By Alexa Phillips
With house hunters now holding “more power”, Alexa Phillips of The Telegraph writes her top tips for getting a good deal in today’s market.
As the UK property market transitions from a seller’s market to a buyer’s market, savvy purchasers are increasingly well-positioned to negotiate meaningful discounts. At Black Brick Property Solutions, we have been tracking these shifts closely and advising our clients on how to navigate this more complex landscape.
Buyer demand has fallen sharply in recent weeks, and with mortgage rates continuing to rise, price reductions are becoming more commonplace across the market. Knight Frank has forecast a potential decline of up to 10 per cent in house prices over the next two years — a significant shift after years of seller dominance.
For buyers, the key to securing a strong deal lies not simply in aggressive price negotiation, but in positioning themselves as credible, reliable purchasers. Sellers whose plans have been disrupted by the volatile mortgage environment are increasingly prioritising certainty of completion over the highest possible price. Buyers who can demonstrate up-to-date financing, a solid deposit and flexibility on timescales are finding themselves in a powerful negotiating position.
Our own Partner Casper Harvard-Walls, speaking to the press on behalf of Black Brick, offered a more nuanced approach to pricing strategy in this environment:
“Some estate agents are deliberately choosing high asking prices knowing they will be negotiated down. Others are opting for lower asking prices to attract more offers, but may expect higher bids. Buyers should keep a close eye on sale prices in the area they want to buy in. They can then compare what sold previously to what they’re being offered by the agent to build a picture and tailor their offer — this is a much smarter strategy than just making offers that are 10pc below the asking price.”
— Casper Harvard-Walls, Partner, Black Brick Property Solutions
At Black Brick, we continue to counsel our buying agency clients to approach this market with rigour and intelligence. Understanding true market value — rather than reacting to headline asking prices — is the foundation of a well-structured offer in any market conditions, but never more so than now.
Read the full article here.