Is offering 5 to 6 per cent under asking reasonable?

[ComeOnAbraham]

Georgian terrace in London. It'd been for sale confidentially for about 3 weeks and has been publicly on the market another 3.

I am thinking of starting 6% under, hoping to agree on about 5% under. Does that seem reasonable?

Except some people have been very helpful.

I've been on too many threads where people have tried to discuss prices in London and the thread just gets derailed by people saying "you could get a palace for that in Auchtermuchty". It's really annoying.

Agree it's pointless people going on about London prices and what they could buy in other places.

Lots of people want and choose to live in London. Yes they pay a lot - get over it!

People have essentially told you that we can’t answer because we don’t know enough about the property

Are you checking price history, that is very important as interest rates rise, are you using apps like PropertyLog etc. to track price reductions on similar properties? 20% off a silly price might not be enough!

Multiple people have posted helpful replies. Not sure why you're suggesting otherwise- we can all read the thread- unless it's just that you're annoyed to have misunderstood what I was asking. That's ok, you weren't the only one. Enjoy your afternoon.

That is a historic "norm", buyers now don"t know if they can even get a mortgage or how much the lender might down-value the house, the norm for a lot of people now is can they afford the monthly payments, sellers need to run the mortgage calculator for their target market before marketing the house if they want to be realistic.

Without a link it is pretty pointless speculation though, it is much easier to DYOR now than it used to be with all the apps and stats that are available.

She obviously can’t post a link to a house she’s planning to offer on!

Agreed

I can’t see how any response can be helpful when it’s all so theoretical

If it’s only three weeks you may still get an asking price offer at a similar time and miss it. i think you should offer over what you’d be gutted to lose it for.

If you are paying cash you can offer whatever you like, why not give them 5% more to secure the property and then just enjoy living in it? Most times when people want money off they are not really set on the house IMO, of course if using a mortgage the lender will have something to say about the level of discount maybe required.