Buyer wants a price reduction after survey

[HouseDrama2026]

i ve named changed for this

We accepted an offer on our house earlier this year and took it off the market. The house had been listed for a while - it s a large family home in a more expensive price bracket, so not attracting tens of viewings.

They’ve now come back after their survey wanting a price reduction. I do understand surveys can throw up things, but I’m honestly frustrated because the property was priced with the age and condition in mind.

There are issues mentioned (roof, leaks, electric, and the survey feels quite heavy-handed in the context of what is, in reality, an older 1970s house.

We think they’re overreacting and trying it on. I m feel like we should walk away, but so much time invested already. If we relist, there is no guarantee that the same think wont happen again. Everything is taking forever and it s absolutely depressing. I feel so angry that it s also maybe clouding my judgement.

You don't have to give a concession, but weight it up pragmatically. 5k off or 50k off on something over 1.5m can still represent (sorry for the phrase) good business for you...but just remember they re as already choosing the wall paper for the redecorating, and who gets which room👍

If so minor maybe you should say you will do the works then . Sometimes buyers sort it out then sell at the original sale price agreed. Have you had other offers? Has it been sometime? You might be putting off future buyers otherwise or end up in the Sam eolace with your next offer.

The negotiation is meant to be done before a contract has been sent out. Obviously if I was a desperate vendor with no other interest I’d have to consider it but otherwise I’d most certainly threaten to withdraw the contract.

I think this vendor has had little interest in their property, that screams "overpriced" (either that or demand for the area has dropped for some reason) so not sure why they are chasing away a buyer willing to pay OVER valuation?

Turning down a buyer who is already offering over market value in the current climate is madness imo. I think you’ll be waiting a long time for an equal offer even after a reduction for necessary maintenance.

Or do the work yourselves?

Just take their offer and take some more off for the work and get the sale done IMO, it is only going to get harder and harder to sell now unless you are really cutting the price.

they are not moving. we re having one last try to convince them to move back to the agreed price, and we ll relist.

we are not willing to take the hit, because even their "above value" offer is insulting

Fair enough, and only you can know if that's the right choice for you. And if you don't mind whether or not you sell then it may well be the right choice. But buyers will ask whether there have been previous attempts to buy and it will become apparent that the sale failed at the survey stage and that will be off-putting for a lot of people.

@HouseDrama2026 I don’t think you are serious vendors. Most people don’t see a reduction as an insult when they haven’t done the work themselves. With few viewings it’s not the house of the year is it?

If the valuation is 10% below asking price, I think you will come up against this problem with future surveys.

We were buyers, the survey for mortgage purposes, so basic, valued the house at £135k below the price we'd agreed to buy at.
Thankfully the vendor realised she would have the same problem with whichever buyer came along and we agreed a sale at £10k more than it was valued at.
She was extremely bitter about it but we would definitely not have paid what she would have liked. In reality, it was grossly over valued by the estate agents.

So you are insulted by the value of your house basically?

@KeepPumping yes, i must say we are.

@QuirkyHorse what % was the £135k representing? 10% is a bitter pill to swallow when the EA is so confident on the price based on sales in the last few years. But maybe we ve been taken for a ride by them also. Or maybe the surveyor is being very unfair on the valuation.

@HouseDrama2026 Most houses are not valued at sale prices for the last few years. Quite frankly this just is not happening in many areas. Plus they don’t know the condition of your house so current value is inspired guesswork and it’s worth what someone will pay for it, today!

Your estate agent is incorrect, were they comparing like for like? Our house has just sold for 10% less than the same style house in our street did last year. We have more garden which is south facing, theirs is north, we also have a home office a garage and a large drive that they do not. The market has changed with the economic uncertainty. I hope you're on a no sale no fee basis.

oh and no issues with the survey as it is well maintained and is over 50 years old

Our friends are selling a standard semi
on a quite big estate. Not been extended like many others, however it’s fairly easy to compare with similar over 2 years. The price drop is from around £465,000 to £410,000 if you look at sold prices. Theirs sold for £410,000 but buyer pulled out. Said it was the survey, but didn’t negotiate. So a bit odd but it’s dropped by over 10% in less than 6 months. EA knew the market and people aren’t paying what they were.

People can"t get the cheap debt any more, I have a feeling mortgages are going to get a lot more expensive.

I asked for a reduction after having a survey done on the house I was buying. The seller and I came to an agreement on the price. The things highlighted by the survey were issues with the electrical system and roof. Things that weren’t obvious to a buyer looking around the property but that the seller knew needed attention.

I would try and keep your buyer in the current climate. Mortgage rates are just about to go up again. I doubt you get a buyer who will pay the full asking price in the current climate. On our Rightmove, many houses have been reduced from their original listing price as they’re overvalued. You risk delay and potentially even having to accept a lower offer if you won’t even negotiate. That’s no way to do a deal. (That is if you’re genuinely serious about wanting to move)

Good advice.

@HouseDrama2026 the valuation was 23% lower than the asking price.

Honestly, the place was practically derelict (which is why we didn't have an in depth survey).
I suspect she directed the estate agent to market it at an unrealistic price. She was very grabby.

The probate house I recently accepted an offer on was sold with the caveat that I wouldn’t reduce on survey, as it was already at the bottom of what I was willing to accept.

@KeepPumping Yes, lack of borrowing capacity is definitely causing prices to fall. I’ve no doubt. The house I referred to has been maintained but is lacking a downstairs cloakroom and the bathroom has a separate loo with no basin! Most people have not kept this in a family house. However a good location and generous garden are a big plus but prices are very much down. Of course borrowing capacity is causing issues. Will get worse if Burnham spooks the market!

How on earth can their above value offer be insulting. They are offering to pay more than your property is actually worth. Madness!

presumably you’re in no hurry to sell then?