Free Conservatory or Private Jet? Sellers turn to desperate measures as housing market struggles.

30Jun08

Free Conservatory or Private Jet? Sellers turn to desperate measures as housing market struggles.

House owners and estate agents are turning to desperate measures to sell houses, including throwing in added extras. As mortgages become less available sellers are finding it increasingly difficult to find buyers especially ones willing to pay full price. As sellers outnumber buyers in some areas a shift of power has happened leaving potential buyers with the enough power to demand lower prices. The lack of competition means that estate agents and owners are offering free conservatories to any buyer willing to pay the full asking price.

One seller is so determined to to lower the price of her £3.15m property she is willing to throw in lifetime membership to a private jet club. Jo Eccles of  Sourcing Property thinks that these techniques will not encourage potential buyers:

‘In the current market most people don’t have to buy and if they’re choosing to do so it’s because they think they’ll get a bargain, not because they’ll win a trip in a private jet. If the price is reduced, they can pay for all of that from the saving they’ve made anyway.’

The slow down of the property market has had an impact on the rental market as well. Renters who in previous years may have decided to buy are finding that they are in no financial position to do so and are remaining in their rented accommodation. Others looking to rent are finding that there is very little movement happening and landlords are of course able to charge higher fees as less properties are avaliable.

Conservatories are being seen as a good way to increase property prices as light and space are very important factors in the valuation of properties. There are also a good way of increasing the amount of space available for those unable to trade up to a larger property. Double glazing is also seen as a suitable way to add value and people attempt to reduce heating costs and increase saleability.

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