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What amount is an acceptable offer on a house of £345.000 asking price?

I wish to buy a house with an asking price of £345,000, what would you recomend as an opening offer? Is 10% below the asking price acceptable?

Asked on Jan 3 2014, House Prices in Rugby | Report content

Answers (1)

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  • I would say it's always better to go for a calculated and well analysed offer price rather than just a straight 5% or 10% below. If you simply knock off those percentage amounts, it becomes apparent to both the estate agent and the seller that you are trying to bargain on the price without having done some detailed valuation work behind the scenes. I always advise a 4 step approach to decide the right offer price for a property. The 4 steps don't always work for all types of property, so pick and choose as to what may be appropriate for you. 1. Compare the selling price with other similar properties in the area that are currently for sale. Need to be of a similar size, number of bedrooms, garden space etc. You can do this by looking at other properties for sale on Zoopla (and other property portals) 2. Compare the selling price with similar properties that have sold in the area recently. Try and go for sales in the last 6 months if you are able. You can access this data through Zoopla's sold prices tool. 3. Compare price per square footage with other properties currently for sale (this method is most useful for flats and apartments) 4. Assess the seller's situation. Try and find out how long the property has been on market, if other sales have fallen through, whether the asking price has been dropped, why the seller needs to move. All this will give you an idea of how keen they are to sell and therefore how open to an offer they may be. Compare the outcomes of all four steps, and you will be in a better position to decide on an offer price AND you will be able to provide reasons to the estate agent/seller as to why you are offering at that price.

    Answered on Jan 4 2014, Report content

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