Recent statistics show that it could soon be a buyers market when it comes to purchasing property as purchasers are negotiating well and getting “tough” with their offer price.
What’s the reason for this possible change in the market though?
73% reduced their price
Buyers, in fact, last month managed to negotiate 73% of property purchases compared to 56% 12 months before, reported by the National Association of Estate Agents.
Buyers now have more choice
One suggested reason for this additional confidence from buyers is believed to be linked to the changes in the Stamp Duty legislation where, with the prospect of having to pay less Stamp Duty Land Tax, means buyers have extra cash in their pockets to be more selective when it comes to choosing a new home.
With the increased freedom brings options so buyers are ensuring their final offer is competitive and they are getting a good deal.
Was the property worth the asking price anyway?
It is also thought that sellers could have inflated their asking price with the news regarding the Stamp Duty reform. In the end they have just been forced to bring the accepted offer back to a realistic level.
Are you in the process of making an offer on a new home? For more information regarding a property purchase, mortgages and remortgages contact the Dental & Medical Financial Services team.
Tel: 01403 780 770