What Should I Offer on a House?
Use actual Land Registry sold prices, not estate agent asking prices, to work out what a property is really worth and how much to offer.
To decide what to offer on a house, look at what similar properties in the same postcode actually sold for in the last 12 months using Land Registry data. Compare the asking price to these real sold prices, factor in whether local prices are rising or falling, and consider how long the property has been listed. A fair offer is based on comparable evidence, not the estate agent's asking price.
Why you shouldn't base your offer on the asking price
Most buyers start with the asking price and work from there, offering 5% below, or maybe 10% if they're feeling bold. But the asking price is a number set by an estate agent who is paid by the seller on commission. Their incentive is to sell the property, ideally at the highest possible price. It's a marketing number, not an independent valuation.
Some agents deliberately price high to win the instruction from the seller. Others price low to generate a bidding war. Neither strategy has anything to do with what the property is actually worth to you as a buyer.
The alternative is to look at what buyers have actually paid for similar properties in the same area. Every property transaction in England and Wales is recorded by the Land Registry, including the exact price paid, the property type, and the date. This is the closest thing to objective truth in the property market, and it's the same data that mortgage lenders and surveyors use.
Rightmove and Zoopla show listing prices, which is what sellers are hoping to get. They don't show what properties actually sold for, which is often quite different. Land Registry data records the real transaction price, which is the number that matters when you're deciding what to offer.
The six-step method for calculating your offer
Here's a practical method for arriving at your offer price using real data rather than guesswork.
Find comparable sold prices
Look up Land Registry sold prices for the same property type (detached, semi-detached, terraced, or flat) in the same postcode over the last 12 months. The more local and recent the data, the more relevant it is. A detached house sale two streets away three months ago tells you far more than a national average.
Calculate the local average
Work out both the average (mean) and median sold price for comparable properties. The median is usually the more useful figure because it isn't skewed by one unusually expensive or cheap sale. If five terraced houses in a postcode sold for £195k, £200k, £205k, £210k, and £380k, the average is £238k but the median is £205k. The median better reflects what you'd expect to pay.
Check the price trend
Compare sold prices from the last three months to those from 6 and 12 months ago. Are prices in this specific postcode rising, falling, or roughly flat? A falling trend means you may be able to offer less confidently. A rising trend means the most recent sales are probably the best benchmark, and you may face competition.
Assess time on market
Check how long the property has been listed. A home that's been sitting for 8 weeks or more with no sale may suggest the asking price is too high, or that demand in the area is soft. Either way, this strengthens your position to offer below asking. A property that's just come on and already has viewings booked is a different situation entirely.
Compare asking price to your data
Now place the asking price against your comparable sold prices. If similar homes in the postcode have been selling for £210k-£220k and this one is listed at £250k, that's a significant gap you should factor into your offer. If the asking price is in line with recent sales, it's a fair starting point.
Make your evidence-based offer
Arrive at a number you can justify with data, not a round-number guess. If the comparable sold prices say £215k and the asking price is £235k, an offer of £215k backed by actual Land Registry data is far more credible than saying "I'll offer £210k because I read you should go 10% below asking."
Get the sold prices for your postcode
PropertyTruth analyses Land Registry data by postcode and gives you a clear dashboard showing average prices, trends, and comparable sales, with no spreadsheets required.
Search your postcode Dashboards from £0.99 · No subscription neededWhen to offer below asking price
There's no fixed rule about how much below asking to offer, because it depends entirely on the data. But here are situations where the evidence typically supports a lower offer:
The asking price is above recent sold prices. This is the most straightforward case. If comparable properties in the same postcode have been selling for less than the asking price, you have clear evidence that the asking price is optimistic. Your offer should be anchored to what's actually been selling, not to what the agent hopes to achieve.
The property has been on the market for a long time. If it's been listed for 10+ weeks without selling, the market is telling the seller something. Buyers have seen it and walked away, which usually means the price is wrong. The longer it sits, the stronger your negotiating position.
Local prices are falling. If the trend in the postcode is downward, where each quarter's average sold price is lower than the last, then even recent comparable sales may overstate what the property will be worth by the time you complete. In a falling market, buying slightly below the most recent comparables gives you a margin of safety.
The property needs work. If you're factoring in renovation costs, deduct a realistic estimate from your comparable-based figure. Don't let the agent convince you the asking price "already reflects the condition" unless the data backs that up.
When you might need to offer more
Data-driven buying doesn't always mean offering less. Sometimes the data tells you the asking price is reasonable, or even a good deal.
The asking price is at or below recent sold prices. If comparable sales support the number, and the property is priced in line with the market, there may be little room to negotiate. In this case, offering close to asking is the pragmatic move, especially if there's competition.
Local prices are rising quickly. In a postcode where each quarter's sold prices are higher than the last, the most recent comparables may already be outdated. Properties listed today may genuinely be worth more than what sold three months ago. The data helps you see this rather than overpaying out of panic.
There's limited stock and high demand. If very few properties have sold in the postcode recently, supply is tight. Combined with rising prices, this can mean competition pushes sale prices above comparables. Knowing this from the data helps you decide whether to stretch, rather than stretching blindly.
How to present your offer so it's taken seriously
A data-backed offer isn't just a better offer. It's also harder for an agent to dismiss. Here's how to present it effectively.
State the number clearly and explain your reasoning. Don't just say "I'd like to offer £215,000." Say "I'd like to offer £215,000 based on comparable sold prices in this postcode over the last 12 months." The agent may still push back, but they know you've done your homework.
Reference specific data points. Mention that similar properties in the postcode have sold for a particular range. You don't need to hand over a full spreadsheet. Just enough to show you're working from evidence, not emotion.
Be clear about your position. If you're a first-time buyer with no chain, say so. If your mortgage is already agreed in principle, mention it. These factors can make a lower offer more attractive to a seller than a higher offer from someone in a complicated chain.
The estate agent has a legal obligation to pass on every offer to the seller, regardless of what they think of it. Don't be put off by an agent who seems dismissive of your offer. Present it formally and let the seller decide. Your evidence-based number doesn't need the agent's approval.
Stop guessing. Start with the data.
PropertyTruth gives you the sold prices, trends, and averages for your specific postcode. It's the same Land Registry data that mortgage lenders use, analysed and ready to use.
Get your postcode dashboard From £0.99 · Instant access · No subscriptionFrequently asked questions
Should I offer the asking price on a house?
Not automatically. The asking price is set by the estate agent, who works for the seller and is paid on commission. Check what comparable homes in the same postcode have actually sold for using Land Registry data. If the asking price is in line with recent sold prices, it may be fair. If it's significantly above, you have evidence to offer less.
How do I find out what houses actually sold for?
The UK Land Registry records the actual sale price of every property transaction in England and Wales. You can download the raw data for free from the Land Registry website, but it comes as large CSV files that need processing. PropertyTruth analyses this data by postcode and presents it as clear, readable dashboards.
How much below asking price should I offer?
There's no universal percentage. The right figure depends on how the asking price compares to actual sold prices in the postcode, whether local prices are rising or falling, how long the property has been listed, and how much competition there is. Use sold price data for the specific area to work out a fair number rather than applying a generic rule.
Are estate agent valuations accurate?
Estate agent valuations are marketing prices, not independent assessments. Agents may price high to win instructions from sellers or price low to generate a quick sale. The most reliable benchmark is Land Registry sold price data for comparable properties, which shows what real buyers have actually paid.
What if there aren't many comparable sales in my postcode?
In postcodes with few recent transactions, widen your search to neighbouring postcodes or look back further than 12 months, but be aware that older data may not reflect current conditions. You can also look at the broader area trend to understand whether the local market is rising or falling.
Is Land Registry data free?
Yes. The raw data is published by the Land Registry and is free to download. However, it comes as bulk CSV files covering millions of records and requires filtering, cleaning, and analysis to be useful for a specific postcode. PropertyTruth does this analysis for you and presents the results as easy-to-read dashboards.