The price of property is always a hot topic and is even used to gauge the true state of the economy. Fewer young people are now in a position to buy than previous generations despite the best efforts of the government to provide help for those who want to get on the property ladder. But is the problem the fact that sellers are overpricing their properties, rather than the lack of a rise in wages? eMoov undertook a study involving just over 2,000 home buyers of between the ages of 16 and 75+ in order to find out what makes buyers tick.
Getting the best price
Not surprisingly, getting the best price for a property was high on the agenda for the vast majority of sellers – 29.8% of those surveyed. Interestingly, this was one area where men and women had different priorities, as the study revealed that getting the highest price is more important for men (36.5%) than it is for women (24.9%). Property is an investment, and those selling a property are generally looking to upgrade, so getting as much capital as possible is vital.
Finding a financially stable buyer
This was the most important point among the women who were interviewed, as 28.4% put this as the top factor when selling a house. A financially stable buyer makes for a straight forward transaction with minimum stress, and less chance of being left in the lurch. Sellers in Brighton, Cardiff and Plymouth rated this as their top priority, which could indicate that houses in these cities are more reasonably priced than other locations in the UK.
25.7% of 25-34 year olds were generally keener to find a buyer in a good financial situation, most likely because they want to be able to buy their second property without getting caught up in a complicated chain.
Not missing out on buying the next property
Most people when selling a house are looking to buy a new one, so getting a good price and the right buyer are vital. Buyers aged 75+ are the most preoccupied with not missing out on securing their next property, with 15.9% of older buyers surveyed declaring this as their top priority. Younger buyers were less worried, which could perhaps be because they have the option of staying with parents until they can buy their next house.
The study showed that overall, sellers want to get the highest possible price for their property, which correlates with the fact that the average asking price on Rightmove is £281,000, while the average sold price in the UK is currently £207,000. With such significant disparity, it would seem that most properties are in fact overpriced, with the expectation that the buyer will make a lower offer.