Meeting Buyer Affordability Concerns in Norfolk’s Property Market
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With affordability now a top priority for buyers, understanding and addressing cost concerns is key to securing a successful sale in today’s Norfolk housing market.
The ongoing cost of living crisis is impacting pretty much every aspect of life, and anecdotal evidence suggests that the housing market is not immune.
This doesn’t necessarily mean that people are not out there looking to buy homes – but it does mean that they are taking more time to find the right home, being much more strict about sticking to their budget, and in particular, becoming very resistant to any prospect of unexpected future expenditure on the house they eventually purchase.
With war in the Middle East scotching any further mortgage rate drops for now, and with the average price paid for a home in Norfolk hovering around the £300,000 mark, affordability is high on many people’s priority lists. That extends beyond the actual house price: factors such as energy efficiency and maintenance costs are increasingly being taken into account by buyers.
Understanding this is key to attracting those increasingly budget-conscious purchasers, and there are things that sellers can do to stand out.
The first is to get that EPC rating as good as it can be, and to back up any claims about low utility costs with evidence – i.e. real bills. If your home benefits from a feed-in tariff for solar panels, for example, be ready to show how this brings down the actual annual electricity cost over the year.
Perhaps even more important is that buyers are increasingly resistant to the prospect of high ongoing maintenance bills. Evidence of work carried out, along with the relevant warranties, will immediately create peace of mind, opening any potential purchaser’s mind to buying your home.
The converse is of course true: if they notice even minor maintenance issues which have not been tackled, the natural thought will be: ‘if they haven’t done the simple, inexpensive stuff, what chance is there that they will have undertaken the major, costly repairs?’. Even minor maintenance fails can raise red flags which could put off prospective buyers.
Whereas just a few months ago the average buyer might view three or four properties before making a decision, that figure is now more like eight or ten. They are taking their time and choosing much more carefully. In such a market, vendors can do themselves a favour by understanding this and ensuring that they are able to answer – with evidence if possible – any affordability concerns those buyers might have.
Kate Gillard is senior residential property valuer at Arnolds Keys’ County Hub in Aylsham.
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