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How low can you really put an offer in for?

kings981 · 2009-06-15 09:56:54

There is a house we would be interested in but it's guide price is too high - £350,000. It has been on the market for 2 years, not sure how much interest its had but I guess not a lot. Would it be too cheeky to put an offer in for £250,000? I haven't yet spoken with the estate agent but am trying to evaluate if we would…

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sirhan_sirhan Posts: 125 Forumite

15 June 2009 at 3:56PM edited 15 June 2009 at 3:56PM

Current RICS statistics sugest that the average reduction is 11%:

http://www.moneyhighstreet.com/finance-news/2658/

However, it seems that this is very much dependant upon which part of the country you are in. In the North for instance, average deductions are 26%, with 7% in London.

Thus, if you want to spend 250k, and are expecting an average reduction, you should be expecting to view properties being marketed at around 278k (or 268k in London, or 315k in the North).

Of course, you may be aiming for a bigger reduction than average!

Hope this helps. If nothing else, the statistics should help to back up your reasoning for any requested reduction.

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How low can you really put an offer in for?

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