91% of recent first-time buyers reduced the asking price, with an average of £22,900 saved, according to a new survey by TSB.
Younger people (18-34) made the biggest savings - negotiating £24,400 of reductions on average.
The research also found that the average deposit size reduced last year – from 23% to a UK average of 18%.
Regions which saw notable drops were East Anglia (down from 26% to 16%), North West and West Midlands (both down from 20% to 14%), London, (down from 29% to 24%) and the South East, down from 25% to 20%).
TSB found that the average age of first-time buyers remained flat, at 31.
London saw an increase of one year – up to 34 years, and is the oldest region, followed by the South East (33).
The North East, Scotland, West Midlands and Yorkshire & The Humber have the lowest age for first-time buyers, at 30.
Mortgage terms also remained flat at 31 years. Although, London dropped two years, to 30. As did the South West; down to 31 years. Scotland has the lowest term, at 29 years.
Of those who had bought a property within the last five years, buyers typically viewed four properties before making an offer – and over 55s conducted the widest search, viewing five on average. One in 100 first-time buyers (1%) viewed over 10 properties before making an offer.
The house buying process – from first viewing to moving in – took five months on average. However, one in 20 (5%) took a year, while one in 50 (2%) took between a year and two years to move in.
Over three fifths of first-time buyers (68%) made an offer on the property they eventually bought within a week, while one in seven (14%) made an offer the same day. On average, it took two offers to be successful. One in 20 (5%) made four offers or more.
Reflecting on the house buying process, a third (33%) of recent first-time buyers said they would negotiate even harder, followed by widening their search (31%) and setting a clear budget (29%).
Looking ahead to the year, over two fifths (43%) of first-time buyers said that cost-of living concerns most concerned them, followed by base rate level (32%), and house price falls (27%).
Craig Calder, director of secured lending at TSB, said: “Most first-time buyers are successfully lowering a property’s purchase price through negotiations that can lead to notable reductions to the asking price, in some cases.
“It’s vital that house buyers build time into the process for enough viewings, alongside effective budgeting and negotiation. The right deal for the right home can be game-changing for your financial future and wellbeing.”
