Righmove conducted an online survey to establish what exactly purchasers were having to pay for properties.
Buyers were posed the question ‘Regarding the property you have bought in the last twelve months, which of the following statements apply to you?
I paid more than the asking price.
I paid exactly the same as the asking price.
Or I paid less than the asking price.
The report revealed that 72% of respondents had paid below the asking price for their home.
Nationally, 21% paid the asking price, 7% paid over the asking price and 72% had paid below the asking price.
Regionally the figures varied as just 53% of buyers in London paid below the asking price compared with 72% nationally, whereas 17% and 19% of buyers in the North West and Yorkshire respectively confirmed they had paid the asking price for their property, compared to 21% nationally.
‘These results emphasise that talk of a national housing bubble is unfounded and that although prices are rising, most people continue to make offers in line with what they can afford or what they perceive to be the right value,’ said Miles Shipside, Rightmove director and housing market analyst.
‘Even in London, over half of buyers found a property and paid under the asking price,’ he pointed out.
Buyers should never be afraid of making an offer for a property. This is the best way to begin negotiations and, as the report highlights, it is might just be possible to agree a sale below the asking price!