Found The Right Home But Worried You're Paying Too Much? Read This Before Making An Offer
You've found a property you love, but is the asking price realistic? With buyers taking longer to commit and more homes competing for attention, here's how to recognise genuine value, negotiate confidently and avoid an expensive mistake.
Found The Right Home But Worried You're Paying Too Much?
You've found it.
The location is right. The layout works. You can already imagine where the furniture will go.
Then comes the uncomfortable question.
“Are we about to pay too much for this house?”
It's a reasonable concern, particularly in a market where asking prices are rising but buyers are taking longer to make decisions.
Rightmove's October 2026 House Price Index puts the average UK asking price at £371,015, following a 1% monthly increase. Yet the average time to secure a buyer has reached 67 days.
Source: Rightmove
That doesn't mean every property is overpriced. But it does mean buyers should understand what they're paying for before making an offer.
The goal isn't to buy the cheapest house. It's to buy the right house at a price you can justify.
1. Stop Looking At Asking Prices. Start Looking At Sold Prices.
One of the biggest mistakes buyers make is using other properties currently advertised for sale as their only comparison.
Imagine you're viewing a four bedroom detached home advertised at £625,000.
You find three similar properties nearby advertised between £620,000 and £650,000.
That might make the price seem reasonable.
But what if comparable homes that have actually sold achieved between £570,000 and £600,000?
Suddenly, the picture looks different.
Asking prices tell you what sellers want. Sold prices help you understand what buyers have been willing to pay.
Remember to account for differences in condition, plot size, extensions and the dates of previous sales. Land Registry data also takes time to update, so the most recent transactions may not yet appear.
2. Find Out How Long The Property Has Been Available
A property's marketing history can reveal useful information.
Has it only just launched?
Has it been available for three months?
Has the asking price already been reduced?
Has it previously been marked Sold STC before returning to the market?
These details can help you understand the seller's position, although they don't tell the whole story.
A property that has been available for months might have an unrealistic asking price. Equally, it could have a smaller pool of suitable buyers or have experienced a previous sale falling through.
Don't assume a property is overpriced simply because it hasn't sold. Find out why.
Ask the estate agent about previous interest, offers and any changes in circumstances.
Their answers can help you decide whether there is genuine room for negotiation.
3. Work Out What The Property Is Worth To You
Market value is important, but so is personal value.
A property within walking distance of your children's school might be worth more to you than a similar home several miles away.
A south facing garden, a particular layout or space for an elderly relative could also influence your decision.
The important thing is separating what you want from what you can comfortably afford.
Before offering, establish three figures.
Your ideal purchase price: What you would genuinely like to pay.
Your comfortable purchase price: What works with your mortgage, deposit and other financial commitments.
Your absolute maximum: The point beyond which you would rather walk away.
Your maximum should include the cost of Stamp Duty, legal fees, surveys, moving expenses and any essential work required after completion.
Never let the excitement of finding the right home override the financial reality of owning it.
4. Don't Confuse Negotiation With Offering As Little As Possible
Some buyers assume successful negotiation means submitting an offer significantly below the asking price.
Sometimes a lower offer is justified. Sometimes it risks losing a property that is already competitively priced.
A stronger approach is to understand the evidence.
For example, imagine a property is advertised at £600,000.
Comparable sales suggest a value closer to £575,000, and the property has been available for several months.
An offer supported by those facts is different from simply offering £550,000 because you want a bargain.
Your position as a buyer also matters.
Are you chain free?
Do you have an Agreement in Principle?
Is your deposit available?
Have you instructed a solicitor?
Can you accommodate the seller's preferred moving timescale?
An organised buyer with a clear financial position can be attractive to a seller, even when their offer isn't the highest.
If you haven't yet sold your current property, understanding its realistic value is an important part of preparing your offer.
5. Know When To Walk Away
This is probably the hardest part of buying a home.
You've imagined living there. You've discussed decorating. You've mentally moved in.
Then the seller rejects your offer.
The temptation is to keep increasing it.
Before doing so, return to your original figures.
Can you genuinely afford the increased price?
Does the property still represent reasonable value?
Would the additional borrowing affect your lifestyle?
Are there other suitable properties available?
Missing out on one property can be disappointing. Overcommitting financially can affect you for years.
Sometimes the right decision is to negotiate further.
Sometimes it's to recognise that the numbers no longer work.
And sometimes it's to keep searching.
The Avenue View
We believe good negotiation starts long before somebody makes an offer.
It starts with understanding the property, the local market, the seller's circumstances and the buyer's position.
A home isn't automatically good value because it has been reduced.
And it isn't automatically overpriced because the asking price looks ambitious.
The real question is whether the evidence supports the price and whether the purchase makes sense for you.
Our role is to help buyers make informed decisions, not simply encourage them to offer more.
Because finding the right home is important.
But buying it on the right terms matters just as much.
Frequently Asked Questions
How much below asking price should I offer on a house?
There is no universal percentage. Your offer should reflect comparable sales, the property's condition, local demand, its marketing history and your financial position.
Can I find out what a property previously sold for?
Yes. HM Land Registry provides historic completed sale prices for properties in England and Wales. Recent transactions may not appear immediately.
Does a price reduction mean a seller is desperate?
Not necessarily. It may reflect a change in circumstances, an adjustment to market conditions or a revised marketing strategy. Ask questions rather than making assumptions.
Can an estate agent tell me if other offers have been made?
You can ask whether there has been previous interest or whether competing offers exist. However, an agent may not be able to disclose confidential details of another buyer's offer.
Is an accepted offer legally binding?
In England and Wales, an accepted offer is generally not legally binding until contracts are exchanged. Both parties can usually withdraw before that point, although costs may already have been incurred.
Found Somewhere You Love? Make Sure The Numbers Work.
The right property should feel exciting.
But it should also make financial sense.
Before making an offer, understand the comparable sales, your borrowing position and the total cost of moving.
And if you're still searching, you don't have to rely solely on properties appearing on the major portals.