In property, as in nature, there are lean spells during which only the fittest will survive. And one of those times is now: the Royal Institution of Chartered Surveyors is warning of a period of unprecedented hardship for buyers.
This month, it reported that the number of homes on the market in Britain had fallen to its lowest level since records began in 1978, with members reporting an average of just 47 properties per surveyor — a grim prospect for purchasers. Temporary hope was offered last week by figures from the National Association of Estate Agents, which suggested a 25% rise in stock levels from June to July, but this was dashed by rising demand: the data showed that, on average, more than eight people were chasing each available property.
In such a testing climate, buyers are locked in a bitter fight for the best homes. Winning the great property race requires strength and stamina — and a little gamesmanship. Elbows out: here’s how to do it.
Warm up
■ Research the local market. You’ll find average prices for individual postcodes and streets at zoopla.co.uk. For £3, the Land Registry will tell you when a property last sold, how much for, and whether a mortgage was required (landregistry.gov.uk).
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■ If you need to sell before you buy, get your home on the market. “Buyers should have an agent instructed, with photos and a brochure, so they are ready to hit the open market as soon as the right place comes along,” says Jennie Cole, associate at Humberts estate agency in Sevenoaks, Kent.
■ Consider selling first and renting for a while. This will make you a cash buyer — popular with vendors.
■ Have your mortgage in place and a lawyer and surveyor on standby. “Offers from buyers who can show they are in a position to proceed will always be more desirable,” says Robin Chatwin, a director at Savills estate agency in southwest London.
The starting line
■ Woo local agents. Face time and regular phone calls will help you get the scoop on new instructions. The best homes often sell before they are marketed — there can be a three-week gap between the agent being instructed and the home going online, says Camilla Dell, managing director of the London buying agency Black Brick.
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■ Go door to door in areas you like. Put notes through letterboxes introducing yourself as a potential buyer.
■ Speak to builders working locally. They have insider knowledge about homes being done up for a sale, says Carol Peet, managing director of West Wales Property Finders.
And they’re off
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■ The instant you get a sniff of a property, get round there. Faffing could lose you the deal — agents you have been carefully cultivating might see you as a time-waster.
■ The viewing day is back. To stand out from the hordes, turn up on time and dress the part. The vendor should know you are serious — and solvent. Bring a list of questions: you don’t want delays because you forgot to ask about lease length or wi-fi speed. If it’s “the one”, find an excuse to stay behind (spend a penny, fetch your brolly) and make an offer on the spot.
■ If you are chain-free, tell the vendor. Provide proof of your mortgage offer. If you can offer a fast exchange, but a flexible completion (even it means renting for a while), you will also gain ground.
■ In a sealed-bid scenario, when asked for a “best and final offer”, don’t be too clever — go with what you can afford. “You don’t want to have any regrets if you’ve found a home that ticks all the boxes,” says Jacqui White, divisional director at Haart estate agency.
The home stretch
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■ “Don’t dismiss properties that are above your budget,” Chatwin says. “If you have everything in place, there might be a seller desperate to move fast because they’ve found a property elsewhere, so they will consider offers. Don’t be frightened of getting a dialogue going.”
■ On the other hand, “don’t quibble over the pennies”, advises Adam Male, co-founder of the online estate agency Urban.co.uk. “If you’ve researched the market and you think the property is worth the asking price, then offer it. Get the deal done before another buyer comes along.”
“You’re more likely to be gazumped after a crippling negotiation,” adds James Greenwood, managing director of Stacks Property Search. “The right price is the one at which both seller and buyer are happy. If the vendors are reluctant to sell at your price, they will welcome a better offer.”
The finish line
■ Put your offer in writing, and if it is accepted, insist that the property is taken off the market while you carry out your searches and surveys.
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■ Breathe a sigh of relief. The average UK home is sold once every 23 years — so you won’t have to go through this again until 2038.