It's a buyers market! How YOU could knock £22k off a house price and the key to a cheeky winning bid
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HOMEBUYERS could knock tens of thousands of pounds off the asking price of a property using a few key haggling tricks.
Sellers are agreeing to sales that are £22,694 below asking price on average, according to figures from property portal Rightmove. But what is the trick to making a winning bid? We spoke to experts to share their tips.
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We explain how you can haggle a home discount and save £22,000
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This chart from Rightmove data reveals how big a discount buyers can get on homes based on their size
Property experts now say the market has tipped in the favour of buyers - and with this comes power for anyone looking to purchase a new home.
A typical house is now worth £378,240, which means buyers are haggling a discount of 6% on average.
Although mortgage rates have fallen in recent months, they are still much higher than the levels seen in the last decade.
Meanwhile, house prices have continued to climb during this period but wages have not.
Read more on house prices
HOUSE THAT Mortgage rates slashed ahead of Bank of England interest rate decision tomorrow
As a result, buyers are limited on what they are able to afford.
This means that at the moment it is all the more important to get a discount when trying to land your dream home.
Check out the market
When making an offer that is below the asking price, always check the price that similar houses have sold for nearby, suggests buying agent Emma Fildes.
'Knowing the area and type of property you've been searching for is key,' she said.
'Past sales can be found on the Land Registry website or Rightmove and you can see the sold house prices under the street name.'
Best schemes for first-time buyers
Always expand your search to the streets around you too, as homes on these roads may have sold more recently.
This could help you to make a like-for-like comparison with the home you are making an offer on, she recommends.
You can also install the Property Log attachment on your Google Chrome internet browser, which will show you which direction asking prices are moving in your area.
Win over the seller
A large part of whether you will be successful when buying a home is whether your circumstances match those of the seller.
How to sell your home for the best price
IF you are looking to sell your home this year the there are a few ways to guarantee that it sells for the best price.
Homes that are priced too high when they are first put up for sale are more likely to be sold for a low asking price, according to property website Rightmove.
Houses that need to lower their price during marketing are less likely to find a buyer overall, its research found.
These houses can also take over two months longer to find a buyer.
When listing your home on a property portal you should start with a competitive price, a well written description and attractive images.
These things can encourage a potential buyer to enquire about a viewing immediately.
Homes that receive an enquiry on the first day of marketing are 22% more likely to successfully find a buyer than properties which take more than two weeks to receive their first enquiry, it found.
Emma Fildes said: 'Understanding the seller's circumstance can also enable you to get a larger discount if you can provide something other buyers can't when making an offer.'
Being able to exchange quickly, make a cash purchase, sell without an onward chain or extend a completion date can all be attractive to a seller, she said.
You can be cheeky - but there's a limit
When making an offer you should always act with conviction while also trying to avoid offending the seller, recommends Ranald Mitchell of Charwin Private Clients.
'It's all very well trying to put in a cheeky bid but in doing so you could insult the vendor,' he said.
'It's human nature that if you insult them then they are going to dislike your subsequent offers or be put off a little.'
If you're going to make an ambitious bid then you should get yourself into a good position to increase the chances that your offer is accepted, he said.
Ranald said: 'If you can move quickly or have a mortgage approved then your offer may be more likely to be accepted.'
Bide your time
The best time to negotiate a discount on the price of a home is when it has been on the market for a while.
Most sellers will not accept low offers in the first week or two of listing.
Wait until the seller realises their listing is overpriced.
Most sellers put a house on the market because they want to move themselves.
If it takes a while to secure offers then they could feel stuck or it could create issues with their own moving plans if they are part of a chain.
Wait a few weeks before putting in a low offer.
You are more likely to have your offer accepted if it is well informed and polite.
Keep your budget secret
Have a maximum budget in mind but avoid telling the seller what it is, suggests Ranald Mitchell, director at Charwin Private Clients.
'If you tell the seller what your budget is, it can backfire,' he said.
If the seller is aware that you can afford more than you offer, then they have no incentive to reduce the asking price.
This could mean you end up paying more than you needed to.
Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.
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