The latest figures from property portal Zoopla suggest more buying power for people moving home, as buyers negotiate for discounts in the face of rising interest rates. The website said 42% of sellers accepted more than 5% off the asking price last month to secure a sale, the highest level of discounting in five years.
But while the portal reveals a fall in the number of buyers in the market (14% fewer than a year ago), there is still strong demand and a drive to move house, with sales agreed 8% above the five-year average.
Figures also indicate an increase in supply with 18% more homes listed in June compared to the five-year average, giving buyers more choice than in recent times.
When it comes to mortgages, some buyers are offsetting rising rates by opting for longer term loans or pulling together higher deposits. However, these options aren’t available to every buyer, resulting in a trend for harder bargaining. According to Zoopla 15% of UK sellers are accepting discounts of over 10% off the asking price.
The annual rate of house price growth has slowed to 1.2%, but London is among the UK regions where market activity has remained stronger.
Buying and selling at the same time?
Here are 10 things that could go wrong, and often do go wrong, and what, if anything, you can do to avoid them.
Buying and selling at the same time?
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According to Richard Donnell, executive director at Zoopla: “The resilience of the housing market and homebuyers is set to be tested once again as mortgage rates increase over 5%.”
He added: “Demand for homes remains but those households looking to move home in 2023 need to be very realistic on pricing and get the view of agents on where to pitch their asking price to secure a sale.”
Read more about this story on the Property Reporter website.
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