The UK property market is more competitive than it has ever been in a decade. With low mortgage rates and the stamp duty holiday, homebuyers are joining the race for more space.
According to a new poll by Estate Agents Douglas & Gordon, 64% of UK homebuyers and renters say they feel confident negotiating over property prices; however, 6 in 10 people admit the biggest challenge is timing and knowing when to negotiate
Searches for property for sale have jumped by 55% compared to the previous year, and demand for homes outweighs supply in some parts of the country; additionally, asking prices have hit a record high, increasing +5.1% compared to last year.
Douglas & Gordon have researched and discovered 36% of people typically avoid negotiating due to anxiety. But with 61% of landlords and sellers finding the negations to be an essential part of the process, it is a vital skill to have; therefore, Douglas & Gordon have provided some expert advice on how to get the perfect deal for a property confidently!
Key things to remember when negotiating:
– Use a trusted estate agent as a guide: Make the most of your estate agent’s expertise, local area knowledge and market know-how.
– Research the area: Around 11% of Brits admit they don’t research areas before putting in an offer.
– Show them you’re serious: You can jump to the top of the queue by demonstrating that you’re a serious and prepared buyer. If you can move fast, accommodate the seller’s timescales and show proof of funds, you could use this to your advantage.
7 in 10 admit their biggest concern is losing the property or being outbid by another buyer. Right now, buyers and renters have very little negotiating power, to begin with. Applicants expecting to negotiate or submit offers below the asking price run a high risk of being turned down. The best chance at success right now is to offer to ask price to be taken seriously.
Unless you’re thinking about buying or renting a house or have a vested interest in a property, there’s very little reason to watch the real estate market. Therefore it can be very beneficial to have a knowledgeable local real estate agent is critical. An agent can provide advice on market conditions and help you act quickly, something crucial in the fast property market.