Higher Rates, Weaker Demand: Why It Can Still Be a Good Time to Buy — My Comment in the Daily Express

What I Told the Daily Express

Higher mortgage rates have put many people off buying, and weaker demand could give those still able to move considerably more negotiating power. With fewer buyers competing, sellers may be more willing to accept an offer below the asking price. I said:

The £65,000 Example

I recently spoke to a first-time buyer purchasing a property for £360,000 that was originally listed for £425,000. They had previously been offered a rate of around 3.4% on another purchase that fell through. By the time they found the new property the available rate was approximately 5.3%. The rate was substantially higher, but they had negotiated £65,000 off the asking price and so needed to borrow less.

Start With the Monthly Payment

Work out what monthly payment you could comfortably afford before deciding how much to pay for a property. The price on a portal is not necessarily what the seller expects to receive, especially if the home has been listed for several months or a previous sale has collapsed.

If You Are Selling as Well as Buying

If you are moving to another area, it is also worth asking whether your estate agent has branches or linked offices handling both sides of the move. An agent earning fees on both the sale and the purchase may have extra reason to help hold a chain together.

What If You Have Bad Credit?

Negotiating a lower price helps most when you can also get a mortgage on the right terms. If you have a CCJ, default, missed payments, an IVA or a DMP, a specialist broker can check which lenders suit your case before you apply, so you avoid unnecessary credit searches. See bad credit mortgage broker, mortgages with a CCJ, mortgages with defaults and getting a mortgage in principle, or start a free assessment. I was also profiled in FT Adviser.

Quick Questions

Is it a buyer's market in the UK right now?

Darryl Dhoffer told the Daily Express it is very much a buyer's market. Many buyers are worried about mortgage rates and are holding off, so you might be competing against only one or two people. That gives buyers who can still move more room to negotiate.

Should I only look at the mortgage rate when buying?

No. Darryl says the rate is only one part of the calculation. A higher rate on a smaller loan can leave you borrowing less overall than a lower rate on a bigger loan. Look at the total amount you are borrowing and the monthly payment you can comfortably afford.

How much can I negotiate off the asking price?

It varies by property and seller. In the example Darryl gave the Express, a first-time buyer bought a home listed at £425,000 for £360,000, saving £65,000. Homes that have been listed for months, or where a previous sale collapsed, may give more room to negotiate.

What should I do first when buying in a buyer's market?

Work out the monthly mortgage payment you could comfortably afford before deciding how much to pay for a particular property. The price on a property portal is not necessarily what the seller expects to receive.

If I sell my home for less, can I buy for less too?

Darryl's view is that a buyer's market can work both ways: if you accept £20,000 less on your property, you can seek £20,000 or £25,000 off the one you are buying. Everything is relative.

Can I get a mortgage with bad credit when rates are high?

Yes, specialist lenders consider CCJs, defaults, missed payments and IVAs. A specialist broker can check which lenders suit your case before you apply, so you avoid unnecessary credit searches.

Published 8 November 2026. This article reflects the Daily Express piece and market conditions at the time, and is not personal advice.

The Mortgage Geezer is a trading style of Access Financial Services Limited, authorised and regulated by the Financial Conduct Authority — FCA No. 301173. Your home may be repossessed if you do not keep up repayments on your mortgage. This is not financial advice — speak to a qualified mortgage adviser before making any decisions.