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Mortgage lender claims sellers are squeezing agent profit margins
Wed, 02 May 2007
Homeowners are using the current robustness of the property market to their advantage, it has been claimed.

According to figures from financial services provider Woolwich, the strength of the UK housing market is demonstrated by the fact that 19 per cent of properties up for sale are currently changing hands within a month, compared to four per cent in 2006.

This is allowing sellers to negotiate preferential rates with estate agents and solicitors eager to find houses to cope with demand, according to Andy Gray, head of mortgages at the mortgage lender .

"Sellers not only have the advantage of there being more demand for property than is available, thus driving us asking prices, they are also squeezing the professionals for every penny they can to cut the costs of moving," he remarked.

However, as many mortgage holders may already be aware, a number of financing analysts are anticipating the Bank of England's monetary policy committee will raise the base rate this month.

If this occurs, it could potentially dissuade some buyers from making bids on properties over fears they will be unable to afford mortgage repayments in the long-term.

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