As a result, they lost the potential to save
Brits have a fear of negotiation when it comes to property purchases, Barclays has found. As such, they are willing to negotiate on the price of a used vehicle as opposed to their home.
Due to this fear of bargaining, Brits are at the risk of remitting more than the actual cost of their homes, especially out of the fear of losing the property as well as feeling intimidated or embarrassed.
A survey from Barclays Mortgages shows that 30% of homeowners in Britain did not haggle on the price of their current home. However, the Brits are more likely to negotiate on other purchases such as cars.
More than 22% stated that they do not know how to bargain while 17% feared losing the property. 10% were exhausted by the buying procedure and wanted it completed fast while 8% confessed that they found bargaining embarrassing. 7% did not want to upset the home sellers while 8% found bargaining scary and intimidating.
Homeowners aged 25-34 are more likely to experience stress and anxiety while bargaining. This anxiety leads to these persons paying more than the ideal cost of the property. Much older persons over the age of 65 experience less stress during the bargaining process.
And now, over 52% of Brits are looking to negotiate on their next property purchase, with homeowners wishing to get 18% off on their next purchase. Based on the average house prices in the UK, this is more than £40,000.
We’ve reported that Canadians’ confidence in the real estate market remained unchanged.