According to a new poll by Douglas & Gordon, 64% of UK homebuyers and renters say they feel confident negotiating over property prices. However, 60% of respondents admit the biggest challenge is timing and knowing when to negotiate

Data provided by the company shows that searches for property for sale have jumped by 55% compared to the previous year, and demand for homes outweighs supply in some parts of the country. Additionally, asking prices have hit a record high, increasing 5.1% compared to the same period last year.

Douglas & Gordon has researched and discovered 36% of people typically avoid negotiating due to anxiety.

The research found that the biggest concern for seven out of ten buyers is losing the property or being outbid by another buyer.

Right now, purchasers and renters have very little negotiating power, to begin with. Applicants expecting to negotiate or submit offers below the asking price run a high risk of being turned down.

Douglas & Gordon claims that the best chance at success right now is to offer to ask price to be taken seriously.

James Redington, area director, West London, Douglas & Gordon, said: “Whether you’re a first-time buyer or an experienced property owner, buying a house is a big deal, especially if you’re not sure of how or when to negotiate on the price.

“Of course, buyers are keen on potential savings, but demand is so high right now that sellers have the luxury of not having to lower costs.”