How to set up for success in a busy property market

It’s no secret that the property market is incredibly hot at the moment, with prices hitting all time highs, buyer demand the highest it has ever been and the supply of properties seemingly reducing every month. Although the market is starting to show signs of slowing down, with the number of sales agreed in May 2021 17% ahead of the same period in 2019, which compared to April’s 45% is relatively low. There is still lots of competition when searching for properties and many people looking to buy are getting into bidding wars, meaning they get pushed out on price. So, how can you actually compete in this market and find the perfect property? In this blog we are going to be sharing our top tips for setting yourself up for success in a busy property market.

First of all, you need to know what you can afford. It’s no good going out and looking at properties, falling in love with them and then not being able to put an offer in because you don’t know what price you can actually afford. Most estate agents will become annoyed if you start doing this and not putting offers in, meaning you may gain a reputation which isn’t favoured. How do you begin working out how much you can afford?

The first thing you need to understand is how much money you have saved up towards your property. You won’t be able to use all of this money for a deposit as there is fees that you have to consider such as conveyancing fees, mortgage broker fees and stamp duty. We would recommend setting at least £3,000 aside for this. These fees will vary depending on the value of the property, the solicitors and the mortgage brokers that you work with. Once you have taken around £3,000 - £7,000 off of your cash pot, speak to a mortgage broker and work out how much you can afford to borrow. This will then give you a figure to work towards when you are looking for properties to view and you know that you will be able to afford them, as well as the fees that are included when buying a house.

Secondly, come up with and set a criteria for the types of properties that you want to go and view. There is no point just viewing houses that ‘look nice’ because although it may be fun to go and view lots of houses that you really like the look of, in reality you are just wasting your own time, when you could probably be viewing more suitable houses or looking online for them. What does a criteria include and how do you come up with them. 

A criteria when looking for a property can be as specific or as vague as you would like it to be. However, the main factors that you should include are budget, area, number of bedrooms, property type and the condition of the property. You may also want to include things such as the type of garden, whether it has a driveway or downstairs bathroom etc. If you are unsure on the finer details, just set a basic criteria and you will be able to refine this as you view more properties and work out what you do and don’t like. Setting this criteria will mean that you are able to save a lot of time when looking for properties as you will be cutting out the properties that aren’t suitable for you and will therefore be able to spot properties that you like and book viewings on them a lot quicker.

Finally, make sure that are pro active when looking. If you only look once a week for properties and aren’t actively searching, it will probably take you a very long time to find a property, especially at the moment. By the time you call up when looking at a property that came onto the market a week ago, it will more than likely be sold, or very close to selling because of the crazy market. In order to be successful and beat the competition on a property that is perfect for you, it’s so important to be taking the steps yourself to ensure this happens. So what can you do to make sure you can beat your competition?

The easiest way to do this is by setting up alerts on Rightmove. You can do this by setting up a search criteria on Rightmove, with all of the specific fundamentals that you want in your property such as the area, number of bedrooms, price and property type. Rightmove will then send you an email every time a property that matches the criteria you have set gets listed. This allows you to quickly check the property out and make sure it is one that could be perfect for you before a lot of other buyers check it out. Once you have made sure it is a property you would like to view, you can then call up the agent to book a viewing and will often beat the massive rush agents are getting at the moment when they list a property, meaning you will be able to book one of the early viewings and potentially offer before anybody else. Another way to do this, which is slightly more time consuming, is to phone local estate agents and tell them your criteria. When agents speak to you this way and take all of your details, they are a lot more likely to remember you compared to if you were just calling to book a viewing. It is also worth calling every few weeks to check in with the agent because this will make them even more likely to remember you and you may actually get a chance to view a property before it comes onto the market.

Even with the Stamp Duty holiday ending and the market showing signs of slowing down, it is likely to remain very competitive for a while. So it’s very important to make sure that you are doing everything you can to make sure you are successful and can get your hands on that perfect property!