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Friday 4th May 2007
In the tug-of-war over where to place the cost of moving, Woolwich has shown that sellers are currently winning out over buyers
Savvy sellers have wised up to the fact that estate agents are desperate for quality housing stock and have been negotiating fees to that effect.
Where the cost of moving was £5,181 last year, sellers have managed to knock about ten per cent off the pricetag and can now relocate for just £4,666.
Woolwich's survey shows that sellers are in a strong position at the moment, and buyers play the underdog with increases in stamp duty and spiralling property prices adding to their woes.
Andy Gray, head of mortgages at Woolwich said: "The market definitely favours sellers at the moment and the lack of property on the market is helping them negotiate deals with estate agents, and to a lesser degree solicitors, as agents are desperately trying to find enough good quality property to satisfy the increasing demand.
"Sellers not only have the advantage of there being more demand for property than is available, thus driving up asking prices, they are also squeezing the professionals for every penny they can to cut the costs of moving.
"In contrast, buyers are having to pay more or less the asking price to secure the property they want as well as forking out for stamp duty and other costs. Basically if you are seller moving into rented accommodation or abroad, it’s about as good as its gets at the moment," Mr Gray concluded.
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