Buying a home in a busy market

It’s been widely reported that the housing market is extremely busy.  The latest UK House Price Index from Zoopla found that there is no sign of a ‘cliff-edge in demand’ after the ending of the tapered stamp duty holiday this month. 

Demand in the region remains high, whilst supply is low.  It is expected that this disparity is likely to level out towards the end of the year.  Annual % growth in home values for the year to August 2021 was +7% for the south west.  A pattern that we have witnessed more locally in Gloucestershire.

We understand that this fast-moving market can be very stressful to navigate but it’s particularly hard for first-time buyers with no previous experience of buying a home.  Many are losing out on properties because they are not prepared or they’re only seeing the perfect home once it’s under offer.

We asked our team to suggest tips for buyers in a busy market:

• Set a budget and stick to it. Putting forward a good, strong offer in the first instance rather than trying to get the property for a knock down price and risking losing it
• Do your research in the area you are buying in and see what other properties are selling for and how quickly they are selling. This will prepare you for the market you are buying in to. 
• Get registered with agents who are selling properties in your desired areas. They will contact you before a property goes online, giving you a head start at viewing their properties. 
• Create an account on property portals such as Rightmove, Zoopla and OnTheMarket and set up email alerts. Register for property updates with Naylor Powell here.
• Speak to a mortgage broker who will search the whole of the market for you, not just direct to a bank/building society. 
• Get a mortgage agreement in principle so that any offer will be received in the best light and the agent will know you are ready.
• Choose a solicitor and a reputable one at that. This tells the agent you are ready, willing and able to proceed which is a tick in the box when your offer is being put forward to the seller.

And finally, try and enjoy the experience.  Moving home is an exciting time and we are here to ensure the process goes as smoothly as possible and you are prepared for each step. 

We hope that we can help you on the way to finding your dream home.