New research from the HomeOwners Alliance shows that four in ten (39%) UK homeowners negotiated a deal on their purchase and sellers who pitch too high risk losing serious offers.
39% negotiated and bought below asking price and the most common reduction is up to 5% off, with 20% of current homeowners negotiating this level of discount.
14% secured a 5–10% discount off their home and only 6% managed more than 10% off their purchase.
39% paid the full asking price to secure their home and 10% paid above asking price after competition, often through best-and-final offers. 2% of these offers went to sealed bids.
First-time buyers were less likely to negotiate, with only 35% paying below asking price compared with 42% of experienced homeowners.
These findings align with recent Zoopla data, which shows that homes requiring a price reduction take 2.4 times longer to sell than those priced correctly from the start. In today’s competitive market, an overpriced home not only puts off potential buyers but can also lead to weeks or even months of delay before achieving a sale.
Paula Higgins, CEO of the HomeOwners Alliance, commented: “Buyers clearly have more room to negotiate right now — but don’t just guestimate your offer. 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. 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."
