The top reason why potential homeowners did not negotiate on price was through fear of losing the property at 17%.
A third of homeowners fail to negotiate on a property’s price, according to data collected by Barclays.
The top reason why potential homeowners did not negotiate on price was through fear of losing the property at 17%.
Finding negotiating embarrassing followed, with 8% of respondents attributing this to why they chose not to negotiate.
Almost a third (30%) of British homeowners did not negotiate at all on the price of their current property.
In addition, 22% of Brits confessed they did not know how to negotiate.
On average, homeowners hope to lower the asking price by 18%, the equivalent of £40,000 based on average UK house price.
The data also showed that homeowners aged 25 to 34 experience the most anxiety or stress when negotiating.
Rob Smith, head of behavioural science at Barclays, said: “Our research has found that a considerable number of Brits lack the skills or confidence needed to negotiate successfully on the price of their home.
“We are more likely to negotiate on a used car than we are on a property, highlighting the unique emotional nature of one of the biggest purchases people make in their lifetime
“Understandably the process can feel daunting, particularly if you fear losing out on your dream home, but a successful negotiation can result in extra money to bolster your family finances or invest back into your home.”
