Offering 9% below asking on a detached home in London — sensible or too aggressive?

[eva.calder]

My main constraint is that I will not drop survey or mortgage-valuation protection simply to match an unverified competing buyer. The property is a detached London home asking £1,115,000. It needs updating and has been on the market for 82 days.

I am thinking of opening about 9% lower, backed by proof of finance and some flexibility over completion. Similar nearby listings do not tell me what buyers have actually paid, so I have limited evidence for deciding whether that figure is fair or how far I should move.

Would you submit the offer with a brief explanation of the condition and the few completed comparables available, while keeping the protections explicit? I would also give a reasonable response deadline rather than leave it open-ended.

 

[xavi_flint]

About £1.015m is not absurd after 82 days, but present it as a serious offer rather than a criticism of the house. State the amount, financing position, flexibility and that it remains subject to satisfactory survey and mortgage valuation. Give a clear response deadline without making it sound theatrical. I would not waive those protections just to compete with an unnamed buyer.

 

[miro_ash]

The missing fact is the scale of the updating. Is it cosmetic, or are there signs of expensive work? Also ask whether the seller has an onward purchase or a preferred completion date. Flexibility only has value if it solves their problem.

Comparable asking prices tell you what sellers hope for, not what buyers paid. I’d keep looking for completed comparables before deciding how far you could increase.

 

[yuki.holt]

I’m less convinced that 82 days alone supports a 9% reduction. The property might already be priced with the condition in mind, particularly if the closest alternatives are asking similar amounts. A large opening discount followed by requests for routine repair credits could also look like chipping away twice.

Keep survey protection, though, and decide now what you would do if the mortgage valuation creates an appraisal gap. “Clean financing” should not mean promising to cover any gap regardless of size.

 

[yuki.holt]

One practical approach is to submit the £1.015m offer with concise reasons, then set your own ceiling before the agent responds. If the survey later reveals a material issue, renegotiate only around that evidence rather than every dated finish.

I would also have the conveyancer explain exactly when any deposit becomes exposed and avoid making informal assurances about non-refundable money. Ask the agent directly whether there is another written offer and what the seller values besides price; the answer may show whether flexibility actually strengthens the bid.