If you are finding the process of buying a home especially fraught right now, you are not alone. The current state of the UK housing market is particularly challenging, and has been described as a “seller’s market”.
What Is A Seller’s Market?
A seller’s market is essentially exactly as it sounds. Simply put, it means that there are more people wishing to buy properties than there are properties available for sale, giving the people selling a distinct advantage as a result.
A seller’s market can create fierce competition, with prices often driven upwards as hopeful buyers try to secure their dream home. This is, of course, great news for those selling their property, as they are likely to enjoy shorter time advertising their home for sale, and receive a better price for it. However, for potential buyers, a seller’s market can lead to frustration as homes are snapped up before there is a chance to view them, or heartache as the soaring prices push an ideal home out of reach.
Learn more about different types of housing market here.
This Spring has seen demand for property sky-rocket, with Rightmove noting a 34% increase in buyer enquiries compared to the same period last year. Millions of eager buyers are checking the website daily, and almost two out of every three properties registered with an estate agent are sold subject to contract. The increased demand is thought to be fuelled by the pandemic, as people seek more space or a quieter lifestyle, away from busy urban locations.
The stamp duty deadline extension has also made more people keen to buy, along with the new government Help To Buy loan scheme. For guidance on such matters, an expert conveyancing solicitor London and elsewhere can advise.
How To Deal With A Seller’s Market
If you are determined to make a house purchase, there are a few tips that can help to shorten the odds in your favour. First of all, take a proactive approach and get ahead of rival house-hunters by leaving your details and search criteria with local estate agents, who can tell you about suitable properties as they hit the market.
If you are fortunate enough to not be in a chain, highlight this fact to the vendor and their estate agent, as it will make you a more attractive buyer. If you can wait to sell your own property before committing to buy a new home, this will benefit you in the same way.
When you find the right property, act fast. Work with your conveyancing solicitor London -wide or elsewhere to get all of the identification checks sorted before you make your offer, and get a mortgage agreed so you can proceed straight away. This can ensure that a rival buyer doesn’t have the chance to swoop in with a higher bid.
It’s clear then, that although a seller’s market is challenging, a smart buyer can still be successful, and secure that dream home.