I am currently buying a property in E11 Leytonstone. The property was on the market with a price range of £450-500k. At the end of November 2007 our offer of 450K was accepted. In light of the recent headlines, I have been trying to find how much house prices have fallen in E11 since our original offer was accepted and aim to negotiate on the price with this in mind. How do I find this information and how much can the offer be renegotiated?

Published on 30.01.2008

You can get a feel for what prices have been doing in any area of the country by looking for free on http://www.hometrack.co.uk

I'd imagine that prices will have stayed static as opposed to having fallen. Chipping your price just before exchange is called Gazundering and it's up to you whether you're comfortable doing this.

You do run the risk of upsetting the vendor and having them refuse to sell the property to you. On the other hand they may be so desperate to sell that you secure quite a tasty reduction.

How much you drop your offer is up to you....it's a poker game out there and really you have to use your own judgment.

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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.