Majority of first time buyers did not negotiate on house price

Tue, 20 Jun 2017

Majority of first time buyers did not negotiate on house price
Research has revealed 51 per cent of first-time buyers who bought their home in the last five years regret not negotiating over the price before buying.

Out of the first-time buyers surveyed by Barclays Mortgages, 52 per cent said they had never negotiated, while 91 per cent said there isn't enough advice on negotiating from trustworthy sources.

Negotiation skills were something that 66 per cent said they would like to learn more about, with 42 per cent relying on their parents for advice and 30 per cent being left confused by the limited advice available.

However, 35 per cent surveyed said they would still avoid negotiations due to the lack of affordable housing options available.

Barclays discovered that in order to secure their chosen property, more than one in five ended up paying above the asking price, by an average of £7,758.

The most likely people to pay above the asking price were those in Yorkshire and Humber, where 29 per cent paid extra.

"Barclays Mortgages research shows that fear of first-time buyers missing out on their ideal property purchase contributes to 53 per cent feeling unable to negotiate, with almost a third (31 per cent) willing to be prepared to pay above the asking price," said Craig Calder, Director of Barclays Mortgages.

"We have helped over 3,500 first-time buyers get onto the property ladder in 2017, and we understand the often-challenging process that all first-time negotiators go through when purchasing.

"Despite 85 per cent of first-time buyers describing the housing market as being 'extremely competitive', our tips on negotiating will help to provide the confidence needed to achieve the right purchase price."
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