We asked Kiran how much should a first-time buyer offer on a property?

In the first instance, you should offer what you feel is a fair but sensible price if you want to be considered.

It would be advisable to leave yourself with enough to make a counteroffer should your initial be rejected or you face competition.

With respect to a “fair and sensible” offer, that usually means falling within that price banding* so you are taken seriously but bear in mind the time the property has been on the market. Typically the interest is at its highest in the first 2-3 weeks; once you go beyond a month of a property sitting on the market, your level of negotiation can be a bit more flexible.

*Price banding is the value range we expect the property to fall in to achieve a sale. So, for example, on the search portals, Rightmove/Zoopla etc. Anything under £300,000 has search brackets of £10,000 increments (£220,000 / £230,000 / £240,000). £300,000 to £500,000 is £25,000. £500,000 to £700,000 is £50,000 increments. Over £700,000 is £100,000 increments.

Kiran Gray (Property Agent)

📞 02393 233267

📧 kiran@rokmarsh.co.uk