According to research from the HomeOwners Alliance, the most common reduction was up to 5%, with a fifth of current homeowners securing this discount.
The report added that 14% secured a 5-10% discount off their home and around 6% managed more than 10% off their purchase.
Approximately 39% said they paid the full asking price to get their purchase and 10% paid above asking price after competition. Around 2% of these offers went to sealed bids.
First-time buyers were less likely to negotiate, with 35% paying below the asking price compared to 42% of previous homeowners that have been through the home buying process at least once before.
Paula Higgins, CEO of the HomeOwners Alliance, said: “Buyers clearly have more room to negotiate right now – but don’t just guestimate your offer. Do your homework: use an online valuation tool that estimates how much the property is worth, as well as researching what similar homes have actually sold for in the area. Knowing your stuff gives you confidence to negotiate effectively and fairly.
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“For sellers, setting the right asking price is key to attracting serious buyers quickly and avoiding painful price cuts later. Be guided by local sale prices, market trends and how fast you need to move. While it’s tempting to start high and ‘see what happens’, homes priced realistically from the start sell faster and more successfully.
“Before you even invite estate agents round, use our free online valuation tool. It draws on the latest Land Registry data to give you a high, low and average estimate – so you can go into those agent conversations fully informed.”
