Buyers negotiate on price to achieve biggest discounts since 2018 š¤
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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:
šø Rise in number of sellers accepting offers at more than 5% below asking price
šø Average discount off asking price is now 3.8% as buyers negotiate harder
šø To put that into perspective, someone listing their house for sale at Ā£250,000 is likely to agree a sale at Ā£240,500
šø A boost in supply of homes for sale is putting pressure on sellers to accept offers
šø 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
šø But if mortgage rates settle at 6% buying power will be hit by up to 20% reducing house price growth further
šø 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
šø Hence led to sellers increasingly accepting offers below their asking price.
šø 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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