Britain’s housing market is offering buyers unusually wide choice, potentially creating more room to negotiate. Rightmove’s September House Price Index shows the number of homes for sale is at a 12-year high for this time of year, while buyer enquiries are 9% lower than a year ago. The average asking price of a newly listed home rose 0.7% in September to £367,440, but remains 0.8% below last year.
For Moving Compared, the UK home moving hub helping buyers and sellers compare trusted conveyancers and surveyors, greater choice gives buyers more reason to scrutinise asking prices, understand the seller’s position and use information uncovered during the purchase before deciding what a home is worth to them.
1. Look At How Much Competition The Seller Has
Buyers should look at how many comparable homes are available locally, how long a property has been listed and whether its asking price has already changed. Rightmove reports that 91% of homes for sale in Scotland are finding a buyer, compared with 71% in the North West, 56% in the South East and 42% in London, showing how much negotiating power can vary by location.
2. Do Not Treat The Asking Price As Your Starting Point
Recent sold prices, competing listings, time on the market and the condition of the property can all help buyers judge what they are prepared to offer. Rightmove says 74% of homes sold so far this year were priced correctly when first listed and did not require a subsequent reduction, making it important to distinguish between a realistically priced property and one where expectations may still move.
3. Use The Survey To Reassess The Price
A property survey can identify issues that were not obvious during a viewing and give buyers a clearer picture of the true cost of taking on the home. Significant problems such as roofing defects, damp or structural concerns can justify investigating repair costs and reconsidering whether the agreed price still makes sense.
4. Make Your Own Position Part Of The Negotiation
Price is not the only thing sellers may value. Buyers who are not dependent on another sale, already have their finances organised or are ready to instruct a conveyancer may offer a simpler route towards completion. This can be particularly valuable where a property has been on the market for some time or the seller has an onward purchase, although buyers should avoid promising unrealistic timescales simply to secure the deal.
5. Keep Negotiating Power In Perspective
A more competitive market does not reduce the importance of the legal checks that follow an accepted offer. Searches, title information, lease terms and enquiries raised during conveyancing can still uncover information that changes how attractive a purchase looks. Greater housing stock may give buyers more alternatives if serious issues emerge. Rightmove says the average estate agency branch had 65 homes available in August, while the average property took 64 days to secure a buyer, reinforcing the importance of understanding the competition around an individual home rather than relying solely on national headlines.
