I've been looking at a house that has been on the market for a few months. 

It was originally listed at between £750,000 to £775,000, but the guide price has since been reduced to between £725,000 to £750,000. 

Given the current market, how long it's been up for sale and possible changes to property taxes in the Autumn Budget, what would be a sensible offer?

Jane Denton, of This is Money, replies: Uncertainty about what Rachel Reeves has in store for Britain's property tax system in the Autumn Budget is dampening the housing market. Seismic changes are rumoured to be on the cards, but nothing is known for certain. 

In September, research from Zoopla warned that uncertainty surrounding the Autumn Budget had prompted a 4 per cent drop in buyer demand for homes listed for £500,000 or more, compared with the same period last year. 

One proposal reportedly being considered by Reeves is the replacement of stamp duty and council tax with a single annual levy on homes above a certain value, with £500,000 a potential cut-off. 

Other potential changes include the introduction of new, higher council tax bands aimed at boosting revenue from more expensive properties, and the possibility of introducing capital gains tax when people sell their primary home if it sells for more than a set amount. One figure floated for this was £1.5million.

National insurance contributions could potentially also be imposed on landlord rental income.

Buyer demand for homes priced at £1million or more was down 11 per cent in September compared to the same point a year ago, Zoopla added.  

While there is uncertainty in the market, you have come across a house you like that has already been reduced in price. The reduction in the guide price indicates the seller is motivated to sell, putting you in a good position to haggle further and make an offer. 

I asked two property experts for their thoughts on how much you should offer. 

Matt Leitch, a director at buying agency Oqo London, says: If ever there were a time to test the market, now is it.

Properties that remain unsold are there for two main reasons.

Firstly, the vendor clearly needs to sell. This could be a change in mortgage rates, job loss, divorce, or any manner of pressing reasons. Ask the agent, as they will most likely divulge the information, even if they shouldn't.

Secondly, the property may initially have been overpriced by the selling agent.

Many buyers consider offering between five to 10 per cent less than the asking price. I would imagine that an offer at this level has not materialised, hence the new listing price.

In the current market, properties that are selling are well-located, sought-after homes, that present well, are competitively priced and will go under offer within the first few viewings.

If this home has been on the market for a few months, one of these factors is causing it to languish, and I would suggest the price will be the likely cause.

Despite a market that is seeing an increase in property listings, competing selling agents are still attracting sellers with over-inflated values in the knowledge that once tied into a contract, the seller has little choice but to ride out the term and the agent will slowly chip away at the asking price.

However, the longer the property remains on the market, the less desirable it appears on the web portals to buyers. And the more desperate the seller, the more likely they will be to accept an offer to move on with their lives.

Now is an excellent opportunity to flex your purchaser power. However, you must also put yourself in the best possible position as a buyer.

Do your homework first. Check portals like Rightmove for sold prices of similar properties that support your case.

If you have nothing to sell and you have your mortgage agreed in principle and solicitors in place, you will put yourself in a strong negotiating position.

Put your offer in writing to the estate agent, along with proof of deposit.

If I were advising a client today, I would open with offering at £695,000. This is around 10 per cent below the initial upper-level guide price and 4 per cent below the lower level of their new guide price.

The worst that can happen is the vendor says no and you can come back with an increased bid. 

Lili Oliver, founder of Bristol buying agent Oliver Roth, says: When a property has been on the market for a few months and the price has already been reduced, it's often a sign that either the initial pricing was optimistic or that the seller's circumstances have changed, prompting a greater willingness to negotiate. 

In this case, a home originally listed at £750,000 to £775,000 and later reduced to £725,000 to £750,000 suggests the sellers are keen to secure a sale and may now be open to sensible offers below the lower end of that revised range.

It's unusual to see a range quoted rather than a single guide price, so I would use the lower figure of £725,000 as the true benchmark for valuation. 

Before making any decision, I'd speak directly to the selling agent to gauge how much new interest the price reduction has generated and how motivated the vendors are. If the home has seen limited fresh activity even after the drop, that strengthens your position as a buyer.

The next step is to look at comparable evidence such as similar homes in the area that have sold recently, to confirm that the new guide price is aligned with the local market. 

If comparable sales support the lower end of the range or below, that would justify an opening offer of around 5 per cent under £725,000, so around £688,000. This allows room for negotiation while showing you are serious and informed. 

In most cases, I'd expect the final agreed figure to land within one to two percentage points above that, depending on competition, the vendor's motivation and any unique features of the property.

However, it's important to remember that offer strategy depends heavily on context.

We don't yet know the specifics of the property, the seller's circumstances, or your position as a buyer - all of which would influence the advice. 

For example, a chain-free buyer or cash purchaser might have more leverage, while a property with strong interest could require a firmer offer to stay competitive.

In short, I'd use £725,000 as the pricing anchor, test motivation through the estate agent and begin negotiations around £685,000 to £690,000 with a view to settling close to £700,000 if necessary. 

That approach balances fairness with prudence in the current market climate which is ultimately a buyers' market right now, especially in the lead-up to the Autumn Budget.