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I guess it depends how that price compares to similar sized places in the area. If the need for renovation/etc is priced in then you might not get anywhere but I don't see the harm in trying low.
Also depends how much competition there is where you're buying - our agent told us that when people see a fixer-upper they tend to go a bit mad and feel they're already getting a bargain, even if the work to bring it up to standard pushes it well over ready made equivalents.
Dramatic_Hammer
Thanks, we looked at a place today that hasn't been decorated since the 80s and needs a lot of work, with a Guide Price of £305k. Currently in a debate over how low to start the negotiations.