By Metro Lifestyle Reporter

Copyright metro

A ‘cheeky offer’ could help you secure a property that’s out of your budget (Picture: Getty Images)

When it comes to purchasing property, buyers often grapple with the decision of how much to offer relative to the asking price.

One tactic that surfaces frequently is the ‘cheeky offer’ — a bid significantly below the advertised figure.But do these offers really work, and what factors influence their success?

Here’s what you need to know…

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What is a ‘cheeky offer’?

There is no formal definition, but broadly speaking, a cheeky offer falls somewhere between 5% and 20% below the asking price. More specifically:

Offers around 5-10% below asking price are relatively common and often form a sound basis for negotiations, according to Property Saviour.

According to their data, buyers typically secure discounts averaging 5.5% off asking prices, equating to roughly £18,000 savings.

Offers much lower than 15% below the asking price, however, risk outright rejection or alienating sellers unless exceptional circumstances apply.

Offering below asking price is a common part of negotiations (Picture: Getty Images)

A key distinction lies in properties marketed as ‘offers over’ a set figure — meaning the seller is seeking offers at a price exceeding the stated amount, rather than a fixed price — where buyers may feel emboldened to push for a bargain.

Despite this, industry insiders caution against undervaluing properties to the point that sellers no longer take the offer seriously.

Factors to consider when making a cheeky offer

Several factors affect whether a cheeky offer results in a successful purchase:

Seller motivation: Urgent sellers — perhaps facing financial pressures or impending relocation — may entertain lower bids.

Market conditions: Buyers have more leverage in a buyer-friendly market where properties stagnate for longer periods.

Competition: The presence of other interested parties often drives offers closer to, or even above, asking price.

Buyer’s readiness: Demonstrating financial preparedness, such as a mortgage agreement in principle or proof of cash availability, enhances credibility.

Buyer circumstances: First-time buyers or those not reliant on selling another home often hold stronger negotiating positions.

Negotiating agents emphasise that understanding the seller’s mindset is crucial for setting an offer that is both respectful and realistic.

Doing your research will help you decide how much to offer (Picture: Getty Images/Maskot)

‘We bagged our dream £665,000 Bristol home with a £36,000 discount’

Orima Kamalu and her husband are a cheeky offer success story. Orima told Metro‘s What I Own how they managed to secure a Bristol four-bed for £36,000 below the asking price.
‘We crunched some numbers with our mortgage advisor to determine what we could actually afford, and this kicked off our house search.
‘I saw this property come on the market in September 2023 and immediately fell in love with it, even though it was quite out of our budget. I loved the location, the size and the potential to be refurbished without much need for anything structural.
‘I did a bit of research on the property itself and found the buying history on Rightmove, which showed what the current owners had bought it for, versus the price it was actually listed for at the time.
‘They offered below asking, so we took a chance and did the same. It was actually the same amount below asking that the current owners had bought for, which I think was part of the reason they didn’t dismiss it. We were also the only potential buyers, which helped. We were so lucky it was accepted.’
Read more about Orima’s experience of buying her home.

Balancing ambition with respect

Estate agents and negotiation specialists recommend that while a cheeky approach can be strategic, it must be handled tactfully:

Respectful communication: Offers should not insult or discourage sellers, as this might close off potential negotiations prematurely.

Realism in offers: Unrealistic bids (greater than 15% below asking) frequently fail to gain traction except in extraordinary situations.

Flexibility: Buyers should be prepared to negotiate and possibly meet sellers halfway, especially given that nearly 39% of sellers accept the asking price outright, according to Home Owners Alliance. But others do achieve discounts, often up to 5%.

The art of effective negotiation lies in striking a balance — being ambitious enough to seek value, but pragmatic enough to maintain seller engagement.

Knowing how to negotiate could be key to securing your future home (Picture: Getty Images)

Practical recommendations

For buyers:

Secure your finances upfront by obtaining mortgage pre-approval or confirming cash availability.

Research the property’s market history and days on market to assess seller motivation.

Make offers that are assertive yet within a realistic range, ideally between 5-10% below asking.

Be prepared to follow up your offer with earnest communication to build rapport.

For sellers:

Consider obtaining independent valuations early, even before listing, to set realistic asking prices.

Be transparent about urgency or flexibility to facilitate smoother negotiations.

Engage with every offer thoughtfully—while outright rejection might seem easier, leaving room for negotiation often yields better outcomes.

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The strategy of making a cheeky offer has become an established part of UK house purchasing culture, albeit one that requires nuance and insight.

Success hinges on factors from market conditions and seller psychology to buyer readiness and negotiation style.

Savvy buyers are advised to approach with careful planning, realistic expectations, and respectful communication. Likewise, sellers benefit from openness and strategic pricing.

For those contemplating a cheeky offer, the key is to combine research, financial preparation, and tactful bargaining to potentially gain a favourable outcome while maintaining goodwill on both sides.