Offering 11% below asking on a Birmingham new-build flat

E

ember.full

Homeowner
Established
I would like to open about 11% below asking without making an offer the seller dismisses immediately. The difficulty is supporting that figure: this Birmingham new-build flat is listed at £678,600, has been on the market for 49 days and reportedly needs updating, but I have found too few completed sales to judge the true level.

Would financing evidence and flexibility on completion make the lower offer more credible? I can explain how the work affects my budget and leave room for a counter. I would still want the purchase to remain subject to a satisfactory survey, mortgage valuation and legal review, with the treatment of any reservation or deposit payment made clear before I commit.
 
An opening around £604,000 is aggressive but not insulting if you present it as evidence-based rather than as a criticism of the flat. State that nearby asking prices are noted, but completed evidence is limited and the required updating affects your budget. Include proof of financing, flexibility on dates and a short, reasonable deadline for a response. Let them counter.
 
Is this genuinely being sold by the developer, or is it a resale in a recently completed block? That changes the conversation. A developer may care about recorded sale prices and prefer incentives, while an individual seller may care more about timing and certainty. Also, what exactly does “updating” mean on a new-build flat?
 
Good questions. I would not lead with a long list of defects until they have shown some willingness to negotiate. Make the initial offer simple and subject to survey, mortgage valuation and contract. If the survey identifies specific work, that is the point to request a price adjustment or repair credit rather than estimating everything twice.
 
I disagree slightly on the deadline. A very short expiry can make an 11% reduction feel like pressure, particularly after only 49 days. Ask the agent when the seller expects to decide and whether there are other proceedable buyers. Seller motivation matters more than the number of days alone; the listing could have had interest without an acceptable offer.
 
The mortgage valuation is the bigger risk here because asking-price comparables do not prove value. Decide before offering what you would do if the lender values it below your agreed price: add cash, renegotiate or walk away before exchange. Do not casually promise to cover an appraisal gap, especially if doing so would consume money reserved for work and buying costs.
 
It is a resale in a recently completed block, not a purchase directly from the developer. “Updating” mainly reflects finishes I would replace rather than major structural work, so I accept that this is partly personal preference and not all of it supports a discount. I’ll ask the agent about the seller’s preferred timing and other interest before setting any response deadline.
 
That makes the wording easier. Avoid calling cosmetic choices defects. Say your offer reflects the limited completed-sale evidence, your assessment of the flat as presented and the funds you need to retain after completion. Attach financing proof with sensitive details removed, confirm your chain position if relevant, and offer the seller flexibility on completion. Those terms make the lower figure more credible.
 
Also compare the whole flat, not just the headline price: floor, aspect, size, parking or storage if applicable, lease terms and service charges can make apparently similar units poor comparables. Ask the agent for the specific completed sales being relied upon. If they only point back to current listings, you still have no evidence that £678,600 is the clearing price.
 
On deposit exposure, distinguish money paid before exchange from the contractual deposit at exchange. Have your conveyancer explain when any payment becomes non-refundable and under what circumstances. The precise position depends on the paperwork, so I would not transfer a reservation or holding sum merely because the agent describes it as standard.
 
I would also keep survey and legal due diligence separate from cosmetic negotiations. A survey may reveal something material, while the conveyancer will examine the lease and building documents. Neither should be waived simply to make an opening offer attractive. Certainty can come from being organised and responsive; it does not require accepting unknown risks.
 
Holding near £604,000 could end the negotiation, while increasing immediately could use up cash needed if the lender values the flat lower. Neither is comfortable, so I would separate the decisions.

First ask what matters to the seller, then submit the lower figure with financing evidence and a choice of completion dates. For example, offer timing certainty without weakening the survey, valuation or contract conditions. Before responding to any counter, set both a purchase-price ceiling and a maximum amount you could cover from cash if there is a valuation gap. That keeps the deposit reserve from becoming the automatic answer to every increase.
 
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