How low do you go with a first offer for a property?

As a %. I know typical is 5-10% and it’s a buyer’s market and pondering how aggressive to be.

How long’s a piece of string?

Dependent on soooo much: how long’s the house been on the market? What is the market rate for it? How much do you want it (if you go in too low they might resent it and refuse any subsequent offers out of spite)?

If it’s been on for a number on months with little interest, is a little overpriced and you’re not too fussed, a 15% discount is probably acceptable as a cheeky offer.

It depends how realistic the asking price is in the first place.

I'd say in London where we've been looking, 80%-90% of properties have a piss-take asking price about 20%-25% off where they will sell at.  

The remaining 10-20% of properties are priced to sell so 5-10% off seems a reasonable rule of thumb there.

Also depends whether you are chain-free.  As so many chains are collapsing at the moment you can get a much bigger discount than usual from being chain-free, especially if a vendor's sale has fallen through previously.

Landlords selling houses in London seems the most distressed at the moment.  If you are chain free I think there are loads of bargains to be had.

Flats are pretty hot as people are looking to get out of renting.

The worst thing is to make an offer below asking and have it accepted immediately so take the piss as the worst that happens is that they say no and you have to offer a bit more.  Once you've had an offer accepted it's harder to reduce it.

How long has it been on the market?

Has it just been reduced?

How many agents have it?

Is it unique? What has one just like it sold for?

HOw much do you want it? 

What else is out there?

What are your other terms - put them in the offer? Do you want white goods, carpets, curtains, light fittings as part of the deal? When do you wan to move? Have you got finance in order? All of that goes in the first offer - as the agent is duty bound to pass it on. Is the offer subject to a survey / assumption that everything is ok with the survey? 

HOw much is it and where does it sit within its own market - is it run of the mill - or an outlier (in terms of low / high price for the location)

Yeah I weighed up all the usual factors and have gone in at about 12% under the asking price. Waiting to be told to jog on…

If it's my home gaffe not very much under asking 

Maybe a few million but very low % 

If it's and investment, as low as possible and then drop another 10% on exchange day