Vendors Unwilling To Budge On Price

At Belvoir Sutton, we know how busy the housing market is right now. The stamp duty holiday has created significant demand for homes.

When you consider buyers can reduce the overall cost of buying a home by as much as £15,000; it is easy to see why buyers have responded in such a positive manner.

However, it should be noted price is also a crucial component for vendors. When you sell your home, you want to achieve the best possible price. If you are looking to move to another home, selling for the best possible price might be vital for achieving your goals.

We want to help you achieve your best possible price

At Belvoir Sutton, we know vendors want to achieve the best possible price when selling your home. We are happy to provide you with a property valuation service that gives you confidence when entering the market.

We also stay in touch with the latest market research, helping you to make an informed decision when you next move.

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.

Many homeowners expect to sell their home this year

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?”

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.”

If you are starting the sales process, or wondering what your next move will be, you can arrange for an instant valuation to take place. Our instant valuation tool is free, quick to use and very easy to arrange, so contact Belvoir Sutton today if you would like to arrange a valuation during the lockdown period.