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Sellers standing firm on asking prices Posted On 22 April 2024

Many sellers are holding off on lowering their asking prices until the warmer weeks

 

Despite a somewhat slow start to the spring market compared to previous years, which has taken a little more time to kick in than usual, it has been reported that numerous sellers are already less open to price adjustments ahead of the up-and-coming warmer months. Industry experts have reported that an 11% drop has been observed in the number of sellers who were willing to lower their asking price.

 

These findings are supported by Nationwide’s March House Price Index, which stated that London was the only location in the country that saw property prices increase over the past three months by 1.6%. Due to homeowners delaying their sale, according to many agents the number of available properties increased by just 2% in March over February.

 

Spring traditionally brings with it a higher number of home seekers, which benefits sellers by improving the market. Most owners have been waiting for the Easter break to conclude before listing their homes for sale in order to attract as much attention as possible. As a result, we anticipate that for the next several weeks, the spring market will realise its full potential. Demand will continue to exceed supply, even though we anticipate seeing more sellers post in the upcoming weeks. This means that buyers will face intense competition and even less opportunity to haggle over prices.

 

Sellers may benefit from not lowering their asking prices for certain reasons. Firstly, families like to relocate during the summer months when the kids are on school holidays, therefore demand tends to rise during such times. Also, with gardens in blossom and an abundance of natural light, homes are frequently shown in their finest light throughout the spring and summer, which may help to justify higher costs.

 

 

#property #askingprices #selling

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