A significant number of properties are coming to market as a result of separations which don't involve divorce, according to a buying agent.
Linda Jeffcoat of Stacks Property Search says that high entry costs have led to more people buying property jointly because they can't afford to buy on their own.
She says that joint owners often have different agendas which makes negotiations more complicated.
“The desire to sell may not be bi-lateral. One party may be less keen to sell than the other and will be looking for reasons not to."
She explains that she has experienced joint vendors giving conflicting instructions to selling agents and that the party less keen to sell can often be obstructive in the viewing process.
Jeffcoat says that jointly owned properties are often significantly overpriced as the vendors are frequently looking to replace one property with two.
She adds that joint vendors may be particularly susceptible to last minute higher offers.
"Unpredictability is the key word when dealing with separating parties," she concludes.
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Interesting. A different challenge for estate agents, I suppose.
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