UK buyers and sellers concerned about property prices, research suggests

Taylor Scott International News

Both buyers and sellers in the UK are concerned about the price of property with 86% of buyers feeling it deters them and 91% worried about selling up. Some 40% of sellers stated that getting the best price for their property was their primary concern and an equal percentage of buyers listed house prices as a major deterrent to buying, according to research by online estate agent The over 50's lead the way as those most concerned about securing a good price for their property. With retirement potentially on the horizon, 40% of them listed getting the best price as their primary fear. This is in contrast to those looking to buy, as 43% of those aged 18 to 24 were most fearful of the price they would have to pay for their property. With London property costing double the national average, over 40% of people living in the capital feared property price tags, however Norwich was the surprise top of the bunch with over half of buyers surveyed worried about price. Southampton held the biggest fear factor for buyers searching for a new property with 42% of them stating that finding their next dream home was a concern. With interest rates currently as low as they can get and a rise inevitable next year some 19% of buyers considered this something to fear when looking to buy a property. The majority of these were under the age of 44, most likely as a result of larger mortgages and less equity in comparison to the older property buyers. Estate agency costs were the third biggest concern with 27% of sellers worried about it. This was most prevalent for those 35 and over. Finding the right mortgage concerned 29% of those aged 18 to 24, the highest of all the age brackets surveyed. Some 16% of those aged 25 to 34 also cited finding the right mortgage as a worry. ‘Buying or selling a property can be scary business for some. It can be a minefield of problems from start to finish and it's no surprise it strikes fear into the hearts of those involved,’ said Russell Quirk, the firm’s chief executive officer. ‘It won't come as a shock to anyone that house prices top the survey, they are what drive the market and unfortunately for the majority dictate the options open to them. It comes down to the age old game of cat and mouse, buyers worry about finding the lowest price, sellers are fearful about selling under value,’ he said. ‘It is interesting to see just 6% of people worry themselves silly over which estate agent they are going to use but 27% are put off by the actual cost of estate agency fees. This reflects a significant change in consumer behaviour over recent years and the importance put on ensuring value from an estate agent, something that the mainstream, high street agent simply does not provide,’ he added. Continue reading →

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