Research by Barclays has shown some 30% of homeowners may have missed out on possible savings because they did not negotiate the purchase price of their current property.
The survey of 2,000 homeowners in the UK revealed 22 percent did not know how to negotiate house prices, while others said feelings of embarrassment and sometimes fear held them back.
17 per cent said they were worried they would lose the property they were purchasing while eight per cent said they found negotiating prices embarrassing. A further 8 per cent said it was intimidating or scary and 7 per cent did not negotiate for fear of upsetting the seller.
Others simply wanted the process to be as seamless as possible, with a tenth of respondents saying they did not negotiate as they just wanted the buying process to be over.
Younger buyers who are more likely to be embarking on the purchasing process for the first time were more stressed about negotiating compared to those over the age of 65 which the survey found had come at a cost.
The majority of homeowners said they will consider negotiating house prices on their next purchase, with 52 per cent stating they were prepared to do so.
Rob Smith, head of behavioural science at Barclays, said: “Our research has found that a considerable number of Brits lack the skills or confidence needed to negotiate successfully on the price of their home.
“We are more likely to negotiate on a used car than we are on a property, highlighting the unique emotional nature of one of the biggest purchases people make in their lifetime.”
“Understandably the process can feel daunting, particularly if you fear losing out on your dream home, but a successful negotiation can result in extra money to bolster your family finances or invest back into your home,” he added.
