As a first time buyer I am curious about house prices. I realise it's impossible to say for sure, but would you advise to hang back if I see a property that is out of my reach, in case prices drop over the next few months? Also if cost is a concern, how far below the asking price should negotiations start?

Published on 11.03.2008

My personal view is that house prices will come down in many parts of the UK over the coming 12 months. As such it may be prudent to steer clear of taking out a mortgage on any property whereby you'd be overstretching yourself financially.

When negotiating on asking prices I would personally start at 10% below with a view to ending up at between 5-7%.

If you look on the Hometrack website they publish figures for the "asking price : sale price" ratio by post code.

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Please remember: Gavin Brazg is not a Mortage Advisor and as such cannot answer your mortgage based questions. Instead please speak with an  unbiased mortgage advisor.