How much lower than the asking price is considered reasonable offer?

vahidfar

At the current London property market, if a property is advertised as “Guide price £450000” and been on the market for few months, would £400000 be a reasonable offer?

Generally how much lower would be a reasonable offer?

PasturesNew

No, that'd be a cheeky offer.

How much would you accept if it were your house? That's then "reasonable". Reasonable is subjective...

buzzyzoe

vahidfar wrote: »

At the current London property market, if a property is advertised as “Guide price £450000” and been on the market for few months, would £400000 be a reasonable offer?

Generally how much lower would be a reasonable offer?

If that's what you think it's worth in comparison to other properties on the market (and you need to have done a lot of research first to be able to know this) then go for it, particularly if you know they are open to offers (ask the EA)

At worst, it may make them realise that it's overpriced (assuming it is and that's why you're considering offering so much lower)

An offer is entirely dependent on what similar properties are worth, and how realistic and motivated the seller is. You could post the property on here and probably get some more accurate advice, as it's really impossible for anyone on here to say without more information.

I've seen properties that are overpriced by £100,000 or more that eventually come down, but equally even in the current market some properties are going for over the asking price (although admittedly probably not if they've been on the market for several months)

stator

Anything more than 10% below asking wouldn't be described as 'reasonable' by the seller, but might be entirely reasonable depending on the house!


No harm in trying, but if it's been on the market for a long time with no price reduction your changes are low.

ritz55

I recently went to see a house which was a little over budget. Put in a offer for what I could afford not expecting it to be accepted however the seller accepted the offer of £50k less asking price. They would have lost there dream house if the chain was not completed further down and with me being a strong buyer the offer was accepted so.


Turned out to be a win win situation for everyone concerned so always worth an ask. In my situation I was at my maximum budget.

theartfullodger

S+d reasonable, all that matters is if it is ultimately accepted or not.

I offered 30% off. Refused, very insulted. I repeated offer a week later, accepted.

Offer what you wish.

p00hsticks

I usually associate 'guide price' with auctions - when they're usually pitched at the low end to encourage interest and often go for considerably more on the day.

Crashy_Time

p00hsticks wrote: »

I usually associate 'guide price' with auctions - when they're usually pitched at the low end to encourage interest and often go for considerably more on the day.

Many would be sellers can only dream of that situation nowadays though