Negotiate: House Price 2024

1. Do Your Research

Before making an offer, research the local property market. Look at the prices of similar houses in the area to get an idea of what’s reasonable. Property websites and local market reports can provide valuable insights. Try to research how long the property has been on the market, have there been any reductions in price? Knowing as much as possible sets you up for getting the best value possible.

 

2. Get a Pre-Approval

Having a mortgage pre-approval shows sellers that you’re serious and financially ready. This can give you an edge in negotiating the house price, as sellers are more likely to consider offers from buyers who are pre-approved.

 

3. Understand the Seller’s Position

Knowing why the seller is moving can be helpful. If they need to sell quickly, they might be more open to negotiate. Ask the seller's agent or do a bit of investigation to understand their situation better.

 

4. Start Lower, But Be Realistic

It’s common to offer below the asking house price, but make sure your offer is reasonable based on your research. An offer that’s too low might be rejected outright. Aim for a figure that allows some room for the seller to counteroffer and not offend them in the process.

 

5. Highlight Your Strengths as a Buyer

If you’re in a strong position, such as being a cash buyer or having no chain, make this clear. These factors can make you more attractive to sellers, potentially giving you leverage to negotiate a lower house price.

 

6. Be Prepared to Walk Away

Sometimes, the best way to get a good deal is to be willing to walk away. If the seller knows you are not desperate, they might be more inclined to negotiate. Set a maximum price you’re willing to pay and stick to it no matter what.

 

7. Consider Other Negotiable Terms

Price isn’t the only thing you can negotiate. You might be able to negotiate on the completion date, fixtures, fittings, or other terms of the sale. Sometimes, agreeing to the seller’s preferred terms can help secure a better price.

 

8. Use your Head, not your Heart

Sometimes you just fall head over heels for a house, and this can sometimes cause you to make rash decisions, especially in the price you’re willing to pay. This can lead to paying a much higher price than if you let your head do the talking instead. Do your research on the property and keep the facts in mind, this will help you keep level-headed and hopefully get the best house price possible.

 

In Conclusion

Negotiate the house price, this can save you money and help you get the best deal. By doing your research, understanding the seller’s position, and being prepared to walk away, you can negotiate with confidence. Remember, the goal is to find a price that works for both you and the seller. Happy house hunting!

 

How much lower should you offer on a house?

It entirely depends on the circumstances the property in question and whether the asking price is high or low. Has the property being on the market a long time, have there been price reductions already, what have similar properties sold for recently?

 

Do I need a solicitor when making an offer on a house?

No. Buyers typically make offers directly through the estate agent. Once your offer is accepted, you'll need a solicitor or conveyancer to handle the legal aspects of purchasing your house.

 

How can I convince a seller to accept my offer?

Certain factors can increase the chances of a seller accepting your offer beyond just a high bid. For example, being chain-free or a first-time buyer can give you a significant advantage.

 

Average house price UK

As of January 2024 the average house price is £282,000