Can You Negotiate On Price?

At Ariston Property, we aim to provide you with the best standard of service when you decide to sell your home. There is good demand for homes in North London right now, and when it comes to helping you connect with likely buyers, we are here to make a difference.

At Ariston Property, we aim to provide you with the best standard of service when you decide to sell your home. There is good demand for homes in North London right now, and when it comes to helping you connect with likely buyers, we are here to make a difference.

There are many factors that buyers and vendors need to align on, but the price is a massive factor. If you are flexible and can negotiate on price, you will find it easier to connect with buyers. You must ensure you have enough money coming in to allow you to move on and meet your own goals, but any flexibility will be of benefit in the property market.

We are here to help you sell your home

A recent poll looked into whether people are willing to negotiate on house prices:

• 64% of UK homebuyers and renters say they feel confident negotiating over property prices

• 60% of respondents are concerned about timing, and knowing when they should negotiate

• 36% say they avoid negotiating due to anxiety issues

• 61% of vendors and landlords believe negotiations to be an integral part of the process

• 70% of prospective buyers are concerned about losing out on the property they wish to buy, or finding they have been outbid by another buyer

You can see why many buyers are unwilling to negotiate with the market being as competitive as it is.

The same study highlighted key points such as:

• Property searches have risen by 55% compared to this time in 2020

• Demand for property significantly outstrips supply in many areas of the county

• Asking prices have reached a significant high, increasing by 5.1% compared to this time in 2020

Are you willing to negotiate on price?

3 tips to keep in mind if you are looking to negotiate

• You should always use a trusted estate agent, with local knowledge and expertise

• You need to research the area; it has been found that 11% of prospective buyers don’t research an area before making an offer

• Make it clear you are a serious buyer

James Redington, is a known-name in the UK property market, and he said; “Whether you're a first-time buyer or an experienced property owner, buying a house is a big deal, especially if you're not sure of how or when to negotiate on the price. Of course, buyers are keen on potential savings, but demand is so high right now that sellers have the luxury of not having to lower costs. That doesn't mean your dream home is unattainable, though. Suppose you have your heart set on a house. In that case, experienced agents can help you increase the chances of your offer being taken seriously by sellers.”

You must be informed of the local market

Whether you are buying or selling, you must be informed about the local market you are interested in.

According to Rightmove, house prices in Archway as of November 2021 are as follows:

“Properties in Archway had an overall average price of £701,810 over the last year. The majority of sales in Archway during the last year were flats, selling for an average price of £483,781. Terraced properties sold for an average of £1,112,412, with semi-detached properties fetching £1,144,167.

Overall, sold prices in Archway over the last year were 10% up on the previous year and 11% up on the 2017 peak of £630,081.”

We know these are challenging times, but if you have any questions about the local property market, please feel free to contact us. At Ariston Property, we aim to support the local community as best we can, and we look forward to assisting you in any way.