Daily Express - How much under asking prices should house buyers be offering?

It depends on the property and the motivation of the sellers and buyers. Is it a probate sale? Do the vendors need to sell quickly? Has the property been on the market a long time or already had it's price dropped? How does it compare price-wise to similar properties on the market? How much buyer interest is there? All these factors come into play.

Generally though, I'd be cautious. Despite recent announcements of house price increases from the Halifax and Nationwide, my expectation is that property will fall in value over the next 12-18 months by 10% or more due to high mortgage rates and the cost of living.

I would be surprised if you secured the property if you offered under asking price at the moment. Most clients are paying more than the asking price and are being forced into sealed bids or eBay style competitive biding. Buyers are having some anxious times while they wait to see if they have won... For first-time buyers, this is even more frustrating as they have no experience of this previously. Surely an asking price is just that?

Research the market and see at what price a similar type of property has been sold recently. How long has the property been on the market, is it listed with multiple agents, why are the sellers selling the property, and what is their motivation behind the sale?

I have clients that have successfully secured property purchases at around 10% below the asking price since the beginning of the year.