Jonathan Bramwell offers The Times some market intelligence on this summer’s bargain hunting which is underway. Buyers are negotiating large reductions specifically on large country houses which don’t qualify as ‘mixed use’.
Jonathan Bramwell Head of The Buying Solution says; ‘To secure interest from a wider audience a price reduction needs to be at least 10 per cent. Larger country houses needing work in rural locations which don’t qualify as mixed use (generating the lower 5 per cent stamp duty charge) are the ones which have been most effected. Buyers are now more inclined to sit it out until the price is right for them, especially if they are purchasing a second home and there is an added 3% stamp duty liability. Sitting on the fence waiting for the price to go down however can be a dangerous tactic – for the high quality houses competition tends to build as the price goes down. This scenario can ironically result in uncomfortable bidding wars.”
Following a two year stand-off between buyers and sellers, the latest research from Knight Frank reveals that sellers are budging with 35 per cent of homes on the market undergoing a price reduction.
To read the full article click here; https://www.thetimes.co.uk/past-six-days/2018-06-29/bricks-mortar/summer-bargain-hunting-begins-2p0vxr085