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TODAY'S OTHER NEWS

Third of sellers won't budge on asking price despite buyer requests

Almost a third of property sellers (29%) say they won't accept a lower offer for their property, according to new research.

Online estate agency Strike reports that since the start of lockdown, 45% of sellers have received requests from buyers to reduce their asking price.

During this period, only 19% of vendors have not been asked to drop their price by prospective buyers.

The most common reduction in sale price ranges from between 5% and 10%, the research shows, with a quarter of sellers happy to consider a reduction in this price bracket.

London is the area where buyers are most likely to request a price drop, with 70% of sellers in the capital saying they have been asked to lower their asking price during the last six months.

Strike - formerly known as Housesimple - says buyers in Northern Ireland, the South West, South East, West Midlands and Yorkshire are less likely to ask for a price reduction from vendors.

Recent research from Rightmove revealed sellers are twice as likely to find a buyer for their property if the original asking price does not change.

Sellers were also asked about the effects of Covid-19 on their transaction, with 50% saying the pandemic won't stop them from moving and 35% saying they believe average prices in their area will rise post-pandemic.

Over half of 2,000 vendors surveyed said they are confident they can complete their sale this year, while 18% said they have had more interest in their property than expected.

"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," says Sam Mitchell, Strike chief executive.

"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."

  • Carl Smales

    Now I wonder why 45% of Strikes Vendors are getting asked for a price reduction?

    You get what you pay for........oh wait a minute.....

    Happy days!

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    So if 45% have been asked an 19% have not..what about the other 36% ?

  • Paul Singleton

    45 - 19 = 26

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    Strikes me (excuse the pun) that online agents who pitch on price and fee had better spend more time researching the market to ensure the price isn't wholly unrealistic to start off with... oh, wait! Of course it doesn't matter if they price too high as they've had their money up front anyway... Sucks to be an online vendor.

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