How much under asking prices should house buyers be offering?

“Generally speaking, most buying agents working on behalf of buyers independently (i.e. not the vendor as well) may recommend they offer below the asking price, and the reality is that these offers are usually between 5 and 10% on average.

“During the post-Covid boom, buyers were getting nowhere putting in offers below the asking price and it was more common for bidding wars to take place, with properties selling for more than the original asking price anyway.

“Data from the National Association of Estate Agents (NAEA) reported that 38% of properties sold for more than the asking price back in December 2021.

“In the current market, however, it’s a slightly different story and right now, it’s a buyer’s market. Figures from December 2022 show that the typical property sold for 3% below the asking price and more recent data from Zoopla claimed that owners were having to drop asking prices by an average of £14,000 due a significant drop in demand.

“As a result, there is potentially more scope for buyers to try and strike a fantastic deal on a purchase.

“But the problem with asking prices is that they largely depend on the strategy of an estate agent and motivation of the vendor. Are they priced to sell, generate attraction or does the current vendor actually need to meet a minimum price in order to make their onward purchase, for example?

“If the vendor is in a rush, then any good agent will market the property that way and inform the potential buyers why they are getting a great deal.

“For vendors in no rush to sell, then taking it off the market seems a good option, but then their onward sale will have dropped in value too, most probably.

“For vendors who are eager to sell, they face the problem of fewer serious buyers and many who are tightening their purse strings. This is where selling to a professional cash buyer could be a consideration.

“The vendor will be offered less than the asking price on the open market, but when you consider the fees involved when selling via an agent and the average offer vs reduction percentage, plus lengthy transaction time from offer accepted to exchange and completion, the end figure is not that different.

“With a professional property buyer, sellers can achieve certainty of sale within as little as two weeks, pay zero fees and remove the risk of fall-throughs.”

“A word of warning though - ensure you choose a company which is registered with The Property Ombudsman (TPO) and the National Association of Property Buyers (NAPB) so that you have a redress scheme if things didn’t work out.”

Open Property Group buys any home for cash and are the quickest, most reliable and professional house buyer in England and Wales. With Open Property Group, vendors can take control of their sale and receive an instant cash offer regardless of condition or location, completing in 13.2 days on average, with no fees to pay.