House hunters who are looking for a rural property in one of the UK’s home counties are encouraged to negotiate the asking price as some listings may be subject to unreasonably high seller expectations.
According to specialist buying agency Recoco Property Search, many homeowners are still basing their asking price on the influx of buyer demand seen during the pandemic but fail to acknowledge that the market has begun rebalancing since.
Nigel Bishop, founder of Recoco Property Search, says: “Although demand for rural properties across the UK’s home counties remains extremely high, it doesn’t compare to the spike in buyer enquiries that the market has seen during the pandemic. Over the last three months, the volume of enquiries has actually been en par with the corresponding timeframe for 2018 and 2019, indicating a more balanced market outlook.
“As a result, where there have been motivated sellers, we have been able to negotiate a reduction in the asking price and we are expecting more sellers to be open to price negotiations over the next few months. Therefore, we advise house hunters to be mindful when making an offer.”
Recoco Property Search also found that, compared to this time last year, the rural property markets are attracting fewer window shoppers and more serious buyers. Areas that remain particularly sought-after include Somerset, Dorset and Surrey.
“Each of these areas boasts a mixture of good schools, transport links and lifestyle choices which makes them an ideal location for families and professionals alike. As off-market sales continue to be a popular selling method for many homeowners, we advise buyers to keep their fingers on the pulse of the market and don’t shy away from price negotiations,” Bishop concludes.
