The prospect of buying a house is one that excites people throughout the UK each and every day, but with the amount of people looking to buy increasing significantly against the amount of houses for sale, is the excitement justified?
Property portals used within the UK, such as Rightmove, are experiencing highs in website traffic, with a 9% increase on the traffic in the first 10 days of January 2018 when compared to the same period in 2017. With a clearly competitive market having formed recently, those looking to buy a property are likely to face a very difficult task.
Almost half of the houses on Rightmove are currently listed as ‘Sold Subject to Contract’, therefore meaning that an offer has been accepted by the seller, and those interested in the property can no longer look to buy it. This again makes house buying seem even more difficult, so with this in mind, we have created a guide to help prospective home buyers with buying a home in a competitive market.
Buying a House in a High Demand Market
Buying a house can already be difficult enough, without trying to do so within a high demand market, as the houses that you see and take an interest to may well be snapped up before you can even get a viewing. Following these simple tips below will certainly help you along the way and will ensure that you are in the best position possible to buy your next house.
Be the First to see Properties
When the market is competitive and potentially a difficult one to be active in, one of the best things to do is to visit estate agents in person and be one of the first to see any potential properties. You should also keep in touch with the estate agents once you have made contact with them, as this will help to make them think about you first when a new property is being put up for sale.
Make Sellers Aware that you are the Best Potential Buyer
If there is anything in particular that may separate you from the rest of the pack, such as being a cash buyer or chain-free, it really is worth pointing it out to the seller. If a buyer knows this about you, it may make you more appealing than other buyers and may sway the decision to sell in your favour.
Ensure that the Sale of your Current Property is agreed
There is nothing worse for vendors than to know that the sale of their property may be delayed due to the sale of the buyer’s property, as something that they are unable to control is holding up their dream move. Before looking to buy your house, try to have the sales process of your own property as far gone as possible, as this will make you more appealing and will even speed up the whole process.
Show that you are Interested in the Property
When selling a property, there can often be fine margins that separate a number of buyers. If there isn’t much between you and any other buyers, the perfect way to help you get the property is to just show the seller how interested you really are. Can you picture where things might go? Can you see your family living there? Do you love the layout? If the answer to these types of questions is yes, make sure the seller knows this as they may well choose to sell to you because of it.
Have a Mortgage in Principle already in Place
Anybody selling a property is likely to get annoyed by those showing a strong interest, but then cannot actually afford to buy the property. If you are able to have a mortgage in principle before you go to see the property and register your interest, it shows the buyer that you are able to afford the property and that you are a strong candidate to buy it.