New research by Which? Mortgage Advisors has revealed that a large proportion of potential property buyers are prepared to haggle on price, and in many cases are saving money as a result. The survey asked many people who had purchased property in the past five years about the details of their transaction, including the initial offer they made, whether or not they negotiated and the figure they eventually paid.
According to the results of the survey, 73% of homebuyers offered less than the asking price in the beginning with an impressive 66% managing to successfully secure their property for less than the advertised price. 60% of London buyers happily haggled on price, and the investors and buyers that paid the actual asking price said it was due to being involved in bidding wars or reluctance to miss out on their dream homes or property in areas with potentially high rental yields.
Which? Mortgage Advisors are encouraging buyers and investors to haggle without apprehension, even if you have set your heart on one property alone. The truth is that property owners will fully expect buyers to haggle unless you are in an extremely competitive market. When looking for the right investment property, it can be helpful to identify the particular areas you are interested in and research the local market as well as the seller’s position. When you acquire as much relevant information as possible, you can positively influence your position as a buyer and increase your chances of obtaining the property for a reduced price.
The speed of the modern property market has accelerated and in such a fast paced sector it makes sense to give yourself the best chance of getting the property you want at the best possible price. Researching the market and seeking quality advice from experienced professionals can help place you in a strong position to move quickly when you find the right property. If you are looking for your next property investment in Greenwich or any other area of London, we can help you find the right property at the right price.