its been this way for as long as I can remember.

Depends on the market, area, whether the property is priced fairly or overpriced. No way to advise in the abstract. 10% under would usually be pretty punchy but if it's overpriced it might be appropriate.