A good haggle helps home buyers pay less, new research shows

When it comes to buying a new home the majority of UK buyers are prepared to haggle and usually save money as a result, new research has found.

Which? Mortgage Advisers asked people who had bought a property in the past five years what their initial offer was, whether they negotiated and what they eventually paid.

The survey found that 73% of home buyers initially offered below the asking price for their property, and as many as 66% were successful in securing their property for less than the advertised price.

Home buyers in Wales and the Midlands were the happiest to negotiate, with 79% and 78% respectively initially offering less than the asking price. In comparison, only 60% of home buyers in London initially offered less.

Buyers in Wales, Birmingham and Manchester had the most success when negotiating, with 74% in Wales and 69% in Birmingham and Manchester securing their homes for less than the advertised price.

Those that paid the asking price or more cited a number of reasons for doing so, but generally they were motivated by the stiff competition for properties.

Indeed, some 25% who paid the asking price or above said that this was due to competition for their dream home, and 21% said that they were involved in a bidding war.

‘Don't be afraid to haggle, even if you've already set your heart on a property, as unless you're in a very competitive market, it will be expected. Having knowledge of the seller's position and the local market is a good idea and can often help secure the property for less,’ said David Blake from Which? Mortgage Advisers .

‘Today's property market has become incredibly fast paced and so for those requiring mortgages, seeking advice early will put you in a strong position to move quickly,’ he added.