Hi Bill,
Most asking prices are negotiable. Even if the vendor says it's his "bottom price" there's no harm in making a lower offer if you want to, he can only say no. Haggling is definitely a normal part of the buying process.
The bank valuation probably isn't good leverage, if by that you mean can you negotiate the price based on the bank valuation. This is because most bank valuations are around at least 20% less than the asking price. Banks give valuations based on the size and age of the property and don't take into account its interior condition. So if someone has bought an older flat, and spent a great deal on renovation, then their asking price is likely to be a lot more than the bank valuation. The vendor may eventually accept a lower price if they want to sell the flat quickly, but if they don't need the money they may just hang on to it until they get the price they want.
If you're looking for an agent to help you find somewhere, drop me a line at
linda@queensproperty.com
Best of luck!
Linda