The impact of the stamp duty holiday on buyers proves how important price, and saving money is in the housing market. With prospective buyers having an opportunity to save up to £15,000 when buying a home, it is easy to see why there has been considerable activity in the property market.
However, it should be noted price is vital for vendors too. Selling your home can be an expensive activity, which means many vendors are motivated to achieve the best price. If a homeowner is looking to sell and then buy another property, their options might be limited by the price they sell their home for.
At Country Properties, we are pleased to say we work closely with buyers and vendors in Letchworth Garden City. We are pleased to bring people together during these times, and we know the importance of price.
If you plan on selling your home, we can arrange a property valuation for you. With a realistic valuation, you can enter the market with greater confidence. You can also plan your next move with greater assurance.
We also stay in touch with the latest market research. We want to ensure you make an informed decision when moving home, and we know vendors are interested in achieving the best possible price when selling their home.
Buyers are looking to find the best price in the housing market
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.
Many vendors don’t expect the pandemic to alter their moving plans
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.
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?”
Currently, in line with Government guidelines, our Letchworth Garden City branch has reopened and is again staffed with sales and lettings personnel. To clients old and new, if you have any queries or need advice on property sales and lettings then please call 01462 481100 or email firstname.lastname@example.org.