Buyers negotiate on price to achieve biggest discounts since 2018 🤝
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More home buyers are negotiating discounts of 5% or more than at any time in the last 5 years
Data from Zoopla shows:
🔸 Rise in number of sellers accepting offers at more than 5% below asking price
🔸 Average discount off asking price is now 3.8% as buyers negotiate harder
🔸 To put that into perspective, someone listing their house for sale at £250,000 is likely to agree a sale at £240,500
🔸 A boost in supply of homes for sale is putting pressure on sellers to accept offers
🔸 42% of sellers are accepting offers of 5% or more off their asking price while 1 in 6 are selling at a 10% discount or more
🔸 But if mortgage rates settle at 6% buying power will be hit by up to 20% reducing house price growth further
🔸 Zoopla's House Price Index for June 2023 shows that 18% more homes were listed for sale in the last 4 weeks than the 5-year average
🔸 Hence led to sellers increasingly accepting offers below their asking price.
🔸 However, resilience of home buyers is set to be tested once again as mortgage rates edged towards 6% in recent weeks
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