Nine in 10 sellers would accept a lower offer from buyers who can complete a transaction quickly, a new research by ClearScore has shown.
The study by the credit checking firm says that more than one fifth (22%) of sellers would definitely accept an offer up to 5% lower than the asking price if the buyer is chain free and already has a mortgage agreed, whilst 52% stated they would “consider” reducing the asking price if those conditions were met.
With the UK’s average house price currently being at £207,308, this would mean buyers could save up to £10,366 through being organised and planning ahead.
According to the ClearScore study, these are the top three priorities for sellers:
- Proof the buyer can afford the property
- The buyer has a mortgage agreed
- The buyer is chain free
Justin Basini, ClearScore CEO, said:
“With a chronic shortage of homes for Brits, it’s no wonder that those selling their houses have the luxury of being picky. The research is clear: it’s not just about how high you bid, you must be seen as ‘buyer ready’.”
“Buying a home is likely to be the single biggest purchase we ever make, which is all the more reason to ensure finances are in the best possible place before kick starting a housing search. I strongly recommend checking your credit report for any unexpected surprises at the outset, so you can begin the house buying process with confidence,” he continued.
The latest house price index from Rightmove showed that asking prices for London homes have hit a new all-time high this month.
“Pre-election periods typically cause a pause in activity, but this price growth and strong year-to-date numbers of sales agreed indicate that many are undeterred.”