First time buyer help

[Unchive2025]

As title suggests, we are first time buyers and just looking for any advice or tips. Also is it still the norm to offer 10 percent less than asking or has this gone out of practice? And can anyone explain about modern methods of auction properties, should we avoid this? Thanks!

You can offer whatever price you want. The sellers will either accept or refuse
The average reduction is 2% but currently London sellers are dropping by 4%

Up to 10% is classed as 'non offensive' range for offers (over that is less likely to be accepted) but its not just a blanket 'offer less than 10%' you should way up reasons for your offer.

A newly listed, modern turnkey that is competitively price is very unlikely to accept an initial offer of 10% under.

A house that is already stood empty and has been listed for months and is a doer up might be more open too it.

If you get a reduction at the start you are often less likely to be successful in re-negotiations later though.

Thank you, this is helpful, I live in the south east

Me too
We have a good commuter train in the nearby town
I personally wouldnt accept a 10% reduction if I was selling but everyone’s priorities are different

You might find probate sales are not so keen to wait so willing to lower the price

realistically though it’s 2 - 4% ( more nearer London )

It totally depends on the area and on the individual property as to the offer that is being made and accepted. I think Zoopla figures were actually a nearly 5% reduction on asking price on average. However, that didn't include previous reductions that the sellers had made to their asking prices already. If you look at Rightmove, most areas have been seeing a lot of sellers reducing their properties and a lot of them are still not selling. I've seen a lot of developers reducing new build prices too. Overall, many markets are falling slowly or stagnating at present so I really wouldn't rush in or worry about offending sellers, depending on your local market, of course.
What you should do is put time and effort into researching your local market for the type of property you are interested in. Read up on the house buying process. Have a look online at MovingHomewithCharlie. He has a lot of good advice for first time buyers.

Spend time learning about the market and finding market comp of sold prices for last 3-12 month for properties you like. You need to have a clear idea of what the house is really worth and be ready to walk out. It's ugly out there.

The auction can be worth doing if you get a survey done and a mortgage offer in principle asap. But do be aware the guide price is way below what they actually expect to get and there is a minimum price they will accept but can’t tell you what that is, but it’s above the guide price usually.

I think as a first time buyer, I would avoid auctions tbh.

Yes, definitely avoid Modern Method of Auction @Unchive2025.
I think there have been a couple of threads on here about it which you should look up.

Thanks all, will steer clear of auctions for now