Home sellers are prepared to take a hit on the price they get for their property if they feel a buyer is in the best position to complete quickly.

And nine out of 10 buyers say they favour house sellers who are ready to move promptly.

More than a fifth of sellers would accept 5% less than the asking price – the equivalent of £10,366 on the UK’s average house price of £207,308 – if their buyer is chain-free and has a mortgage agreed.

The research by credit checking service Clearscore shows a further 52% would consider accepting a lower price, leaving just over a quarter who wouldn’t budge.

Buyers at the top end of the market have the most to gain as 88% of sellers of properties worth more than £500,000 say they would definitely take a 5% price cut from a chain-free buyer.

Getting ahead of the competition
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Justin Basini, chief executive of Clearscore, said: “With a chronic shortage of homes for Brits, it’s no wonder that those selling their houses have the luxury of being picky.

“The research is clear – it’s not just about how high you bid, you must be seen as ‘buyer-ready’.

“Buying a home is likely to be the single biggest purchase we ever make, which is all the
more reason to ensure finances are in the best possible place before kick-starting a housing search.

“I strongly recommend checking your credit report for any unexpected surprises at the outset, so you can begin the house-buying process with confidence.”

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4 ways to boost your chances of bagging your dream home

  1. Check your credit report well before you even consider applying for a mortgage. There are three credit reference agencies – Experian, Equifax and Callcredit.

    You can also get access to your report for free using firms including Clearscore.com and Noddle.co.uk . You need to know where you stand and to ensure everything is correct and up-to-date.

  2. If your score is low, there are ways you can improve it, like ensuring you pay all your bills on time.

    You should also pay off at least 10% of your credit card account each month and don’t stay near the credit limit all the time.

    There are specialist credit repair cards from companies such as Barclaycard, Metro Bank, Aqua and Capital One.

  3. Mortgage lenders will scrutinise your finances, so get your bank statements tidied up.

    Try not to live with a constant overdraft – you need to show you can manage your finances.

  4. Getting a mortgage agreed in principle shows you are serious about buying – and can afford the property.