UK property vendors now less likely to drop asking price as confidence returns

Confidence in the UK property market is increasing with 35% of vendors currently prepared to stick with their asking price, rather than drop to secure a sale, according to a new report.

The research from The Co-operative Bank also shows what potential vendors are prepared to do to seek a sale including borrowing a classy car to park in the drive.

Overall the report shows that a change in attitude is taking place among sellers, although home buyers are holding back, with only 12% prepared to offer the full asking price for a property.

But the amount of confidence varies across the country. Scottish vendors are the most likely to hold out for the full asking price at 40%, whereas those in the East Midlands are the most open to negotiation.

The study also reveals that 54% of people questioned have begun to feel more optimistic about the UK housing market recently, with 29% of this group noticing a positive attitude within the last month.

‘With much speculation about green shoots of recovery in the housing market, the findings do indicate that consumer optimism is starting to return, although there clearly still remains some way to go,’ said John Hughes, director of retail banking.

In the meantime, homeowners are keeping themselves busy with maintenance and developing strategies for improving their chances of a sale.

Some 49% of respondents said they would repaint their houses; 10% planned to send away pets during viewings; 5% were studying feng sui and 2% hoped to enhance their chances of a sale by borrowing a classy motor to park in the drive. There are many ways to improve the look and appeal of a property and thankfully the majority are relatively inexpensive. The main thing to consider is that you don’t get a second chance to make a first impression – if it is not welcoming from the outside then many potential buyers will not even make it through the door!

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