Almost 70pc of vendors in Spain agreed to drop their price by more than 10,000€ to close a sale in 2018

69% of people who sold a house in Spain in 201 agreed to a discount of 14,200€ on average, according to a survey by the Spanish property portal Fotocasa.

On the other hand 62% of people who bought a property in Spain last year said they had managed to negotiate a price reduction on their purchase, and in their case the average was 11,800€. In both cases the reduction was 10% or less.

This means that, according to annual surveys by Fotocasa, the number of buyers who managed to negotiate a discount has fallen from 73% in 2017, to 62% in 2018.

Other points revealed by the Fotocasa survey were that 74% of house hunters reported high asking prices as a problem, 47% mentioned the the poor condition of homes for sale, 32% the age of homes, and 29% the small sizes.

On the seller side, 23% of vendors identified the large supply of homes for sale as a problem for them, and a similar amount cited the role of estate agents. Just 21% thought that asking prices might be too high.

Fotocasa say their research shows that there is still some room for negotiations on asking prices, but not much, and it’s getting smaller.

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