First time buyers holding up prices

26 Jun 2020

Five seconds on UK property

First time buyer demand is strong and prices remain supported
Investors have backed off expecting market to soften end of 2020
Properties with outside space remain very popular and sell well
Anything a bit quirky is finding it more challenging
Buyers have choice and are not feeling any pressure
Best time to negotiate with prime agents is after valuation

If you are marketing a prime property, relisting will generate more interest and the best time to negotiate with new agents is after they have been round the property and have their buyers in mind.

First time buyers drive demand

Agents are reporting, and we are seeing, strong demand for properties from first time buyers. Pent up demand remains strong and there is no sign of prices rolling over at present.

Investors have largely backed off from the market expecting it to soften later in 2020 providing better buyer opportunities.

Outside space selling well

Properties with a nice outside space are seeing strong demand at present and "flying off the shelf". Particularly in the lower to mid-level price categories.

Any property that is compromised is seeing a more challenging sales process. buyers are not under any pressure to come forward.

Our Advice: If you have a quirky or slightly inferior property to others listed in your area you will either need to be a level lower in price or spend a bit more effort solving for the compromise before marketing your property.

Few price reductions

We are seeing limited price reductions with most vendors having come on at realistic asking prices and then willing to sit tight and hold for the right buyer.

Negotiations with prime agents best after valuation

We are finding the best time to negotiate fees with the prime agents is after they have visited the property as they will immediately have applicants in mind who they want to show the property to. If at this point they are still holding out for high fees and long exclusivity periods, it is likely they don't have much to add.

Give us a call if you are stuck and looking to get going again and we can advise you who to use and how to bring them in.