Sellers ‘sticking to asking prices’ ahead of spring market

Sellers are already less open to price adjustments despite the spring market being slow to kick in, an agent has warned.

Chestertons said it has seen an 11% drop in the number of sellers who were willing to lower their asking price.

 It said the findings are supported by Nationwide’s March House Price Index that stated London was the only location in the UK that saw property prices go up over the past three months by 1.6%.

Due to homeowners delaying their sale, Chestertons registered only a 2% uplift in the number of available properties in March compared with February.
 

Matt Thompson, head of sales at Chestertons, said:  “Historically, spring is the time of year when more house hunters start their search, creating more favourable conditions for sellers. 

“To generate as much interest in their property as possible, the majority of owners have been waiting for the Easter holidays to end before putting their home up for sale. We therefore expect the spring market to reach its full potential over the coming weeks.”

“Although we are expecting more sellers to list their properties over the coming weeks, demand will still outweigh supply and buyers are facing competitive conditions with even less room for price negotiations.”