Buyers knock down prices with tough negotiation

Tough negotiation and reduced fees can save buyers as much as £24,750 on the average property price of £163,000, reveals the annual Cost of Moving survey from The Woolwich.

Over one-third of house buyers negotiate between 6% and 15% off the asking price. The cost of moving from a £150,000 home to one worth £200,000 has also fallen by £300 from £5,523 to £5,202 in the past year.

Andy Gray, head of mortgages at The Woolwich says: “It seems that a hard-nosed stance can pay dividends when negotiating on both price and fees for moving house. Homebuyers should not be afraid of taking a tough position because, despite the optimism felt by estate agents for the coming year, it is a buyers&#39 market at the moment.”

The survey shows that Londoners are best at driving down the asking price of properties – one in two London buyers negotiated between 6% and 15% off the asking price which on the average cost of a property in the capital means a saving of up to £37,500. There is less room for haggling in Yorkshire and Humberside where only one in 10 homebuyers negotiated between 6% and 15% off the price.