Top Tips for Buyers in a Busy Property Market.

Posted on May 26th, 2021, 9:56 am

The property market is busier than ever right now as a result of the Stamp Duty Holiday extension as well as the Government backed 95% mortgage scheme. There has been a record number of properties coming on the market, but it has still not been enough to meet the high level of demand from buyers. So, if you’re looking to buy a property, you need to be ready to move quickly when you find the right one. Here are our top tips to help you get the property you want so that you don’t miss out and aren’t disappointed.

Tip 1 – Find out how much you can borrow and get an Agreement in Principle.

One of the first things we would recommend that you do is sit down with a mortgage broker and find out if you are able to get a mortgage and if so, how much you are able to borrow by getting an Agreement in Principle.

You might think that your own bank can do this for you BUT they will only be able to advise you on what they have available when in fact there are in excess of 100 lenders out there. By going to a broker who has access to the whole of the market they will ensure that the Agreement in Principle that they obtain for you is tailored to your particular circumstances.

If you find your perfect property, then the estate agent is likely to ask whether you have an Agreement in Principle and will also want confirmation of your funds to pay the deposit. By having this in place it will put you in an excellent position should you want to make an offer.

Tip 2 – If you have a property to sell, instruct an Estate Agent as soon as possible.

If you have already sold your property, you will be far more attractive to anyone selling their property than someone who has only recently put their home on the market as you will have the ability to begin progressing sooner, rather than waiting to find a buyer on your property before any progress can be made. If the seller is looking to move quickly, they may also accept a lower offer from you if you have already sold and are in a position to move quickly.

Tip 3 – Register with local Agents.

With such a strong supply of buyers searching for property, Estate Agents (like ourselves) will often call through our database of prospective buyers about an upcoming property before it goes live online. By registering with local Estate Agents, you ensure you are in the running to view a new property as soon as possible, especially as some properties are even Sold STC before they ever reach online.

Tip 4 – Get property alerts.

Property portals such as Rightmove and Zoopla have a facility to sign up with them whereby you can create a criteria for the type of property that you are looking for within a certain area and price range. Should a property come to market that meets your criteria you are sent a message whether by text or email to let you know. By doing this, you will be the first to know of anything new to the market and can book an appointment to view hopefully before anyone else gets a chance to.

Tip 5 – You will require a solicitor.

Whether you are buying or selling a property you will require a solicitor to deal with the conveyancing. Having this organized at the outset will speed up the initial process as the estate agent will require these to complete their Memorandum of Sale.

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