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First time buyers 'typically purchase for £5,300 below asking price'

A poll of over 2,500 first time buyers suggests that on average they pay £5,300 less than the asking price - and that purchasers in the least expensive areas typically secure the greatest reductions.

An interiors company asked 2,589 owners aged 21 and over, all of whom had purchased their first property either alone or as part of a couple, within the past two years. 

All respondents taking part were initially asked to state if they bought their first home for more, less or the exact asking price originally set by the sellers. The vast majority - some 73 per cent - had paid less than the property was originally on sale for; 16 per cent paid the asking price and 11 per cent paid over.

Next, all those who’d paid less than the asking price were asked to reveal what they believed to be the biggest reason they secured a cheaper deal.

The most common answers were:

- the seller of my property required a quick sale: 18 per cent;

- the agent handling the sale encouraged me to offer under the asking price: 15 per cent;

- issues found during home survey that prompted me to make a lower offer: 12 per cent;

- lender valued at below asking price and wouldn’t lend full amount: eight per cent; 

- 'I haggled a lower price': seven per cent.

When also asked to reveal the amount of money they’d shaved off the asking price through their negotiation processes with sellers, the average amount overall was revealed to be £5,304. The regional breakdown of these figures emerged as:

- North East - £7,350 (average amount of money first-time buyer was able to cut off asking price of property) – (5.9% of the average cost of North East properties)

- Wales - £7,150 (5.3% of the average cost of Wales properties)

- East of England - £6,950 (4.1%)

- South West - £6,600 (3.3%)

- Northern Ireland – £6,250 (5.3%)

- East Midlands - £5,550 (3.5%)

- North West - £5,300 (3.6%)

- Yorkshire and Humberside - £5,100 (3.7%)

- West Midlands - £4,950 (3%)

- South East - £3,300 (1.2%)

- Scotland- £3,100 (2.2%)

- London - £2,100 (0.5%).

The survey was conducted for www.web-blinds.com. 

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