How to negotiate a lower offer when buying a home amid today's market conditions
In today's UK housing market, buyers are finding opportunities to negotiate below asking prices as conditions tighten and supply remains constrained. For example, in Brighton, Alan Murphy and his wife successfully offered £35,000 less than the £575,000 asking price for a semi-detached home, with the seller accepting the lower offer.
Data from Zoopla indicates that the average UK home now sells for approximately £16,000 below its listing price, accompanied by modest house price growth of 1.3% year on year. Despite these trends, some sellers continue to price their homes optimistically high due to loss aversion, though current market realities suggest past valuations may no longer apply.
Experts advise a bold yet calculated negotiation approach. Buyers should support offers with evidence, communicate respectfully, and be prepared to hear 'no' without overstepping. Even modest price reductions can enable renovations or help reduce mortgage or stamp duty costs. The market is generally buyer-friendly, but limited supply remains a constraint.
Estate agents also play a role in pricing. Robin Edwards of Curetons explains that while test-market valuations are common, the true value lies in what an informed buyer is willing to pay, not solely algorithms.
Personal strategies can also aid negotiations. Rowena Bower and her husband purchased a four-bedroom property in southeast London for £535,000, £15,000 below its £550,000 listing price. They credited a direct letter to the sellers for helping to build rapport and facilitate the deal.
The practice of gazundering, where sellers make last-minute demands for price cuts, is generally frowned upon and seen as a pressure tactic.
Overall, buyers navigating the current market stand to benefit by approaching negotiations respectfully, being prepared with evidence, and maintaining realistic expectations in a buyer-friendly but supply-limited environment.
