By Charlotte Duck
Property transactions are at a standstill, with the number of homes sold this year a third lower than in 2022. Buyers have seen their budgets slashed by the mortgage chaos while sellers’ expectations of what their homes are worth have yet to catch up with the current reality. But to break the stalemate, buyers do not necessarily need to offer more money.
They just need to learn the art of negotiation.
Here, London’s top buying agents, who have spent decades honing their negotiating skills, share their top tips for securing your dream home at your price.
Be your own valuer
A “guide price” is just that, so do your own research and find out what comparable properties have recently sold for.
“Completely ignore the asking price,” says Alex Woodleigh Smith. “It may not be the agent’s opinion on market value anyway; often it’s an owner setting the price.”
Your research could even stretch to undertaking searches and an informal survey before you offer. “Negotiation is less about price and more about being empowered with information.”
Find out the seller’s position
“Understanding why someone is selling is crucial to understanding how far you may be able to push negotiations,” says Camilla Dell. “Do they have a mortgage on the property? How long have they been trying to sell for? What offers have they received previously (if any)?”
Dress appropriately for viewings
Vendors are often in attendance at viewings and the impression they form might make all the difference.
“I always advise clients to think really hard about how they come across during viewings, even down to what they wear. If you’re trying to reinforce you’ve reached your price limit, it’s not a good idea to turn up head-to-toe in designer clothes and jewellery,” says Jo Eccles. “Arrive on time, be polite about the property and remember that you don’t own it yet; you’re a guest in someone else’s home.”
Make an offer attractive rather than higher
If you’re already at the top of your budget, think about how your offer could stand out. While not an option for everyone, Edward Heaton suggests “including something unexpected, like a week in your holiday home”, but there are other, more low-key, ideas.
The seller might have a particular completion date in mind or want to take or leave certain items.
“Have you told the seller why you want to buy their home? A personal touch can go a long way sometimes,” says Dell. Think about including a note on why you love the property when you formally submit an offer.
Keep everything civil
Everyone knows buying a new house is an extremely stressful process but that doesn’t mean you can’t stay on good terms.
“There really is no need or place for aggression, unkindness or rudeness in negotiations, yet it never ceases to amaze me how unpleasant some people can be. Most agents will have a natural desire to support someone who is kind and doesn’t make it personal,” says Heaton.
Know when to say nothing
Negotiating is just as much about what you don’t say as what you do. “Silence is golden. Remaining silent in the middle of a conversation can be very powerful,” suggests Heaton. “Many estate agents are people-pleasers who will often fill uncomfortable silences by over-sharing information or giving ground more readily.”
Ask for more than you need
This might feel like a pointless tactic but it’s worth putting in a minor request, for instance, that an item of furniture is included, with the idea that you concede on this later. This will “demonstrate that you have given ground during the negotiation”, says Heaton, and put you in a stronger position on the points that you do care about.
Have ‘your ducks in a row’
Looking like you’re organised before you make an offer will show a vendor that you’re serious and can follow through on the price and terms you’re putting forward. “Having a solicitor instructed, a mortgage application ready to be submitted and a surveyor lined up will help demonstrate to the agents that you are ready to transact quickly,” says Rhianne McIlroy.
