Alan Murphy and his wife identified a semi-detached house in Brighton as a potential long-term residence. The property features three bedrooms, a garage, a garden, and extension possibilities, but its asking price of £575,000 seemed inflated considering its condition. Murphy described the house as needing significant renovations, including a nearly unusable garden.
To secure the home without exceeding their budget, the couple decided to negotiate boldly, offering £35,000 below the asking price. The seller accepted their offer quickly, leading Murphy to believe the property had been overpriced from the outset. Their approach not only confirmed their instincts but also provided additional funds for necessary renovations.
Across the UK, many buyers are adopting similar strategies in the current market. Zoopla’s data reveals that the average home is selling for approximately £16,000 below its listing price, with annual house price growth having slowed to just 1.3%. This trend raises questions about sellers’ pricing strategies, influenced by factors such as “loss aversion.” Sellers, often influenced by past market conditions when prices were higher, may misjudge their property’s value in today’s tighter economic climate.
As buyers navigate these market dynamics, some estate agents recommend starting with higher valuations to test the market. This practice can lead to a recalibration of expectations if interest falters. Buyers are advised to support their offers with concrete evidence, such as survey findings or the condition of the property, while remaining respectful throughout the negotiation process.
In one case, homebuyer Rowena Bower successfully negotiated a purchase below the asking price by establishing rapport with the sellers, emphasizing the importance of personal connection alongside financial considerations. However, she noted that buyers should be prepared for the possibility of rejection.
Amid current economic conditions, the flexibility in asking prices suggests potential savings for buyers willing to negotiate. Experts advise that while the market may shift in the future, taking action now could lead to significant financial benefits.
Source: https://www.theguardian.com/money/2025/nov/15/lower-offer-buying-a-home-prices