A new survey by Rightmove has shown the most common mistruths buyers tell when they view and make offers on properties.
Read on to find out how much you could save by haggling on price, and for advice on how to make your offer stand out against competitors.
The white lies buyers tell to get a cheaper price
A new survey by Rightmove has unveiled the white lies and half-truths buyers use when viewing properties.
The portal found that 24% of buyers said they pretended they weren't interested in a property when they viewed it.
A further 17% said they'd exaggerated or downplayed the size or price of the home they were buying, perhaps in an attempt to impress friends, family members or colleagues.
Finally, 16% said they'd lied about their motivation for moving home, be it relocating for a job or seeking a fresh start in a new area.
Steve Pimblett of Rightmove says: ‘Our latest data shows many home-movers are trying to keep their cards close to their chest when it comes to property discussions.
'Some try to keep a poker face about how much they truly like a property, while others might be trying to avoid unwanted questions about their reasons for moving.’
Buyers secure discounts averaging £5,000
The property market has been relatively slow over the last couple of years, with high mortgage rates hitting affordability.
With this in mind, sellers have had to be realistic over the prices they list their properties for, and buyers have looked to secure cut-price deals.
Data from the estate agency Hamptons shows buyers who had offers accepted in November achieved an average discount of £5,000 on the asking price.
When negotiating could get you a better deal
There are lots of different factors at play when it comes to bidding on a property, both logistical and emotional.
First, think about the property itself. Telltale signs that there could be scope to negotiate include the home having been on the market for a long time, it having previously been reduced, or a sale having recently fallen through.
Then there's the seller, who may have motivation for a quick sale. For example, the sale could be due to a relationship breakdown, or it could be a probate sale due to the death of the owner. Estate agents won't always reveal the motivation behind the sale, but it's worth paying attention to any clues they provide.
Finally, think about what you have in your favour in the negotiation. If you're a chain-free first-time buyer, you may be able to promise a quicker move than a competitor who is tied up in a long chain. It can be helpful to get a mortgage agreement in principle before making an offer, too, as this will show the seller you're serious about buying.
What's happening to the property market?
Experts predict that house prices will rise in 2025, with forecasts ranging between 2.5% and 4%. The largest increases are expected in the north of England and in Scotland, while the south of England and London are expected to see slower growth.
If you want to understand what’s happening with house prices in your area or a town you’re considering moving to, it’s important to look at property prices at the local level, as trends can vary significantly even within the same county.
source https://www.which.co.uk/news/article/making-an-offer-on-a-house-the-white-lies-buyers-tell-to-get-a-better-deal-aMThD5i4QMqF