Connect with us

Current

Would you haggle on a house price? We reveal the do’s and don’ts of negotiating

Voice Of EU

Published

on

Many Britons could be at risk of paying over the odds on their house purchases, with 30 per cent of homeowners saying they did not negotiate at all on the price of their current property.

A huge stumbling block for many was their lack of knowledge, with more than one in five confessing that they didn’t know how to negotiate according to research by Barclays. 

It also revealed that homeowners aged between 25 and 34 experienced the most anxiety and stress when trying to haggle down the price of their home, compared to those aged 65-plus who said they were much more comfortable with the process.

UK home buyers often feel too embarrassed to negotiate on price, according to Barclays

UK home buyers often feel too embarrassed to negotiate on price, according to Barclays

Fear of losing the property, impatience with the buying process and embarrassment over negotiating were all cited as common reasons why home buyers refrained from haggling.

Some admitted they had found the thought of negotiating to be intimidating or scary, whilst others were concerned about upsetting the seller.

‘Our research has found that a considerable number of Britons lack the skills or confidence needed to negotiate successfully on the price of their home,’ said Rob Smith, head of behavioural science at Barclays.

‘We are more likely to negotiate on a used car than we are on a property, highlighting the unique emotional nature of one of the biggest purchases people make in their lifetime.

‘Understandably, the process can feel daunting – particularly if you fear losing out on your dream home. But a successful negotiation can result in extra money to bolster your family finances or invest back into your home.’

How you can get negotiation-ready

1. First and foremost, do your research to determine how the property compares to similar homes for sale in the area.

‘I advise looking at a number of properties before offering,’ says Nigel Bishop, a property search consultant at Recoco. ‘The more properties you see in a given area, the better sense you’ll get of what you should be paying.’

It is also possible to get a sense of current prices in the area by looking online.

‘Look on the online portals such as Rightmove or Zoopla, and look at sold prices over the past two years within the postcode you are looking to buy in. This will give you a greater feel for what the price should be,’ says Bishop.

2. Don’t be afraid to ask the seller’s estate agent prying questions about how long the property has been on the market, why the vendor is selling and whether they already have their next home secured.

‘Ask the estate agent what the sellers’ motivations are and try and make your offer accommodate them,’ says buying agent Henry Pryor.

‘Find out whether the seller needs a quick sale, and if they have had any other interest or offers.

‘If there have been other offers, find out whether these were unacceptable because the buyer wasn’t able to proceed, or because they just didn’t offer enough.

Finding out what other local properties are selling for is a good starting point for negotiations

Finding out what other local properties are selling for is a good starting point for negotiations

‘Agents will often say, “We have had two offers that have been turned down” – but won’t tell you what the reason was unless asked.’

3. If you want to negotiate, it is important to ensure you are in a position where you can actually proceed with a purchase.

‘Make sure you either have already agreed the sale of your own property, or that you have a mortgage agreement in principle,’ says Bishop.

Who are the UK’s most confident negotiators?

Residents of the port cities of Plymouth and Bristol are Britain’s most confident negotiators with 51 percent and 42 per cent backing their respective haggling skills according to Barclays. 

But residents of Edinburgh and Nottingham are the least confident in their ability to strike a deal, with only 24 per cent and 29 per cent confident in driving down property prices.

‘The key to any property negotiation is to prove you can proceed and, if you can’t, I would suggest you hang back from any property until you can.’

4. Decide what the maximum is that you are prepared to pay and don’t allow yourself to be bullied by the estate agent.

‘Even if you won the lottery last weekend, the fact that you can afford to pay more doesn’t mean that you have to,’ says Pryor.

‘The estate agent’s job is to pick your pocket until you say no, so the sooner you tell them that this is your limit, the quicker they will turn on the seller and force them to come down to your level.’

5. It can be unwise to insult the seller with an outrageously cheeky offer, so it is best to be realistic when offering under the asking price.

‘Typically, about 10-15 per cent under the asking price is an acceptable place to start,’ says Bishop, ‘but there is a danger of offering too low.

‘If you insult the seller with a very low offer, you might find they lose their trust in you as a credible buyer.’

‘You can also alienate the estate agents because, in the future, when you ask to look at another property, they will see you coming and be less responsive or helpful.’

6. Remember, you can re-negotiate until the exchange of contracts.

‘Because of the way we sell homes in England, you can actually re-negotiate or withdraw at any time without penalty before you have exchanged contracts,’ says Pryor.

‘But it is always better to have done all your homework before you get into paying costs or making a legal commitment.’

If any structural issues are picked up in the survey, this might give you a reason to re-negotiate

If any structural issues are picked up in the survey, this might give you a reason to re-negotiate

A common reason why you might want to re-negotiate after having an initial offer accepted is if the building survey throws up costly maintenance issues. 

Bishop adds: ‘If a surveyor comes back and says you will need a new roof in 10 years, then get a quote and re-negotiate.’

7. Finally, don’t get too carried away by the negotiation itself and remember this is about you, your home and your life.

‘Negotiation is a psychological game and some people want to feel like they have won,’ says Bishop.

‘There are some vendors who, no matter what you offer, will want more: so just have the maximum figure in mind that you’re prepared to offer, and don’t allow yourself to get carried away.’

Some links in this article may be affiliate links. If you click on them we may earn a small commission. That helps us fund This Is Money, and keep it free to use. We do not write articles to promote products. We do not allow any commercial relationship to affect our editorial independence.

Source link

Current

Tungsten and BC Partners launch €296m industrial JV (GB)

Voice Of EU

Published

on

Tungsten Properties have signed a transformative €296m (£250m) JV funding agreement with BC Partners. The newly formed joint venture company will target single and multi-let industrial opportunities across the UK, which will range from last-mile to big box logistics warehouses with a GDV of greater than €29.6m (£25m). Tungsten Properties will act as asset and development manager for the joint venture. With a strong conviction in the underlying occupational fundamentals of the industrial warehousing sector, the joint venture has already identified a strong pipeline to initially seed the partnership.

 

Jeff Penman, managing director, Tungsten Properties said:“This is a significant step in Tungsten’s expansion strategy to continue to deliver industrial and warehouse space to create growth, jobs and investor returns. This transformational JV agreement with BC Partners will provide reliable capital to continue delivering strategically located, environmentally friendly buildings across the UK. While there is volatility in the capital markets, both Tungsten and BC Partners believe that the industrial market’s long-term fundamentals remain strong. With a fighting fund behind us, we look forward to securing further opportunities.”

 

Laurian Douin, partner, BC Partners said: “The UK industrial and warehouse sector has strong secular fundamentals. Given Tungsten’s strong track record and like-minded approach to development, we are thrilled to partner with them to jointly invest in this asset class. The joint venture intends to deliver well-located, exceptional schemes to meet occupier demand, with a particular focus on schemes’ environmental credentials in-line with BC Partners Real Estate’s commitment to ESG.”

 

Source link

Continue Reading

Current

Four homes for sale with swimming pools: With price tags from £1.1m to £190k

Voice Of EU

Published

on

Owning a property with a swimming pool might seem like one of life’s luxuries that is reserved for millionaires.

But, as our pick of homes for sale with swimming pools proves, you don’t have to have a multi-million pound property to have one.

That said, you may still need deep pockets for their upkeep, which can be costly, particularly if you want to keep your swimming pool heated to a comfortable temperature.

While water shortages and hosepipe bans are hitting the headlines, a pool that is already filled with water will not draw on resources but may be forbidden from being topped up by hosepipe in the case of a ban.

Our pick of four properties for sale with swimming pools are for various budgets, ranging from £1.1million to £190,000 (scroll down for more information about the house pictured)

Our pick of four properties for sale with swimming pools are for various budgets, ranging from £1.1million to £190,000 (scroll down for more information about the house pictured)

Here, we take a look at four swimming pools at properties for those with a range of different budgets.

At the top end is a six-bedroom house in Ramsgate, Kent. with an acre of land that includes an outdoor swimming pool. It has a price tag of £1.1million.

At the other end is three-bedroom property in Ashington, Northumberland, with an empty indoor swimming pool and an asking price of only £190,000.

Daniel Copley, of Zoopla, said: ‘With Britain currently experiencing a heatwave, it’s no surprise that homes with swimming pools are proving to be increasingly popular.

‘Whether your budget is more in the deep or shallow end, some homes with pools may be more affordable than you think.

‘While the rise in energy bills will have a very real impact on those wanting to heat a pool, at this time of year a refreshing dip may be just what’s needed.’

Four properties with swimming pools… 

1. Six-bed house, Ramsgate, £1.1m

The most expensive house in our list of properties with swimming pools is this £1.1million home in Ramsgate, Kent, which is being sold by Miles & Barr estate agents

The most expensive house in our list of properties with swimming pools is this £1.1million home in Ramsgate, Kent, which is being sold by Miles & Barr estate agents

The property is called Pond Cottage and it boasts a large outdoor swimming pool that has a curved slide at the side

The property is called Pond Cottage and it boasts a large outdoor swimming pool that has a curved slide at the side

Inside the property, the entertainment facilities continue - with a cinema room that has black chairs and a red carpet

Inside the property, the entertainment facilities continue – with a cinema room that has black chairs and a red carpet

The most expensive house in our list of properties with swimming pools is this £1.1million home in Ramsgate, Kent.

It boasts more than an acre of land that includes a large outdoor swimming pool, a patio and a pool area.

The property is called Pond Cottage and it is being sold by Miles & Barr estate agents.

2. Five-bed semi-detached house, Welling, £625k

This semi-detached property in Welling, Kent, may not look like it can house a swimming pool from the front aspect

This semi-detached property in Welling, Kent, may not look like it can house a swimming pool from the front aspect

A slimline swimming pool has been added to the rear of the house and it has been covered to protect it from the elements

A slimline swimming pool has been added to the rear of the house and it has been covered to protect it from the elements

The Kent property is on the market with a price tag of £625,000 and the sale is being handled by estate agents MS Estates

The Kent property is on the market with a price tag of £625,000 and the sale is being handled by estate agents MS Estates

This semi-detached property in Welling, Kent, may not look like it can house a swimming pool from the front.

But a slimline swimming pool has been added to the rear of the house. It is on the market for £625,000 via MS Estates.

3. Five-bed house, Ripon, £450k

This three-bedroom house in Ripon, North Yorkshire, was once a barn and has been converted into a family home with a swimming pool

This three-bedroom house in Ripon, North Yorkshire, was once a barn and has been converted into a family home with a swimming pool

The curved shaped indoor swimming pool sits below wooden beams and has a separate bar area for entertaining

The curved shaped indoor swimming pool sits below wooden beams and has a separate bar area for entertaining

The barn conversion has a colourful interior and is on the market for £450,000 via Solo Property Management estate agents

The barn conversion has a colourful interior and is on the market for £450,000 via Solo Property Management estate agents

This three-bedroom barn conversion in Ripon, North Yorkshire, boasts an indoor swimming pool and bar area.

It is on the market with a price tag of £450,000 and the sale is being handled by Solo Property Management.

4. Three-bed house, Ashington, £190k

This three-bedroom house in Ashington, Northumberland, is the cheapest in our list of properties for sale with swimming pools

This three-bedroom house in Ashington, Northumberland, is the cheapest in our list of properties for sale with swimming pools

The 1930s detached property has an indoor swimming pool that isn¿t currently being used because it has been left empty

The 1930s detached property has an indoor swimming pool that isn’t currently being used because it has been left empty

The three-bedroom property is currently for sale for £190,000 and is being sold via Rook Matthews Sayer estate agents

The three-bedroom property is currently for sale for £190,000 and is being sold via Rook Matthews Sayer estate agents

This three-bedroom house in Ashington, Northumberland, is the cheapest in our list of properties for sale with swimming pools.

It is a 1930s detached property with an indoor swimming pool that isn’t currently being used as it is empty.

The property is for sale for a relatively cheap £190,000 and is being sold via Rook Matthews Sayer estate agents.

Source link

Continue Reading

Current

Barwood Homes invests in Woodville resi scheme (GB)

Voice Of EU

Published

on

Harworth Group plc has completed the sale of an eight-acre land parcel at Woodville, Derbyshire to Barwood Homes for the delivery of 73 new houses. This represents Harworth’s first transaction with the Northampton-based housebuilder. The land parcel forms part of a 53-acre regeneration site which is owned by Beepart Ltd, part of Dyson Group, the Sheffield-based former manufacturer of industrial materials. Harworth is promoting the site on its behalf through a Planning Promotion Agreement. In April 2022, South Derbyshire District Council granted outline consent for the creation of up to 300 homes on the site, in addition to a c.30,000ft² local center with convenience retail and leisure amenities and over 150,000ft² of employment space for a range of uses.

 

The wider site has been unlocked by the delivery of Derbyshire County Council’s Woodville to Swadlincote Regeneration Route, which opened to traffic in December 2021, providing better access to Swadlincote and traffic relief in Woodville, as well as improved connectivity across the site. Preparation works will commence shortly for the next phases of residential and employment land sales at the development.

 

Ed Catchpole, Regional Director for Yorkshire & Central at Harworth, commented: “This sale is a fantastic start to the development at Woodville and we are pleased to welcome Barwood Homes to the site, who will deliver high-quality new housing for the local community. Our focus is now on bringing forward the rest of the development, utilising our extensive experience in the remediation of complex sites, including earthworks and infrastructure, to ready the remaining residential and employment land.”

 

Luke Simmons, Managing Director of Barwood Homes, added: “We are delighted to be working alongside Harworth on this exciting development. The team is looking forward to engaging with the local community as we gear up to deliver a scheme of excellent quality in design, build and service.”

 

Gavin Rosson, Managing Director of Dyson Group, added: “This first sale of a residential portion of the site is an important step in unlocking the full development potential of the whole, something we have been trying to achieve for many years. Such development will help regenerate Woodville and the surrounding area, somewhere we have had a presence since 1967 and are delighted to participate in.”

Source link

Continue Reading

Trending

Subscribe To Our Newsletter

Join our mailing list to receive the latest news and updates 
directly on your inbox.

You have Successfully Subscribed!