Third of property sellers not prepared to drop asking price

With growing signs of consumer confidence in the housing market, new research from The Co-operative Bank Mortgages uncovers a change in people's attitudes to the current housing market, revealing that a third of people (35%) are not prepared to drop their asking price at all to sell at the moment, whereas only one in ten would offer full asking price on the property they are looking to buy (12%).

The research also reveals a more positive outlook to the current market, with over half of people (54%) becoming more optimistic about the housing market recently, and a third of people (29%) stating that this optimism has started within the last month.

The findings reveal that house sellers from Scotland are most likely to hold out for the full asking price (40%), whereas people from the East Midlands are the most likely to accept a lower asking price, with only 30% of sellers here not prepared to negotiate on the asking price.

John Hughes, Director of Retail Banking for The Co-operative Bank comments: "With much speculation about green shoots of recovery in the housing market, the findings do indicate that consumer optimism is starting to return, although there clearly still remains some way to go."

The research also highlights what methods people are looking to use to make sure their house stands the best chance of selling in the current market. Just under half of people are repainting the house (49%) with other popular tactics including throwing in extras such as furniture (11%) and looking at selling via additional routes such as a private sale (10%).

However the study also uncovers some more unusual tactics sellers are employing, including sending away pets for viewings (10%), adopting feng sui layout techniques (5%), and borrowing a more expensive car to park in front for viewings (2%).

The research also shows a range of reasons for people wanting to move house at the moment. More than a quarter of people are looking for more space (27%), and one in five either just need a change (21%) or are finding that the next rung up on the ladder is much cheaper at the moment (20%).

According to the data, most people are looking for a detached house (28%), with a semi detached house (26%), a flat (12%) and a terraced house (9%) the next most popular choices.