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New home figures hint at buyers' market

By Wesleyan

New figures suggest it is a buyers' market, with almost three quarters of people taking out a mortgage knocking sellers down below their asking price.

Estate agents said that purchasers got 73 per cent of properties at reduced values last month.

This compared to the 56 per cent of properties sold at knock-down prices 12 months earlier, the National Association of Estate Agents reported.

This implied that buyers had toughened when it came to negotiations, the association said.

Sellers may have had inflated opinions of their house's worth due to Chancellor George Osborne's stamp duty revamp in his Autumn Statement.

The review has made the property levy cheaper for the majority of buyers who are eligible to pay the tax.

This has had the possible effect of persuading sellers to raise their prices, and leaving buyers with extra cash in their pockets to pick and choose more.

With such flexibility, buyers have been more stubborn and effective in knocking down sellers' valuations, the association said.

Copyright Press Association 2015

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