Buying a house? Nine in 10 sellers would accept offers lower than the asking price if a transaction is completed quickly

Shruti Tripathi Chopra
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Average House Price In The UK Rises 8% In The Year
Sellers favour buyers who have a mortgage agreed (Source: Getty)

Nine in 10 house sellers are ready to forgo a higher bid in favour of sellers who can complete a transaction quickly, according to new research from credit checking firm ClearScore,

More than a fifth (22 per cent) of sellers would "definitely accept" an offer five per cent lower than the asking price if their buyer is chain free and has a mortgage agreed, while 52 per cent would "consider" reducing the asking price if these conditions are met.

This means that sellers are ready to lower their asking price by £10,366 on the UK’s average house price of £207,3083.

The research also pointed out that 88 per cent of those selling houses worth more than £500,000 would take a five per cent price cut if the buyer is chain free with an agreed mortgage.

Read more: House prices in these London areas have rocketed by nearly £200,000

Here are the top three priorities for sellers:

1. Proof the buyer can afford the property

2. The buyer having a mortgage agreed

3. They are chain free

Read more: Asking prices of London homes hit new record in spite of looming elections

Justin Basini, ClearScore CEO, said, “With a chronic shortage of homes for Brits, it’s no wonder that those selling their houses have the luxury of being picky. The research is clear: it’s not just about how high you bid, you must be seen as ‘buyer ready’.

"Buying a home is likely to be the single biggest purchase we ever make, which is all the more reason to ensure finances are in the best possible place before kick starting a housing search. I strongly recommend checking your credit report for any unexpected surprises at the outset, so you can begin the house buying process with confidence.”

Read more: Homeowners think their house price will rise - even though prices are down

Rightmove's latest house price index showed that asking prices of London homes hit an all-time high this month.

The greater London average for properties coming on the market in May hit a record high of £649,864, a 2.1 per cent (£13,087) rise since last month. Across the UK, the prices of properties coming to market rose 1.2 per cent (£3,626) this month to a national average of £317,281 – setting a record for the second month in a row.

Rightmove said: "Pre-election periods typically cause a pause in activity, but this price growth and strong year-to-date numbers of sales agreed indicate that many are undeterred."

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