Sellers who pitch their homes too high risk turning away genuine buyers and prolonging their sale, according to new research from the HomeOwners Alliance (HOA).
The study found that four in ten (39%) UK homeowners negotiated a deal on their property purchase over the past 12 months, highlighting the importance of realistic pricing in a competitive market.
However, the research also showed that 39% of buyers paid the full asking price, while 10% paid over asking – often through best-and-final offers, with 2% of those sales decided via sealed bids. The findings suggest that many sellers – and their estate agents – are still achieving accurate valuations.
First-time buyers were less likely to negotiate, with only 35% paying below asking compared with 42% of previous homeowners who have bought before.
Among those who did negotiate, the most common reduction was up to 5%, secured by one in five buyers. A further 14% negotiated between 5–10% off, while only 6% achieved a discount of more than 10%.
Some 39% paid the full asking price, while 10% paid over asking — often through best-and-final offers, with 2% decided via sealed bids.
First-time buyers were less likely to negotiate, with only 35% paying below asking compared with 42% of previous homeowners.
Paula Higgins, CEO of the HomeOwners Alliance, said: “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.
“For sellers, setting the right asking price is key to attracting serious buyers quickly and avoiding painful price cuts later. Be guided by local sale prices, market trends and how fast you need to move. While it’s tempting to start high and ‘see what happens’, homes priced realistically from the start sell faster and more successfully.”
Read the orginal article: https://propertyindustryeye.com/half-of-homebuyers-paid-the-full-asking-price-or-higher-for-their-property/
