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How to Make an Offer on a House in 2022

Martha Lott

Written by

22nd Nov 2019 (Last updated on 15th Nov 2022) 8 minute read

Knowing how to make an offer on a house will serve you well as it shows the seller that you have done your research and are presenting yourself as a serious buyer. Understanding the reasons behind your offer and writing a letter to the seller can make your offer stand out from the crowd.

Once your offer is accepted, you will need to instruct a conveyancer so they can start the conveyancing process.

Compare My Move has compiled this guide on everything you need to know about making an offer on a house. We cover how to make an offer and what is reasonable to offer below asking price in 2022.

This article will cover the following:
  1. Steps To Making An Offer On A House
  2. What to Consider First
  3. How to Put an Offer on a House
  4. How Much Should I Offer?
  5. How Much Should I Offer on a House Below Asking Price?
  6. Should I Make an Offer Before Selling My Own Property?
  7. After Your Offer Has Been Accepted
  8. Next Steps of Buying a House

Steps To Making An Offer On A House

You should spend some time considering your offer and the reasons why you’re making it before committing to the decision.

Remember, there are many different ways to buy a house, so each method may require a different bidding or offer process.

From the importance of doing your research to how to look like a serious buyer, we've provided a few suggestions on how to make an offer on a house in 2022.

1. Do your research

The best place to start is by researching the area and any similar houses that have the same number of rooms and features. Websites such as Rightmove and Zoopla may be listing similar properties to yours.

Find out how much similar properties are sold for and try to base your offer around this. Keep notes of your house viewing and jot down any defects or potential issues that may affect the price. You can then factor this into your decision, as well as into the total cost of buying a house.

2. Leave room to negotiate

Sellers will usually put their houses on the market for between 5% and 10% above the property’s actual value. This is because it is common for buyers to offer a lower price to begin the negotiation process.

Don’t go straight in with your maximum bid as, if the seller comes back with a counter-offer, you won’t be able to go any higher. Be realistic with what you can afford. Alternatively, don't go in really low as the seller might just dismiss you completely.

3. Arrange a mortgage in principle

To let the seller know you’re a serious buyer who doesn't want to waste valuable time, start your mortgage application before you look at properties. If you make an offer and don't have a mortgage in principle, the chances of the offer being accepted or even taken are slim.

Most estate agents will ask you during the viewings if you have everything ready in place. By having your mortgage in principle, you will look like you're ready to go ahead with the sale.

4. Talk to a conveyancing solicitor

You should talk to a conveyancer before you make an offer so they can prepare for your case. Your conveyance will also provide you with sound advice on the process and what to expect. This will also make you look like a serious buyer to the estate agent and seller. Once your offer is accepted, they'll be prepared and ready to go, helping to keep the process ticking along.

5. Be a serious buyer

Explain why you offered the amount you did, how you factored in other houses nearby, and their sold prices.

If you offer a low amount, consider explaining the reason why. Perhaps the house needs serious repair work that will affect its value. This will prove that you’re serious about buying the house, therefore your offer will more likely be accepted.

6. Highlight if you're chain free

If you’re a first-time buyer, not part of a property chain, or are a cash buyer, you’re going to have an automatic advantage over other buyers as this will likely be a quick conveyancing process. Highlight these facts about yourself and make them well known for an easier buying a house process.

7. Be a prepared seller

If you're selling your house at the same time, you've got a better chance of having your offer accepted if you've already accepted an offer on your property. By having everything ready to go on your part, you'll help to speed up the process, appealing to the buyer.

8. Let them know why you're moving

By being a motivated and serious buyer, the seller will take you and your offer seriously. Many buyers will overlook a slightly lower offer than others if you can move straight away. Let the seller know why you're moving - are you expecting a baby, moving for work, or to be closer to family?

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What to Consider First

While having an offer accepted doesn't make the purchase legally binding, you should do your research before making a serious offer on the property. Ask yourself the following questions and don't forget you can ask the estate agent too:

  • Why has the seller decided to move?
  • How are the neighbours?
  • How long has the property been on the market?
  • If long, why isn't it selling?
  • Does the property need decorating?
  • Does the property need repair work?
  • Is the road busy?
  • Is it noisy at night?

It should be noted, that you will find out more information during your property survey and conveyancing searches.

How to Put an Offer on a House

When making an offer on a house, you should put your first and all offers in via your estate agent. It's their responsibility to take each offer to the seller and then come back to you on their decision.

Putting an offer on a house can be nerve-wracking, especially if you are a first-time buyer. However, you will find that doing an extensive amount of research and collecting evidence to support your offer will make the process smoother.

You should always put your offer in writing through an estate agent - by letter, email, or a recorded telephone call - and this will then act as evidence. Don’t put in an offer vocally without any proof of you agreeing to this with the estate agent.

To make your offer stand out, even more, write a letter to the seller detailing why you want to buy their house and the reasoning behind your offer. This will be a more personal approach, allowing the seller to get to know you a little bit, making you stand out over other potential buyers.

How Much Should I Offer?

Many people put their first offer in at 5% to 10% below the asking price as a lot of sellers will price their houses above the actual valuation, to make room for negotiations.

Don't go in too low or too high for your opening bid. If you make an offer that’s way below the asking price, you won't be taken seriously. Alternatively, if you go in too high, you’ll miss out on getting it for less.

The only reason you should offer more than the asking price is if you already know the seller has been offered that, or you can afford to pay more than the asking price if you're really set on the house.

Work out what your maximum offer will be and make sure you don’t get carried away by bidding more than you can afford.

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How Much Should I Offer on a House Below Asking Price?

It is common for buyers to make an offer that is lower than the asking price. However, knowing what is reasonable to offer below asking price is another matter entirely. You need to avoid making an offer that is too low otherwise the seller will decline and may rule you out from making another offer.

Here are some facts and figures taken from Clear Score:

  • 22% of sellers would accept an offer that is 5% under the asking price.
  • 52% of sellers would consider taking a lower offer.
  • 88% of those selling houses worth more than £500,000 would take a 5% price cut if the buyer is chain free with an agreed mortgage

Bear in mind that if you plan on putting in a lower offer, you should provide valid reasons. Find out if there’s work that needs to be done or if any issues have been found that require repair work. You can then calculate the repair costs and take this off the asking price.

Should I Make an Offer Before Selling My Own Property?

You don't have to have an offer accepted on your property before you make an offer on a property you wish to buy. However, if you've accepted an offer and are ready to sell your property, you'll be more attractive to the seller as they won't be waiting around for you.

After Your Offer Has Been Accepted

Once your offer has been accepted, ask the estate agent to remove the listing from their own website and from the property to avoid future competition or disappointment. They may decline to do this and keep the property online in case there is a higher offer. This is known as gazumping.

Asking the sellers to stop marketing the property to avoid being gazumped will indicate you’re a serious buyer and ready to go. You will need to make your offer subject to survey because if your property survey shows any damage to the condition of the house. You can then further negotiate the price after bad survey results.

Remember, the purchase isn't legally binding after the offer has been accepted. A Memorandum of Sale will be drafted by the seller's estate agent, but the offer is not legally binding until after exchanging contracts when the purchase is official. You can’t back out of buying the house after this stage without potentially losing your deposit.

Next Steps of Buying a House

Compare My Move bring you this article as part of our home buying guide. The next article in the series will tell you everything you need to know about what happens after your offer is accepted. To find out more read what happens after offer accepted.

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Martha Lott

Written by Martha Lott

Having guest authored for many property websites, Martha now researches and writes articles for everything moving house related, from remortgages to conveyancing costs.