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Homeowners dig their heels in over prices

Homeowners dig their heels in over prices

Category: Mortgages

Updated: 26/08/2009
First Published: 26/08/2009

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This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
Growing signs of consumer confidence in the mortgage market is driving changing attitudes amongst homeowners, with more and more refusing to budge from their asking prices.

A third of people with property for sale are not prepared to budge from the price they and their estate agent have deemed their property to be worth, research from The Co-operative Bank has revealed.

Homeowners in Scotland are least likely to move from their position on price, with four in ten saying they are not prepared to drop it at all to sell.

Almost the same number of people in East Anglia, the North East and Yorks and the Humber are loath to cut the asking price of their property, with 39 per cent claiming they would not consider it to secure a sale.

The East Midlands is the region where there is most potential for leeway, with just three in ten saying they would not be prepared to move from their position.

However, agreeing a price could be a problem as the research also found that only one in ten house hunters would be prepared to pay the full asking price to secure the property they wanted.

A more positive outlook of the housing market does seem to be evident, with over half (54 per cent) of respondents professing to becoming more optimistic about the state of the sector in recent times.

"With much speculation about green shoots of recovery in the housing market, the findings do indicate that consumer optimism is starting to return, although there clearly still remains some way to go," said John Hughes, director of retail banking for The Co-operative Bank.

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