At Austin Property Services, we aim to support buyers as much as we can when it comes to connecting with likely buyers. There are many aspects to consider but there is no doubt price is crucial.
With demand for homes being high of late, it is easy to see why many vendors have felt it was okay to state a high asking price for their home. However, as the market cools down, taking a more realistic approach will be helpful.
We know the local housing markets, and we know what is happening nationally. A recent study has examined the way prospective buyers consider price negotiations, and if you are looking for the best standard of support, we are here to assist you.
A recent poll looked into whether people are willing to negotiate on house prices:
64% of UK homebuyers and renters say they feel confident negotiating over property prices
60% of respondents are concerned about timing, and knowing when they should negotiate
36% say they avoid negotiating due to anxiety issues
61% of vendors and landlords believe negotiations to be an integral part of the process
70% of prospective buyers are concerned about losing out on the property they wish to buy, or finding they have been outbid by another buyer
The same study highlighted key points such as:
Property searches have risen by 55% compared to this time in 2020
Demand for property significantly outstrips supply in many areas of the county
Asking prices have reached a significant high, increasing by 5.1% compared to this time in 2020
Are you willing to negotiate on price?
3 tips to keep in mind if you are looking to negotiate
You should always use a trusted estate agent, with local knowledge and expertise
You need to research the area; it has been found that 11% of prospective buyers don’t research an area before making an offer
Make it clear you are a serious buyer
James Redington, is a known-name in the UK property market, and he said; “Whether you're a first-time buyer or an experienced property owner, buying a house is a big deal, especially if you're not sure of how or when to negotiate on the price. Of course, buyers are keen on potential savings, but demand is so high right now that sellers have the luxury of not having to lower costs. That doesn't mean your dream home is unattainable, though. Suppose you have your heart set on a house. In that case, experienced agents can help you increase the chances of your offer being taken seriously by sellers.”
You must be informed of the local market
Whether you are buying or selling, you must be informed about the local market you are interested in. According to Rightmove, house prices in Weymouth, as of November 2021, are as follows;
“Properties in Weymouth had an overall average price of £280,560 over the last year.
The majority of sales in Weymouth during the last year were terraced properties, selling for an average price of £234,057. Detached properties sold for an average of £406,346, with flats fetching £188,423.
Overall, sold prices in Weymouth over the last year were 8% up on the previous year and 10% up on the 2018 peak of £254,583.”