A seller asks £12,000 and you start thinking about £11,000, even though your own comparison suggested £9,500. The asking price has become the point from which you are adjusting.

Anchoring is the influence of a reference number on a judgement. An opening offer can have this effect, but it does not determine the eventual agreement. Information, constraints and willingness to decline still matter.

Research on first offers also identifies a possible cost: an offer can reveal information about priorities that another negotiator can use. “Always go first” is therefore too simple. Decide what you can support and what you need to learn before naming terms.