Buyers: How much to pay? How hard to bargain?
When you've chosen a home, aim to pay less
On this page
- How much to pay
- How hard can you bargain?
- Best sites to help make buying decisions
National and Regional statistics indicate price trends. These may help decide whether to buy or wait and how much to pay. They probably won't help decide how much to pay for a particular home.
House prices and demand in specific areas or price brackets may vary considerably and not follow national or regional patterns.
How much to pay
Home buying requires local house prices in detail
Even within the same town differences in average house prices can be huge. Only detailed local reports will reveal how much.
- Compare specific parts of a large town or city by type, detached, semi-det, terrace, or flat, from Land Registry house prices. Available right down to postcode sector level, around 3,000 homes. (Every sale in England and Wales)
- In one town the average price is £200,000+. This doesn't show how hugely two local areas differ. The average price in one is £300,000+ in the other £100,000+
When you've chosen a particular home, house prices are available for individual neighbouring homes.
- Check the recent selling price of individual homes by address. Look at several to rule out one misleading exceptional price paid by a buyer with a specific need
How hard can you bargain?
Don't be too influenced by asking prices. Look at how hard it is for owners to sell. A tough market creates buying opportunities. Be wary of sellers in denial about a falling market and overpricing.
Negotiate firmly - but first know local market conditions and house prices
Keep your research up to date.
- How long are homes on the market before a sale is agreed? Are homes taking longer take to sell than in previous months?
- Is there a big gap between asking and selling prices? Have recent sale prices been negotiated at much lower figures?
Buyers can and should bargain on price
For more advice on making an offer on a house see the EstatesForum buyers community buyers' site.
Best sites for making decisions on what to pay
See panel to the right.
