Phil Spencer lists the worst things to do when buying a property
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Homebuyers who focus their searches on homes that have been relisted for sale after their initial sale collapsed could save around £21,000. On average, properties being delisted for sale are commanding an average asking price of £380,410 in the current market. This is £6,805 less than the average asking price of homes listed for sale that haven’t been subject to a collapsed sale.
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Properties in London that are relisted return to the market with an even bigger price reduction.
Homes returning to the market in London offer a saving of £21,000, according to property purchasing specialist, HBB Solutions.
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.
In the southeast, a home that has had its sale collapse could save homebuyers over £11,000 on their purchase.
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Meanwhile, in the northeast, this discount is around £10,000.
There are some parts of the UK where relisting properties is more common.
The southeast ranks at the top with the greatest level of market instability.
The region accounts for a whopping 22 percent of all homes currently returning to the market across Britain.
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London and the East of England ranked in second and third place with 16 percent and 12 percent of homes ending up back on the market.
In the northwest and southwest, 10 percent of homes ended up back on the sales market.
However, even in a region where sales are more likely to fall through, buyers might still struggle to find a relisted home with a price reduction.
Across the country, relisted homes account for just 1.3 percent of the amount of homes listed for sale in the current property market.
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Managing Director of HBB Solutions, Chris Hodgkinson said the booming housing market has created an “undercurrent of instability”.
He said: “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.”
Property sales in England have cost buyers the equivalent of 8.7 times the average household’s annual disposable income, according to new data released by the Office of National Statistics (ONS).
The latest figures show an increased affordability gap between England, Wales and Scotland.
In England, the average house price is £275,000 while the average income is £31,800.
In Wales, the average house price is £176,000 and £29,400 for the median income.
Scotland is the cheapest country in the UK, with the average house price costing £166,000, and £30,300 for the average income.
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