Buyers demanding a 20pc house price cut': as the property market reopens with a price war
With prices forecast to fall by as much as 23pc, big discounts are being requested – and some are waiting to snap up bargains
As the English property market started reopening this week, buyers and sellers have found themselves in an aggressive house price war.
Forecasts look bleak: the Bank of England is anticipating properties to fall in value by 16pc, and as a result buyers want big discounts.
Lucy Matthews, 29, and her husband put heir two-bedroom garden flat in Stockwell, south London on the market last August for £550,000. At the beginning of this year, they agreed a price of £500,000 with a buyer, the same amount they paid for it in 2014. “We have put £40,000 into renovations, so it was a bit galling,” said Mrs Matthews.
Then came coronavirus, lockdown and the market freeze. Now that the market is back in gear, Mrs Matthews, who asked to speak under a pseudonym, is not able to pick up where they left off. “They asked us this week to drop the price by another £50,000.” read more