House sold signIt’s no secret that first time buyers are experiencing a difficult time in the property market, with rising house prices and a lack of affordable homes contributing to the growing problem. New research from Barclays Mortgages has revealed how 51 per cent of those who bought for the first time in the last five years regret not negotiating prior to purchase. 52 per cent of first time buyers – typically aged 32 – admit they have never negotiated for anything in their lives, with a further 53 per cent carrying a fear of missing out in the “extremely competitive” market if they were to negotiate.
In fact, the market is so competitive that 35 per cent would avoid negotiations given the small pool of affordable housing available, as is clearly shown in recent market data from Countrywide Estate Agents, shared exclusively with Barclays Mortgages. Figures on property purchases made through Countrywide between April 2016 and April 2017 show that one in five (21 per cent) British first time buyers paid over the asking price for their property, forking out on average an additional £7,758 to secure their chosen property. Surprisingly in England and Wales it’s not Londoners but those in Yorkshire and Humber who proved to be the most likely to go over the asking price with almost a third, 29 per cent, paying more than the initial selling price. In Scotland, the figure is even higher at 40 per cent but this reflects the fact that properties are often purchased through the sealed bid system.
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