Property purchasing specialist, HBB Solutions, has revealed that homebuyers can save as much as £21,000 when scouring the current market, by focussing their search on homes that have been relisted for sale, after their initial sale collapsed.
HBB Solutions analysed current market data looking at the level of homes that were progressing with a buyer, only for this sale to collapse and the property return to the market for sale.
Relisting price reductions
The research shows that, on average, properties being relisted for sale are commanding an average asking price of £380,410 in the current market. This is some £6,805 less than the average asking price of homes listed for sale that haven’t been subject to a collapsed sale.
In London, this relisting price reduction is at its highest, with homes returning to the market offering a saving of over £21,000 to eagle-eyed homebuyers.
In the South East, a home subject to a collapsed sale could save homebuyers over £11,000 on their purchase when returning to market, while in the North East this discount sits at almost £10,000.
When it comes to the greatest level of market instability providing homebuyers with a potentially more affordable foot on the ladder, the South East ranks top. The region accounts for 22% of all homes currently returning to the market across Britain, while London (16%) and the East of England (12%) also rank high, along with the North West and South West (10%).
The bad news? Even in a region with a higher propensity for sales falling through, you may still struggle to find a relisted home with a price reduction. Across Britain, relisted homes account for just 1.3% of total homes listed for sale in the current market.
Managing Director of HBB Solutions, Chris Hodgkinson, commented:
“The UK property market has been overheating for quite some time now and while this is great news for homeowners who are securing record prices for their homes, it also creates an undercurrent of instability as buyers scramble to secure limited stock at a cost they are pushed to afford.
As a result, some sellers are finding that, having accepted an offer, their sale falls apart during the progression stages and they are left with little choice but to relist their home for sale.
When doing so, many will reduce the asking price in order to secure a quicker sale to compensate for the time already wasted and this presents buyers an opportunity to at least reduce the high cost of homeownership in today’s market.”