Now is the time to negotiate off-plan discounts, says expert
House-hunters looking to buy property during the off-plan stage of construction may find that now is a particularly good time to negotiate a discount, according to a leading property search and acquisition specialist.
According to Henry Sherwood, managing director of The Buying Agents, some housebuilders, in light of the recent slowdown in the housing market, are now reducing prices on certain residential units by as much as 10%, presenting prospective purchasers with a good opportunity to agree a price reduction.
Sherwood points to an anticipated slowdown in house price growth projections and speculation that impending interest rate rises will increase soon for the main reasons why some developers are willing to accept lower offers at this moment in time.
The Buying Agents has reported seeing more cases of serious negotiation on some properties; particularly new build flats, making this a potentially good opportunity for first-time buyers to get a foot on the housing ladder as well as increase yields for investors.
Sherwood commented: “Increased media attention on the effects of possible interest rate rises has prompted speculation that property prices will fall next year. This has clearly made some developers nervous and consequently represents a significant opportunity to take advantage of the uncertain climate and negotiate an excellent deal before Christmas.”