The stamp duty holiday, and the associated activity in the housing market, reiterates how important price is in the housing market. The chance to save up to £15,000 has stimulated demand for homes. However, price is also crucial for vendors, not just buyers.
At Stones Residential London, we can provide you with a realistic property valuation. This helps you enter the market with confidence, and it allows you to develop a budget for your next move.
We have helped many buyers and vendors in and around Stanmore. We also stay in touch with what is happening nationally, which allows us to assist you in making an informed decision.
Buyers want the best possible price when they buy
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.
Vendors should be confident in the value of their property
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.
Other findings from the study include:
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50% of vendors say they will not let the pandemic prevent them from moving home.
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35% of vendors believe house prices will increase in their local area once we move forward.
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52% of vendors believe they will sell their home this year.
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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?”
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.”
Whatever your circumstances are, or what move you would like to make next; we are here for you. Stones Residential prides itself on offering the best standard of service to our clients, and we work hard to help you achieve your property goals. If you would like to arrange an appointment or get more details on how we can help you sell your property, contact us today online or by calling us on 020 8954 0045.
