14 Oct Price Remains Critical For Vendors
There is no denying the stamp duty holiday has significantly impacted the UK housing market. The level of activity from buyers and vendors has been notable, and it confirms price is a major issue for all buying and selling decisions.
While buyers can lower the overall cost of buying property, it appears as though vendors remain keen to receive the best possible price for their home. If you plan on selling your Darlington home, we can help, so please get in touch.
At Anthony Jones, we offer property valuations, which ensure you enter the marketplace with confidence. This is crucial, and can help you connect with likely buyers.
In addition to knowing the Darlington market, we stay in touch with what is happening across the country. As you’d expect, there is a lot of research taking place regarding the housing market. We will ensure you make an informed decision when the time comes for you to move home.
Vendors are considering their options when it comes to price
A study by an online property market company found since lockdown started, 45% of vendors say they’ve had a request from buyers to lower the price of property. The most commonly requested reduction ranges between 5% and 10%.
- Only 19% of vendors said they haven’t been asked for a reduction of late.
- It appears as though vendors are not looking to sell at a reduced price. 25% of vendors said they would consider a reduction between 5% and 10%, 29% of vendors say they will not accept a reduced offer.
- 50% of vendors say they will not let the pandemic prevent them from moving home. 35% of vendors believe house prices will increase in their local area once we move forward.
- 52% of vendors believe they will sell their home this year and 18% of respondents said they have received greater interest in their home than they expected to receive.
Do you have a sales price in mind for your home?
Sam Mitchell of the company that undertook the survey said; “Now that restrictions have been lifted, property demand is booming. Not only was there pent up demand to move after months of being unable to, but the government’s stamp duty holiday being released into a low-interest-rate environment has also worked wonders for the UK property market’s revival. Over the past few months, we’ve seen at least a 50% increase in demand from buyers now versus before lockdown and we are on average agreeing twice as many sales per week as we were pre-lockdown which is astonishing.”
Sam continued by saying; “While buyers are always going to try and get a good deal on a property, and who can really blame them for trying, demand is so high that sellers might not feel the need to lower prices in the current market. Many of our own customers are seeing multiple offers to choose from – an ideal situation to be in. But it is also important to remember, the quality of any offer is also worth weighing up. For example, has the buyer sold, can they move quickly and has their mortgage already been agreed?”
Sam concluded by saying; “If a buyer goes into it fully prepared and the answers to these questions align with the seller’s motivations, then accepting whatever the offer may be could be in the seller’s best interest.”
If you are looking for help with any matter of the Darlington property market, it is best to speak to property professionals. No one knows for sure what is going to happen next, so we won’t claim to have all the answers, but the Anthony Jones team is keen to help you as best we can. If you would like to contact us over housing matters, please call us today on 01325 776424.