Flexibility With Changing House Prices

17th November 2021 posted in PROPERTY NEWS

At Country Properties, we are pleased to say we have assisted many buyers and vendors in the housing market this year. There has been a great deal of activity, and of course, considerable demand from prospective buyers.

This level of demand has led to house prices rising, but with demand expected to cool slightly, some industry experts wonder if house prices will follow. This is why it is sensible to be open to negotiating on house prices.

We are on hand to assist you, and we will advise you as best we can. We follow the local market, and we also stay in touch with what is happening across the country. This is why we can assist you in making an informed decision.

How do you feel about negotiating on property prices?

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 Baldock as of November 2021, are as follows:

Properties in Baldock had an overall average price of £346,784 over the last year.

The majority of sales in Baldock during the last year were terraced properties, selling for an average price of £342,913. Semi-detached properties sold for an average of £369,424, with flats fetching £200,632.

Overall, sold prices in Baldock over the last year were 9% up on the previous year and 9% up on the 2018 peak of £318,950.”

In line with Government guidelines, our Baldock Branch is open and our experienced team is working hard to support you.  To clients old and new, if you have any queries or need advice on property sales and lettings then please call 01462 895061 or 01462 742077, or you could email baldock@country-properties.co.uk  or ashwell@country-properties.co.uk