One of the most common questions people think about when they are looking to buy a property in England is: “How much should I try to knock off the asking price?”
Should they try for 5% off, 10%, or maybe even more?
The trouble is, whilst it may be a frequently pondered question, it is also one of the most misplaced.
And the issue isn’t the question itself, but the mindset behind it.
There is no such thing as a ‘standard’ discount
Many people believe that all properties must have a certain amount of ‘wiggle room’ in the price, and that a savvy buyer would make sure they secure that discount.
In reality, thinking in set percentages can actively work against you.
If you head into this process determined to get 10% off, you will fail to achieve it on properties that are confidently and reasonably priced, as these sellers will be unlikely to budge. Instead, you might find success negotiating on those that will drop the price only because they were too expensive to start with. But is that sensible economics?
Let’s consider two similar homes here in Edgware: one is priced fairly at the outset, while the other is 15% overpriced. A buyer comes along, set on achieving a 10% discount when they purchase, because they heard something like this on a podcast or read it on a forum somewhere.
The seller of the reasonably priced property refuses to drop the price by 10%. In fact, they reject out of hand – they are confident in their price and know they can hold on.
The seller of the overpriced home agrees to take 10% off the price. They listed high without much motivation to sell, but this buyer’s offer makes it worthwhile for them.
The buyer feels triumphant: “We knocked them down 10%!”
But the first property would have provided better value even at the asking price.
This shows how chasing discounts for their own sake can lead to a worse financial result. It’s not really a win. It’s a pyrrhic victory if ever there was one.
How property prices in Edgware are actually set
To know if a property’s price is open to negotiation, you first need to understand how the price was set.
Most asking prices are not random. They are usually based on a mix of factors:
- Comparable properties which have sold recently
- Consideration for size, condition, layout, and position
- Current market conditions
- Buyer demand for that specific type of property
Valuers and agents focus on what has actually sold, to inform them what should sell and at what price.
As an Edgware buyer, you can do this too.
Sold price data is publicly available via HM Land Registry and is usefully reproduced by sites you can access, such as Zoopla. If similar homes nearby achieved a particular figure six months ago, you can assess whether today’s price is reasonable, taking into account a rising, static, or softening market. To identify those types of property market trends in Edgware, one useful site is House Metric (click here).
This approach is much more helpful than just focusing on getting ‘a discount’.
If the property is well-priced… why negotiate?
Many buyers avoid asking themselves this simple question.
If you have done your research and found a property that is reasonably or even attractively priced, what are you really trying to negotiate?
Before you move forward, pause and ask yourself, “What problem does this home solve for me?” Thinking about this can help you focus your approach and ensure your tactics align with your real goals, not just a desire to win.
By evaluating the personal value and purpose that this property holds for you, you navigate towards a more meaningful outcome rather than negotiating out of habit – or for some imagined standard. Just because you’ve seen other people talking about negotiating money off, doesn’t make it true, but even if it were, the circumstances of the sale, the prevailing market, the asking price versus actual value, and their own position as buyers at the time will be different from yours. As indeed may have been their motives for buying.
Here are some good reasons not to push for a lower price:
- You risk losing the property to another buyer who recognises its fair value – and in Edgware, there is always a good pool of eager buyers for properties priced sensibly
- You may sour the relationship with the seller, leading them to refuse better offers from you on principle.
- You might delay buying a home you actually want.
- You may only save a small amount, spread out over a long mortgage.
This last point is essential. Taking £5,000 off the price means saving about £20-£30 a month on a 4% or 5% mortgage over 25 years. When you look at it monthly, many ‘hard-fought’ discounts are only worth a week’s worth of takeaway coffees!
That saving might be nice if it works, but if it does not, was it really worth missing out on the right home?
So, the real question is: what matters more to you? Gettingthe home you want, or winning a negotiation just for the sake of it?
When negotiation does make sense
This does not mean buyers should never negotiate.
Offering below the asking price or asking for a reduction later is reasonable when you have a clear reason and justification, such as:
- New information from a survey
- Changes in market conditions since the property was listed
- Evidence that comparable properties have sold for less
- Demonstrable issues that affect value, saleability, or finance
Negotiation is most effective when it’s based on solid evidence, not just a sense of entitlement. You could start by showing three recent comparable properties that have sold in the area, or, if it is about renegotiating during the process, provide survey evidence of something that reduces the value or will cost money to put right that couldn’t have been known prior to the survey.
This approach ensures your bargaining is grounded in evidence and reality. It does not guarantee you will get what you want; the seller can always say “no”. But it does improve your chances if they see you are making an offer based on facts. Without justification, it may feel like you are simply chancing your arm – something that sits badly with seller and estate agent alike.
Buying commercially? Understand the seller’s priorities
For investors or commercial buyers, the goal is often to buy below market value. That makes sense, but it is important to consider how sellers view this approach.
Most sellers and agents are not interested in abstract arguments about yield or margin unless there is something tangible in return.
Valid reasons a seller might accept a below-market value offer include:
- A buyer’s willingness to proceed despite missing or defective title documentation
- A genuinely fast, low-risk transaction
- Flexibility around completion dates, if that solves a real problem for the seller
Unless there is something truly unusual, a commercial need to buy at a discount is of no consequence to the agent or the seller whatsoever.
Buying isn’t about getting a ‘deal’
In conclusion, it is essential to remember that the process of purchasing a home should be guided by a focus on understanding value, making informed decisions, and securing the right property to suit your needs, rather than simply seeking the greatest possible discount.
Buying a home is not like retail shopping, nor bidding at an auction. It is also not the estate agent’s job to help you, as a buyer, to ‘get the best deal.’
Buying well is about:
- Understanding value
- Avoiding overpayment
- Making informed decisions
- Securing the right home for your needs
If you achieve all of that, whether you negotiated £5,000, £50,000, or nothing at all, becomes far less critical over time. So, focus on what truly counts: looking for value and seizing it when you find it.