Homebuyers 'increasingly willing to haggle'

13-Feb-2007

Homebuyers, which may include first time buyers, are more eager to offer below the asking price when trying to buy a new home, research suggests.

According to a study by Yorkshire Bank, which may be of interest to first time buyers, 21 per cent of home purchasers confirmed they would be prepared to offer below the asking price, with any increases only offered if necessary.

However, 12 per cent of homebuyers confirmed they would offer the asking price when attempting to purchase a new home.

"Buyers who are now looking for properties they can do up are using … uncertainty to their advantage by trying their luck with a lower initial offer," said Gary Lumby, head of retail at Yorkshire Bank.

"Should these offers below the asking price be accepted by sellers then we may see prices levelling off," he added.

The number of people looking for lower cost properties which can then be renovated has increased by five per cent over the last 15 months to 25 per cent.

Click here to see what properties are on the market in your area – whether you buy alone or with others.

Yorkshire Bank offers a range of financial products and services, including mortgages and credit cards.

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