How likely is an offer of £50k less than asking price to be accepted?

[HateSponge]

Have been continuing to look at houses, even though I know that prices are still falling etc anyway.......have found a house I love. Think it could well be my forever house.

But its up for £225,000; I had set myself a limit of £175,000. Have checked 2004 prices for the road and these were around £180-190; this house is bigger than the others and has a huge garden (part of the reason I really want it) but it does require some work internally.

So would there be any prospect that an offer of £175k could be accepted? It is a lovely house but am trying not to get too attached to it as I really am not sure I will get it! Also it sounds as though it may be a repossession - if it is, does this mean theres more (or less) chance of a low offer being accepted??

Go for it - no harm in making the offer. I know of houses that have sold for that much less than the asking price. All depends how keen they are to sell.

Every situation is different - a house round the corner from us was on the market for £230k & after only 2 weeks they dropped it to £220k as they wanted a quick sale. It has been on the market for a total of 3 weeks & they have sold it at £200k. You have nothing to lose to put in your offer. Good luck