Buyers are feeling bolder than ever in the UK housing market. Many are challenging the asking price of properties they love, often with surprising success. The key to making a bold yet calculated offer is to do your research and be strategic.
Alan Murphy and his wife found their dream home in Brighton, but the £575,000 asking price was deemed too high by the couple. They decided to make a low offer of £35,000 under the asking price. The seller was so impressed with the offer that they accepted immediately, confirming Murphy's hunch that the property had been overpriced.
Zoopla data shows that on average, homes now sell for about £16,000 below their listing price. House price growth has slowed to just 1.3% year on year, making it a buyer's market. Estate agents are also advising sellers to be more realistic with their prices, citing the need to reflect the current economic conditions.
Christian Hilber, a professor of economic geography at the London School of Economics, believes that many homeowners are still pricing properties based on past optimism rather than present-day value. "Loss aversion" is a major factor, where people tend to fear losses more than they value gains. This mindset can lead to overpricing and sellers being unwilling to negotiate.
However, experts say that a well-pitched offer shows respect for the property and the seller's position. Robin Edwards, a partner at Curetons, advises buyers to back up their offers with facts, such as survey findings or visible work that needs doing, and communicate respectfully.
For Rowena Bower and her husband, who successfully bought a four-bedroom property in south-east London for £535,000, it was all about building a rapport with the sellers. They had done their homework, carried out an independent survey, and communicated honestly about their perspective. This approach helped them to secure the home they wanted.
The article concludes that the current UK housing market is more elastic than many realise. Asking prices ask rather than dictate value. Now is the time for buyers to act, as the market is likely to be "a temporary response to the current environment".
Alan Murphy and his wife found their dream home in Brighton, but the £575,000 asking price was deemed too high by the couple. They decided to make a low offer of £35,000 under the asking price. The seller was so impressed with the offer that they accepted immediately, confirming Murphy's hunch that the property had been overpriced.
Zoopla data shows that on average, homes now sell for about £16,000 below their listing price. House price growth has slowed to just 1.3% year on year, making it a buyer's market. Estate agents are also advising sellers to be more realistic with their prices, citing the need to reflect the current economic conditions.
Christian Hilber, a professor of economic geography at the London School of Economics, believes that many homeowners are still pricing properties based on past optimism rather than present-day value. "Loss aversion" is a major factor, where people tend to fear losses more than they value gains. This mindset can lead to overpricing and sellers being unwilling to negotiate.
However, experts say that a well-pitched offer shows respect for the property and the seller's position. Robin Edwards, a partner at Curetons, advises buyers to back up their offers with facts, such as survey findings or visible work that needs doing, and communicate respectfully.
For Rowena Bower and her husband, who successfully bought a four-bedroom property in south-east London for £535,000, it was all about building a rapport with the sellers. They had done their homework, carried out an independent survey, and communicated honestly about their perspective. This approach helped them to secure the home they wanted.
The article concludes that the current UK housing market is more elastic than many realise. Asking prices ask rather than dictate value. Now is the time for buyers to act, as the market is likely to be "a temporary response to the current environment".
so like the thing is the sellers are all out of touch man... they think their prices are still gonna hold up because everyone's just gonna bid on 'em. But really it's just a game, and they're not even willing to negotiate. 
and the buyers are all smarting off them by making low offers and seeing if they'll take it. I mean, what's the worst that could happen? The seller just loses out on some money. 
but no one wants to admit that the market is actually slowing down. everyone's just pretending like everything's still hunky dory. 
Just got the lowdown from a source close to the Brighton property scene and let's just say that £35k under asking price is no longer seen as crazy talk! 
people r getting braver n negotiating house prices lol some r even losin out on thousands by offerin under the asking price 
but at the end of the day its all about doin ur research n being strategic 
anyway, i think its all about doing your research and understanding the current market conditions 
like rowena and her husband did, having an independent survey or some facts to back up your offer makes it way more legit 
and honestly, if you love a property that much, why not try to find common ground with the sellers instead of trying to lowball them? 
like Rowena and her husband did their due diligence and built a rapport with the sellers - that's some serious people skills 
It's all about finding that balance, you know? 
. Everyone's just throwing around numbers and hoping they get lucky 
. Newsflash: it's not rocket science! If you want to buy a house, do some research and make an informed offer 
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. At least that way, I'm not stuck in a bidding war with some other crazy person 
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Seller's gonna sell! 
! But what really caught my eye is the whole "loss aversion" thing - people tend to overprice because they're too afraid of losing, not thinking about the actual value 
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. But at the same time, buyers need to be strategic and do their research if they wanna make a bold offer that works out. And communication is key too - Rowena Bower's approach with the sellers sounds super effective 
I think this is awesome news for first-time buyers and anyone looking to upgrade their home 
. This market is super elastic, folks! Asking prices aren't set in stone anymore 
. it's a balance between showing respect and negotiating effectively 
. I mean, 1.3% year-on-year growth is not exactly a seller's market 
! Experts say sellers need to get real with their prices considering economic conditions 
!
They're really taking charge of their offers and doing their research which is SO cool! Like, Alan Murphy's offer was genius - £35k under asking price? 
. I'm def going to have to try this approach when I buy my dream home one day 