Negotiation is key to getting the right deal

22-Jun-2005

First time buyers are being urged to push for lower prices and challenge asking prices, within reason.

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Despite experts agreeing that the market peaked almost a year ago, figures from Bradford & Bingley show that many first time buyers pay the asking price without question.

As many as one in three did not negotiate during the past year and more than 90 per cent failed to knock even six per cent off the original asking price.

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Duncan Pownall of Bradford & Bingley commented: "While it was not always possible for purchasers to negotiate when the property market was at its most buoyant, now the market is softening there is less excuse."

Mr Pownall added that first time buyers often do not realise their own bargaining power: "With the ability to move quickly and easily first time buyers are in a really strong position so it's crucial they take advantage of it. Driving a harder bargain may help them get closer to the home they want."

The estate agent is normally working for the seller and earning a commission on the price that a property is sold, but by law they must pass on any offer on a property, even if they believe it is too low.

First time buyers are advised to find out as much as possible about the seller's situation, in order to have more power when it comes to negotiating a deal.

This is particularly true if the seller is more interested in a quick sale than achieving the best price, making it much easier to push for a deal.

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