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Sellers focus on deal rather than prices

House vendors will sell for a quicker, lower price rather than risk holding out for a better price, according to research by Yorkshire Bank.

Findings from a survey by Yorkshire reveals that 20 per cent of sellers would favour lower offers from buyers in shorter chains rather than try to hold out for a higher bidder, nearly double the level of three months ago when the figure was 12 per cent.

Of chain-free first-time buyers, 40 per cent would be willing to make offers significantly under the asking price compared with 27 per cent three months ago.

Thirty-eight per cent of FTBs say they are keen to take adv- antage of the Government’s proposal to introduce a shared ownership scheme.

One barrier to speedy house sales is the proposed reassessment of council tax bands, with 19 per cent of those considering moving house prepared to shelve their plans until the review is complete.

Yorkshire Bank head of retail Gary Lumby says: “There has been a lot of talk in the last few months of a stand-off emerging in the housing market between buyers and sellers, with one group not prepared to pay what the other is asking for. If this is correct, then our figures suggest that it may often be the seller who is willing to back down, at least for a buyer who is part of a short or non-existent chain.”

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