New research from Barclays, as reported by Property Reporter
shows that more than half of first time buyers have never negotiated the price of their house purchase. 53% admit to fearing missing out through negotiation due to seeing the market as extremely competitive.
The study shows that of those who bought for the first time in the last 5 years, 51% regretted not negotiating but 35% of first time buyers would still avoid negotiation. The study also reported that 91% of FTBs believe their is not enough negotiating advice available from trusted sources, with 30% admitting being confused and 42% asking their parents for advice.
Peter Brooks, Barclays Behavioural Finance expert, said: “Buying a property is the biggest investment of most people’s lives and it’s imperative that the negotiation process is approached with a healthy combination of pragmatism and fearlessness. The biggest mistake many first time buyers make is to rush into decisions and then panic once they have been made. Always remember to balance your approach and referring to informed and independent advice will allow for a smoother negotiating process for all parties.”
Carl King, Director here at Fraser St James commented “I believe although we work for the vendor we would always give fair and honest advice to our purchasers and especially first time buyers. We use a regulated mortgage advisor, Neil Hallas from Complete Financial Solutions and we find his advice to our clients helps in the negotiation process. I also offer first time buyer information events.”
Please feel free to contact Carl direct
should you wish to have assistance and information for your first property purchase.