The past year has been unprecedented for the UK property market. We’ve seen properties selling at the fastest rate ever recorded, and Welsh house prices rise faster than anywhere else in the UK, and it doesn’t look like it’s going to be slowing down any time soon.
With agents reporting that up to 20 buyers are competing for each property, and many homes selling within hours of coming to market, a lot of buyers are being left disappointed. So, how can you be best prepared to compete for the home you want?
Here are 6 tips to get your foot on that ladder in today’s booming property market:
1. Be prepared
Always the best place to start, but especially when things are moving as fast as they are right now, being prepared is crucial. Having a mortgage-in-principle offer in place is a huge advantage if you decide to offer on a property, as sellers favour offers that are ready to go and move the process along quickly.
Research areas you like and any particular streets that look right for you and your family. Have a clear idea of what you’re looking for, what the absolute must-have features are, and the less important ‘nice to have’ features. Check local agents websites and social medias at least once a day (some, like us, post sneak peeks of properties before they come to market, and often days before they hit Rightmove). As soon as you see a property that fits, get in touch immediately!
2. Register with an estate agent
By registering your details and what you’re looking for with an agent – like us here at Dylan Davies – you’ll be notified of any properties that might tick those boxes before they’re listed online, so another great way of getting a sneak peek before the wider market.
3. Look under your budget
With the average price of properties coming to market hitting the all-time high of over £333k buyers are often paying way above asking price. If you search for properties that are lower than your actual budget, that leaves you wiggle-room to be competitive in your offers.
4. Act quickly
We know that buying a home is a huge decision and the biggest purchase you’re likely to ever make, so you don’t want to rush it. However, especially in today’s market, if you view a home and it ticks all the right boxes for you then you need to be putting an offer in straight away. As we said earlier, some properties are selling within hours of coming to market, and most are snapped up on the first day of viewings, so sleeping on it will likely mean you miss out.
5. Be flexible
It’s definitely a seller’s market at the moment, and ultimately it’s the seller who decides what offer - and which buyer - to accept. If you’re able to be flexible on completion dates or any other deadlines or details that suit the seller, you’re more likely to be on to a winner.
6. Stay positive
Missing out on properties can be disheartening for buyers, and there are a number of things that can go wrong during the home buying process, but it’s important to stay positive. Your next home is out there waiting for you, and it might surprise you!
Posted on: 8 June 2021