Dreamily flicking through page after page of homes online is great. But what about when you find a property you really want to buy?

After a couple of visits to the property to check it out (and the area) and, assuming you're ready to buy your first home, then it’s time to make an offer – if you’ve got your finances lined up and you’re ready to go.

The good thing about the UK is that making an offer on a property is entirely risk-free, unlike in many other countries. There are no legal or contractual commitments in the UK so you’re free to bid whatever you fancy.

But in general it’s a battle between buyers who have high expectations of getting the target price for their most valuable asset, and buyers horrified by the price hoping to win a decent discount. It can get messy.

Here are some strategies to consider.

1. Research it

Find out if the property you’ve found is priced higher or lower than other similar homes sold recently in the area.

The two main portals Rightmove and Zoopla have great tools to help you do this, as do several lenders including the Nationwide and L&C.

What you’re trying to find out is whether the vendors have priced it at the top, middle or lower end of the market – this will help you decide what price to bid.

For example, if a four-bedroom terraced house you want is for sale at £300,000 and the average is £280,000 on that street you should consider bidding at £285,000, as they’ve probably overpriced it.

Also, ask the agent how long the property has been for sale. A house or flat that’s been languishing on the market for months is also likely to be over-priced.

2. Bid more or less

Overall, most properties in the UK finally sell for around 5% below their asking price, but the price you pay will depend on this crucial first bid.

Go too low and you’ll be rejected out of hand. Go too high and you’ll pay more than you might have. The accepted strategy in a normal or quiet market is to bid approximately 10% under the asking price. It’s not being cheeky, but it will look serious enough to get the vendor’s attention.

3. Hot market?

If you’re in an area that is more desirable than the streets around it, or the general property market is ‘hot’ and many buyers are chasing too few homes for sale, then it’s time to consider over-bidding.

Ask the selling agent how people are also bidding on the property and, if there are several, then consider offering the asking price or maybe even over it.

But if the property market isn't hot and buyers are thin on the ground, then it's very different. A low offer may be all the seller has received in recent weeks, so they may take your cheeky offer.

Some vendors try and stop low bids by saying ‘offers over’ but ignore this and make an offer anyway. Remember agents are LEGALLY required to pass on all offers to their client, the vendor. If the vendor won’t budge on price, walk away, particularly if the property is clearly not worth the price they’re asking.

4. Haggle

In a normal market, don’t be put off if the vendor rejects your first offer.

If they do, speak to their agent and get a feel for what they want to achieve for the property. And then raise your original offer, perhaps meeting them half way between your original offer and their asking price.

It’s how most house price negotiations work. And remember first time buyers have a big advantage over second or third steppers; they haven’t got a property to sell and are therefore more nimble.

At this point most vendors, unless they are very confident of their property’s allure or simply can’t afford to sell for less than the asking price, will accept the offer and the process moves on to the next stage.

If turned down again, a buyer has two options - politely withdraw and suggest the seller gets in touch later on if they still haven’t found a buyer, or offer the asking price.

CreditLadder can help you improve your credit score

If you want to improve your credit position by reporting your rent payments, CreditLadder is the only way to improve your credit score and position across all four of the main Credit Reference Agencies in the UK, namely Experian, Equifax, TransUnion and Crediva. Building up a high credit score has a lot of benefits, including helping you access finance at better rates - this can also help save you money.

CreditLadder also runs a free mortgage application service in partnership with Tembo which will tell you how much you could borrow.

Remember the information provided in this article is for information purposes only and should not be considered as advice.