Offering below asking price?

[teddytoast]

How low is too low? House is listed for 500k but needs a bit of work. Is offering £480k too low? One recently sold on the same road for £490k. Was also listed at the begging of Nov last year so doesn’t reflect the stamp duty increase

I think starting at £480k is a good start or even £475k for them to say no and you up it to £480k . Good luck .

I would say it's too high unless you absolutely adore the house and would be devastated not to buy it (best to try to avoid this until exchange anyway)! If the house has been on for 4 months already and now no chance of buying pre SDLT increase, they would be very lucky to receive offers of only 4% off asking price. Have they had any other offers? 10% off is generally considered perfectly reasonable, although it obviously depends very much on the market for the house and the buyer's individual circumstances.

£480k is not too low. I agree with rainingsnoring, 10% off is not unusual.

Do consider the work that is needed on it and how much that will cost you. You can always go back and negotiate on any big items once you have a building survey so your offer can be 'subject to survey'.

Thanks everyone 👌🏼 I highly doubt 10% below would be accepted as the work is mainly cosmetic but worth a try

It really depends on context - how long has it been on the market, what is the sellers situation and motivation etc.

We offered £450k on OIEO £500 (cheeky I know!) and landed on £470k purchase price ..... So you never know

Ours was on for 500, we offered 480, thinking it would be rejected, but they snatched our hands off. This was 3 years ago, south west UK.

I think it always depends on how much you want the house and if there are other houses on the market that you would offer on anyway. Also how long have you been looking and are there other interested parties. Having said all that, definitely try and offer lower, you are in a strong position. Is there a chain above the house or have they yet to find? I guess if they have yet to find and you offer too low then maybe they will decide not to move as they can’t afford it. So many senerios!

I think it sounds quite high... but then we bought our house for 15% off the asking price, but this was 6 years ago

I would start a bit lower in the negotiations ... maybe 475K? Then you could potentially increase to 480k if they don't accept it straight away.

This is what I would do too.