LONDON WALLET
  • Home
  • Investing
  • Business Finance
  • Markets
  • Industries
  • Opinion
  • UK
  • Real Estate
  • Crypto
No Result
View All Result
LONDON WALLET
  • Home
  • Investing
  • Business Finance
  • Markets
  • Industries
  • Opinion
  • UK
  • Real Estate
  • Crypto
No Result
View All Result
LondonWallet
No Result
View All Result

Buyer’s market growing stronger as average seller discounts hit £18,000 – Zoopla – London Wallet

Mark Helprin by Mark Helprin
November 28, 2023
in Real Estate
Buyer’s market growing stronger as average seller discounts hit £18,000 – Zoopla – London Wallet
74
SHARES
1.2k
VIEWS
Share on FacebookShare on Twitter


You might also like

Buy-to-let lending rises sharply in first quarter of 2025 – London Wallet

Big nine regional office markets see strongest H1 take-up in six years | Property Week

Knight Frank appoints Roper to strengthen London lease advisory team | Property Week

Vendors and their instructed estate agents are accepting an average 5.5% discount on listings to secure a sale, according to new data from Zoopla.

The discount to asking price for achieved sales is now at a five year high, with home buyers securing an average of £18,000 off their next home in order to confirm a sale, Zoopla’s latest House Price Index reveals.

The report identifies further evidence of a strong buyers market as higher mortgage rates hit demand and more supply boosts choice and negotiating power.

This is being keenly felt in the south of England where the average discount to the asking price for sales is 6.1% in London and the South East – equating to a total reduction of £25,000 off the asking price.

Despite buyer demand remaining 13% lower than 2019, new sales are still being agreed with the total volume currently 15% higher than this time last year, and 5% up on 2019 levels. This indicates greater realism on the part of sellers and a growing sense among would-be movers that mortgage rates may have peaked and could start to fall later in 2024.

However, the market remains on track for one million sales completions in 2023, with sales holding up across many parts of Scotland and inner London where market activity has underperformed the rest of the UK over recent years.

In good news for buyers, the number of homes available for sale reached a six year high with 34% more homes for sale now compared to a year ago. This means that the average estate agency branch now has over 31 homes for sale, compared to a low of just 14 in the middle of the pandemic boom, offering more choice for potential buyers. As a result, increased supply boosts choice for buyers but is likely to keep prices under downward pressure as price sensitive buyers continue to negotiate.

This rebound in supply has been recorded in the market for three and four + bed family homes – a trend seen across all parts of the UK. Only Scotland, the North-East and North-West have less supply than their pre pandemic levels.

Residential property prices continue to fall across much of the UK with single digit annual price falls being recorded across all price bands. While higher mortgage rates have hit buying power, there is no evidence of an acceleration in price falls in the highest value markets such as London.

In fact, annual price falls in the capital are lower than across the wider South East and adjacent commuter areas – in part thanks to better value for money and a steady return to office working which is supporting sale volumes and pricing levels.

London house prices remain high in absolute terms but they have failed to keep pace with the rest of the UK over the last six years as the average value of a London home is just 8% higher than seven years ago. This is compared to an increase of 28% across the rest of the UK.

Richard Donnell, executive director at Zoopla, commented: “These are the best conditions for home buyers for some years with more homes to choose from and with sellers more prepared to negotiate on price to agree a sale. There is a growing acceptance that what a home might have been worth a year ago is now largely academic given current market conditions. Sellers have plenty of room to negotiate with average house prices still £41,350 higher than the start of the pandemic.

“It’s a positive sign that new sales continue to be agreed at a faster rate than a year ago and pre-pandemic. This indicates that house prices do not need to post bigger falls to get people moving but sellers need to be ready for more negotiation on price.  New sales will slow as we run up to Christmas and some sellers will take homes off the market ready to relaunch in the new year.”

 

Property industry reacts to Zoopla House Price Index

 





Source link

Share30Tweet19
Previous Post

Ignoring international rules on Rwanda could delay flights, PM reportedly told

Next Post

Estate agency launches referral public-facing app to boost leads – London Wallet

Mark Helprin

Mark Helprin

Recommended For You

Buy-to-let lending rises sharply in first quarter of 2025 – London Wallet
Real Estate

Buy-to-let lending rises sharply in first quarter of 2025 – London Wallet

July 24, 2025
Big nine regional office markets see strongest H1 take-up in six years | Property Week
Real Estate

Big nine regional office markets see strongest H1 take-up in six years | Property Week

July 23, 2025
Knight Frank appoints Roper to strengthen London lease advisory team | Property Week
Real Estate

Knight Frank appoints Roper to strengthen London lease advisory team | Property Week

July 23, 2025
Renters’ Rights Bill passes through Lords after 20-minute session | Property Week
Real Estate

Renters’ Rights Bill passes through Lords after 20-minute session | Property Week

July 23, 2025
Next Post
Estate agency launches referral public-facing app to boost leads – London Wallet

Estate agency launches referral public-facing app to boost leads - London Wallet

Related News

Protocol to identify ‘systemically important’ blockchain banks could help prevent a market crash: Study

Protocol to identify ‘systemically important’ blockchain banks could help prevent a market crash: Study

August 2, 2023
Government’s £24m boost to clear planning backlog ‘not enough’

Government’s £24m boost to clear planning backlog ‘not enough’

July 26, 2023
Tributes paid to grandparents who died after driving into flooded area

Tributes paid to grandparents who died after driving into flooded area

August 28, 2023

Browse by Category

  • Business Finance
  • Crypto
  • Industries
  • Investing
  • Markets
  • Opinion
  • Real Estate
  • UK

London Wallet

Read latest news about finance, business and investing

  • Contact
  • Privacy Policy
  • Terms & Conditions

© 2025 London Wallet - All Rights Reserved!

No Result
View All Result
  • Checkout
  • Contact
  • Home
  • Login/Register
  • My account
  • Privacy Policy
  • Terms and Conditions

© 2025 London Wallet - All Rights Reserved!

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?