Sellers must be 'realistic' as four in ten buyers secure house price discounts

The findings show that 39% of buyers paid below asking price, with most reductions capped at modest levels. Around one in five secured a discount of up to 5%, while 14% negotiated between 5% and 10%. Only 6% achieved more than 10% off. A further 39% paid the full asking price, while 10% paid above due to competition; 2% of these higher offers were through sealed bids. First-time buyers were less likely to negotiate, with 35% purchasing below asking price compared with 42% of previous homeowners.

The research mirrors recent analysis from Zoopla, which shows that homes requiring a price cut take 2.4 times longer to sell than those priced correctly at launch. According to the HomeOwners Alliance, initial overpricing risks deterring serious buyers and can extend the selling timeline by weeks or months.

Paula Higgins, CEO of the HomeOwners Alliance, said buyers have opportunities to negotiate but should take an informed approach. “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.”

Higgins added that setting a realistic asking price remains key for sellers. “While it’s tempting to start high and ‘see what happens’, homes priced realistically from the start sell faster and more successfully. Be guided by local sale prices, market trends and how fast you need to move.”