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Know Why Some Buyers Don’t Make An Offer

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Tue 05 Oct 2021

Know Why Some Buyers Don’t Make An Offer

While there are many buyers in the local market, there are valid reasons for buyers not to proceed with a sale. At Coakley & Theaker, we are pleased to say, we know the local market, and we know how to connect vendors with buyers.

If you need assistance in the Bury St Edmunds housing market, please get in touch.

House prices in Bury St Edmunds

According to Rightmove, as of the end of September 2021, house prices in Bury St Edmunds are as follows;

Properties in Bury St. Edmunds had an overall average price of £324,970 over the last year.

The majority of sales in Bury St. Edmunds during the last year were terraced properties, selling for an average price of £286,998. Detached properties sold for an average of £455,151, with semi-detached properties fetching £307,934.

Overall, sold prices in Bury St. Edmunds over the last year were 6% up on the previous year and similar to the 2018 peak of £322,174.”

At Coakley & Theaker, we know the importance of local advice and guidance in the housing market. We aim to provide you with the support that makes a difference, no matter what move you wish to make.

We are on hand to connect vendors and buyers, and we have considerable expertise in the local market.

We also stay in touch with what is happening nationally. This way, you can be confident you’ll receive the best standard of support in the property market. Even though the demand for property far outstrips the supply of homes, there will still be times when buyers decide against making an offer on a home.

Why Prospective Buyers Don’t Make An Offer

A poll conducted by broker First Mortgage examines the key reasons prospective buyers walk away from a property deal, with 80 per cent of Brits saying they are picky.

Top 10 reasons for not making an offer on a home

  1. Noisy neighbours – 47%

  2. Loud area – 45%

  3. By a main road – 44%

  4. Thin internal walls – 43%

  5. Near an airport – 41%

  6. Hard to park nearby – 40%

  7. Lack of storage options – 38%

  8. Ceilings being too low – 35%

  9. Steep stairs – 34%

  10. Poor Wi-Fi – 33%

David McGrail, compliance director of First Mortgage, said: “When looking for a home, it is important to envisage what it is like to live there 365 days a year, if a dog in the neighbourhood is barking every day nonstop, this could become an issue. A property is likely to be the most expensive single purchase you ever make, being picky is essential. When considering where to live it is important to be switched onto the various factors that could affect your finances as well as your happiness in the home. A few chips on the paintwork isn’t the be-all and end-all, however structural issues could even result in a mortgage being denied.”

At Coakley & Theaker, we aim to support the local community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today.