Offer on £££ house

[MakingAnOffer]

(I am very aware this is a first world problem, potentially insensitive in CoL crisis, etc)

we are in very lucky position to be upsizing quite significantly, looking at houses up to £1.4m asking price (this is in commuter town in SE though so not quite resulting in the country pile this budget would command in the town I grew up in!)

when we bought last time it was for about 500k and I felt comfortable about where to pitch first offer/ second offer etc … Eg I think we started at about 15k under asking and then settled at about 5k under asking

can anyone give advice on making an offer at a higher price? I know ultimately it’s what we’re willing to offer and what the vendor is willing to sell for, but if say a house was marketed for 1.5m what would you think would be non-pisstake starting point?

I know it’s not a science, and very much dependent on context, but interested in views…

Is there anything to compare it with that sold recently?

I think 10% under asking seems to be rule of thumb these days, at the end of the day it depends on how much you love it and who else is after it and which bidders are actually proceedable?
i think in your situation I’d go in at 85%-87% first offer?

What are the comps / £ sqf/m? You can offer whatever you like.

As a very rough guide I would offer 10% below so maybe 1.35M?

So many factors. How long has it been on the market? What are the circumstances of the sellers? Are you under offer on your house? How is the market around this house? Some areas are still selling briskly near or even above asking.
So I wouldn't go by general press reports and assume you can make a low ball offer. However, if it's been on a while, sellers are keen to sell and you are under offer then sure try 10% below.

Also how strong is your buying position? Are you chain free and cash? Are you chain free with a mortgage? How big a mortgage? All plays into how a vendor views any offer.