Buying a home: 7 tips to get a cheaper price

The asking price sellers are advertising their properties for has jumped 0.4% over the last month, according to Rightmove data.

However, the property portal also reports that the proportion of sellers lowering their costs is now at its highest level since January 2011. Over a third of homes currently up for sale have had an average asking price reduction of 6.2% or £22,700. 

Sarah Coles, head of personal finance at investment company Hargreaves Lansdown explains: 'This isn’t a house price rise. It’s an indication of how desperate sellers are to defy the miserable realities of the housing market right now. 

'Sky-high mortgage rates mean demand has dropped like a stone, house prices have fallen, and sales have dried up. However, not all sellers are prepared to accept it right now.'

So if you've found a property with an overly optimistic asking price, don't let it go. Here, Which? offers advice to help you negotiate a cheaper deal.

7 tips to shave thousands off the property price

If you're thinking of making an offer on a property in the coming months, take heed of the following tips.

Our guide on making an offer on a house or flat also provides a step-by-step process on how to secure a home.

1. Research what similar properties sold for

The latest data from Rightmove shows the average UK asking price, that sellers want for their property, is £366,281. 

Meanwhile, Land Registry figures, which show what people actually end up paying for properties, say the average selling price stands at £289,824.

Estate agents fight for commissions and sometimes a high valuation helps win over the client. This means properties can often be listed for more than they will realistically sell for.

You can get a sense of the property's true value by looking at the sale prices of neighbouring homes. Make sure to compare like for like, so look at properties with similar features in the nearby area.

• Find out more: what's happening to house prices?

2. Check how long the property has been listed

Rightmove reports it's taking an average of 57 days to secure a buyer, compared to 35 days a year ago. 

If a property isn't shifting quickly, it can be an indication it's not priced correctly. 

So it's certainly worth considering a lower offer if the property has been on the market for a long time.

Check online to see how long the property has been for sale and whether it has been discounted in the past. A seller who's been waiting to move for months will likely have itchy feet, so could be more flexible when faced with a lower offer.

• Find out more: should I make an offer before selling my own property?

3. Show you're an attractive buyer

You want to prove that you're a serious, as well as attractive buyer who won't mess the seller around.

So emphasise key things in your favour, for example, if you don't have to sell a property in order to buy the property you're viewing, that makes you a chain-free buyer, which could make your offer stand out compared to another buyer with a property to sell.

Also, say if you've already got a mortgage agreement in principle (AIP). Having an AIP shows you can, in theory, afford to buy a property. This could make you a more attractive buyer and set you apart from other prospective buyers.

Let the seller see you're organised and ready to move. Pick a surveyor and conveyancer so you are ready to instruct them as soon as your offer is accepted.

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4. Don't reveal the limits of your budget

When you enter into a negotiation, play it cool and don't reveal your budget to the seller or estate agent as they could play hard ball if they know you can afford it.

Think with your head rather than your heart and take time to consider whether you're really getting the best deal.

Rather than immediately putting an offer down two minutes after the viewing, bide your time and don't be overly enthusiastic. 

• Find out more: house viewing checklist 

5. Get a survey to haggle on price

If there's something about the property you're unsure of, you may consider having a survey done first before committing to a price.

If problems such as damp are found and you're still eager to put in an offer, share the survey results to showcase the property's issues with the seller. This could help you negotiate a lower sale price as you'll have proof that you'll need to fork out for improvements.

• Find out more: house surveys explained

6. Don’t be overly influenced by ‘sweeteners’ 

Sometimes owners offer to throw in white goods or other fixtures to push up the price.

But the items' value will rarely be enough to warrant the extra you'd have to spend on your mortgage, so be wary of the added incentives that may be added in. 

• Find out more: how much a property is worth

7. Offer below the asking price

Rightmove says 36% of properties currently listed have had their asking price reduced at least once - so sellers might be more open to offers at the moment as asking prices are a fair bit out of touch with what buyers are willing to pay, or can afford.

On average, sellers are reducing their prices by 6.2%. Here's what that would amount to on a range of asking prices values.

But don't be afraid to go lower than this. 

When you make a serious offer below the asking price, your research should help you build a case and help to give the estate agent some valid reasons as to why you aren't meeting the advertised price.

• Find out more: exchange and completion