The introduction of the stamp duty holiday has created great interest and activity in the housing market. With buyers able to reduce the price of buying a home, you can see why so many more people are now engaged in the property market.Of course, pride doesn’t only matter to buyers. Price is crucial to vendors, and vendors need to find the right price for their home when selling.
At Holmes Estate Agents, we are pleased to say we have assisted many vendors in selling their property. We understand the importance of pricing, and we are here to assist you connect with buyers in a way that is right for you.
Buyers want to achieve the best possible 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.
Vendors should be focused on achieving the best possible price too
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.”
We have considerable experience and expertise in the South West of London. We are ideally placed to help vendors, tenants and landlords during this challenging time. If you have any questions regarding the South West London property market, please get in touch with Holmes Estate Agents today.