Just under 40% of home buyers successfully negotiated a below-asking price deal, new research by a campaigning group reveals.

But the same number also ended up paying the full amount, says the HomeOwners Alliance, which says its research aligns with year-on-year Zoopla data.

The most common reduction was up to 5% off with 20% of buyers negotiating this level of discount, while 14% secured a 5–10% reduction, and only 6% managed more than 10% off.

Above asking price

While 10% actually paid above asking price, often through best-and-final offers, with 2% of these coming from sealed bids.

First-time buyers were less likely to negotiate, with only 35% paying below asking price compared with 42% of more experienced homeowners.

The HomeOwners Alliance warns sellers that “an overpriced home not only puts off potential buyers, but can also lead to weeks or even months of delay before achieving a sale”.

Homework

Paula Higgins, CEO of the HomeOwners Alliance (main picture), advises potential buyers: “Do your homework: use an online valuation tool that estimates how much the property is worth, as well as researching what similar homes have actually sold for in the area.

“Knowing your stuff gives you confidence to negotiate effectively and fairly.

For sellers, setting the right asking price is key to attracting serious buyers quickly and avoiding painful price cuts later.”

“For sellers, setting the right asking price is key to attracting serious buyers quickly and avoiding painful price cuts later,” she says.

“Be guided by local sale prices, market trends and how fast you need to move. While it’s tempting to start high and ‘see what happens’, homes priced realistically from the start sell faster and more successfully.”

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