Sellers are not planning to cut property prices amid property market revival
Buyers ask for a price cut, but sellers are unwilling to do so.
Despite nearly half (45%) of buyers asking for a property price reduction, home sellers are not changing prices according to the latest research from online realtor Strike.
The area most likely for buyers to request a price reduction is London, where 70% of sellers say they have been asked to lower their property prices. Alternatively, regions such as Northern Ireland and the South West saw buyers less likely to ask for a price reduction. Only a fifth of sellers across the UK say that no deduction has been requested in recent months.
Strike’s research suggests that not all sellers are willing to accept a lower price. At the same time, a quarter would consider a reduction between 5% and 10%. Almost a third (29%) say they would not accept a lower offer. Half of the home sellers say they refuse to let COVID-19 stop them from moving, and a third believe prices will go up in their area after the pandemic.
More than half (52%) of sellers are confident they can make a sale this year according to research. Nearly one in five (18%) say they have even taken more interest in their property than they bargained for.
Other industry figures suggest that the housing market is recovering after a difficult few months. According to a separate investigation by Rightmove, monthly sales in July were the highest in ten years, with seven UK regions reporting record price increases.
“The demand for properties is on the rise.”
Sam Mitchell, CEO of online real estate agency Strike, said: “Now that the restrictions are lifted, the demand for properties is booming. Not only was there a pent-up demand to move after months of not being able to, but the release of the government stamp tax in a low-interest-rate environment has also worked wonders for the revival of the UK property market.”
“In the last few months, we’ve seen at least a 50% increase in buyer demand, and on average, we agree to twice as many sales per week as before closing, which is staggering.”
“While buyers are always going to try to get a good deal on a property, the demand is so high that sellers may not feel the need to lower prices in today’s market.”
“Many of our clients are seeing multiple offers to choose from, an ideal situation to be in. But it’s also important to remember that the quality of any offer is also worth weighing up.”
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