New research for Which? Mortgage Advisers asked people who had bought a property in the past five years what their initial offer was, whether they negotiated and what they eventually paid.
The survey found that three quarters (73%) of homebuyers initially offered below the asking price for their property, and as many as two thirds (66%) were successful in securing their property for less than the advertised price.
Homebuyers in Wales and the Midlands were the happiest to negotiate, with eight in ten of them (79% and 78% respectively) initially offering less than the asking price. In comparison, only six in ten (60%) homebuyers in London initially offered less.
Homebuyers in Wales, Birmingham and Manchester had the most success when negotiating, with three quarters (74%) of homebuyers in Wales and seven in ten (69%) homebuyers in Birmingham and Manchester securing their homes for less than the advertised price.
Those that paid the asking price or more cited a number of reasons for doing so, but generally they were motivated by the stiff competition for properties. A quarter of homebuyers (25%) who paid the asking price or above told us this was due to competition for their dream home, and one in five (21%) told us they were involved in a bidding war.
David Blake from Which? Mortgage Advisers said: “Don't be afraid to haggle, even if you've already set your heart on a property, as unless you're in a very competitive market, it will be expected. Having knowledge of the seller's position and the local market is a good idea and can often help secure the property for less.
Today's property market has become incredibly fast paced and so for those requiring mortgages, seeking advice early will put you in a strong position to move quickly.”
