For home buyers negotiating on price, researching house prices is key preparation

• Interest base rate reduced to 5.0% April 10th 2008
• But mortgages much harder to obtain
• Buyers are 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.

Negotiate better and you could save £1,000s to £10,000s. Our Home buyers' guide offers detailed home buying advice

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.

Base rate reduced to 5.0% by Bank of England April 10th. But with mortgages in short supply, the market slow down seems set to continue. With indications of homes taking longer to sell, too high asking prices will have to be reconsidered by sellers.

An opportunity for buyers. With a tougher market for sellers, buyers are in a strong position to negotiate on price.

• 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 opens in new window

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.

Click here for a summary of the major house price sites, with market comment

Save money click for free preview Home buyers' guide

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