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.
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
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.”
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."