This five step guide to the property market is a must-see for struggling buyers
An extreme imbalance between supply and demand has driven house prices to the highest levels in almost two decades. With this comes soaring inflation, a record-breaking living squeeze, an energy crisis, and the repercussions of last year's stamp duty holiday, all resulting in a confusing scenario and conflicting advice from experts across the country.
Earlier this month, house prices increased for the seventh consecutive time, while interest rates went up for the fifth time in June, and are expected to continue rising in coming months.
In one of the toughest socio-economic periods and markets of British modern history, property concierge platform, Moveable, has created the following useful guide to help struggling buyers navigate the peaks and troughs of the ever-changing trends of the UK's housing market.
How to Beat the Competition:As a buyer in today’s market, competition is one of the main factors holding back prospective buyers from securing a home. Because of this, demonstrating how prepared you are when looking to buy a property, and being 'contract ready', will always be an attractive feature for sellers.
If you can approach the seller and validate that you have everything prepared – like having your mortgage agreed, conveyancer lined up, and if you’re selling a property, have that organised – it can make you a more attractive buyer.
Some sellers won’t mind knocking the price down if buyers come in being contract-ready. Many people are looking to sell their property as quickly as possible due to various financial reasons – especially in the current economic climate – so if you have everything ready, it may result in the option to negotiate a lower price.
A Guide to ConveyancingResearch from The Law Society reveals that over a third of home-movers have little knowledge when it comes to conveyancing, while one-in-four homebuyers are willing to pay more for a faster conveyancing experience due to lengthy delays. With a severe backlog within the process, homebuyers are still facing significant delays in this area.It is important to ensure that you're well-prepared for this process - make sure you have money on account (around £400) before the conveyancing process begins, have proof of ID ready, check and provide your source of funds, remain proactive and communicate with your conveyancer, and don't forget to apply for buildings insurance. Keep Your Eye Out for Regeneration Projects:When looking for an area to buy in, be wary of any regeneration projects that are going on as a report from CBRE found that houses in these parts of the country enjoy almost five per cent above the average price growth.
This means that your home will likely grow in value after purchasing which could provide you with much-needed spending power when moving to your next and potentially bigger property. This also represents a significant opportunity for any budding developers who are looking to flip their first home for a profit.