Your aim to negotiate a substantial discount on a property can only be achieved by understanding and establishing the market value. There are several ways to work out the market value of a property.
Firstly, collect comparables in the area by researching property magazines, newspapers, websites and similar properties on sale.
This process once collated, can be used to find the market value of a property.
Secondly, ask approximately 3 estate agents for their view on the market value of properties in specific areas. Once this information has been passed on to you, work out the average price.
This process can be employed for letting agents to find the rental value of a property.
You can also obtain records from the Land Registry of properties sold within the area and over specific time periods. However, there will be a fee for this information but it will give you a realistic picture of how much the properties are being sold for.