Sellers Stick to Their Asking Prices

Our latest data reveals that the typically busy spring property market is yet to gather pace but sellers are already less open to price adjustments amid the anticipated increase in buyer demand associated with this time of year. Comparing March to February, we saw an 11% drop in the number of sellers who were willing to lower their asking price.

The findings are supported by Nationwide’s March House Price Index which stated that London was the only location in the UK that saw property prices go up over the past three months (+1.6%).

Matt Thompson, Chestertons Head of Sales, says: “Historically, spring is the time of year when more house hunters start their search, creating more favourable conditions for sellers. To generate as much interest in their property as possible, the majority of owners have been waiting for the Easter holidays to end before putting their home up for sale. We therefore expect the spring market to reach its full potential over the coming weeks.”

Due to homeowners delaying their sale, we registered only a 2% uplift in the number of available properties in March vs February. “Although we are expecting more sellers to list their properties over the coming weeks, demand will still outweigh supply and buyers are facing competitive conditions with even less room for price negotiations”, Thompson warns.