With today’s property market in favour of the seller, 'power-buyers' – those free to move quickly, and with nothing to sell – are in prime position with a contingency-free offer that can compete with cash.
The incentive to ‘buy now' is greater than ever. With mortgage rates edging up, and inflation climbing to a record 30-year high at 5.5% in the UK this month, there is an intensified squeeze on households, which is predicted to continue.
Demand is 31%* higher on average this year, compared to the same 7-week period in 2021, and is outstripping supply along with more and more buyers registering their interest, poised for new properties to emerge to the market. This sets the ball firmly in the seller’s court when it comes to agreeing a deal; here are eight top tips for buyers to get in front of the competition:
Act quickly
When you find a property that ticks 8 out of 10 boxes, don’t deliberate. Make it yours as soon as possible. If you procrastinate, it will be sold to another buyer.
Prepare to pay the asking price (or more)
Offer the asking price or more to secure your chosen property, or you could find yourself in a competitive bidding situation which requires even more money to secure it. Negotiation is not an option in this market.
Stay focused
Don’t second guess what might become available. While it is good to be open-minded, it is better to remain focused on the area and criteria you want and go for it.
Ensure finances are ready
and be ready to evidence them. Vendors get to choose their buyer, so this is your opportunity to give them confidence that your offer is serious and that you are the best choice.
Instruct a great lawyer
The legal leg work that makes moving home happen is essential. It is important to find a great, problem solving (not a problem finding) solicitor who is available to work to your timescales.
Make yourself available
The purchase process is often very time sensitive, and to ensure you do your part to help get to that all important exchange date, it needs to be a top priority. Whether you are on holiday or at work, ensuring you have the flexibility to be available for queries as soon as they come in is essential.
Be open to ‘perfectly imperfect'
With any property, there will always be work to do, whether it’s cosmetic changes or maintenance that is needed. It is good to keep this in mind when checking off your tick list. Consider how much work you are prepared to take on if it’s required.
Being chain free puts you in pole position
If you can position yourself as a ‘power-buyer’, you are eliminating the potential complications with a chain that you are unable to control. The most desired quality in a buyer is one who has the flexibility to move quickly.
Property remains a sound investment and we will see some excellent growth over the next year, so now is the right time to buy.
