For home buyers negotiating on price, researching house prices is key preparation
- Interest base rate reduced to 3.0% Nov 6th 2008
- But mortgages are likely to remain much harder to obtain.
- Buyers are still likely to be in a strong position to negotiate
How firmly can you negotiate on house price?
There are wide variations in prices nationally. Local research is essential.
Especially now many sellers are reacting to the market. See Rightmove below, prices are becoming more realistic.
Negotiate better and you could save £1,000s to £10,000s. Our Home buyers' guide offers detailed home buying advice
Base rate reduced to 3.0% in a shock move
Will this unexpected decision by Bank of England November 6th 2008, affect house prices?
Will it help buyers negotiate on price? Will house prices start to rise? Or fall further?
- Mortgage funds are likely to remain restricted. Lenders more cautious. Larger % deposits required
- It depends how much of the reduction is passed on. It seems existing borrowers will get the full cut. New buyers may not
- Whatever rates are available, buyers are likely to be wary of excessive borrowing at today's rates - which may go up
And if buyers lack confidence, prices are unlikely to rise. Evidence so far suggests they are still falling.
Plan ahead, know your local market before negotiating on price
Price variations within regions and even locally can be huge. It's essential to keep a close watch on your local market.
- Know which homes offer best value. Research is essential to negotiate the price down
- Identify those who must sell. It's just as important to find out all you can about sellers. Information gives you negotiating power
Click for house prices direct at Land Registry 
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When you're looking generally, Land Registry provide wide ranging statistics based on actual property sales.
To research their site, Click on "Postcode: Area/District/Sector." To search by town name "Exclude Postcode sectors." To search by postcode select "Postcode sectors only" in the drop down box.
Sectors give average prices on blocks of around 3,000 homes.
Postcode searches are free. Land Registry charge for prices by individual address. The information is available free from several sources, including Our Property.
Search house prices by address at Our Property opens in new window
Useful when you want information on particular homes(s) you might buy. Research actual sale prices for neighbouring properties from Land Registry. Available free from Our Property.
House prices. Information sites
More information is available on the individual sites.
Rightmove These figures indicate what's happening to asking prices in the market now. Agreed selling prices may be less, possibly much less in some cases.
Nationwide Full report on their site based on the latest mortgage advances.
Halifax Full report based on the latest mortgage advances on their site.
Hometrack Reports on sale prices agreed between sellers and buyers, as reported by the selling agents. Also comments on how long homes are taking to sell. Worth watching to see how the market is reacting to the changed financial situation.
