You may have heard that the current property market is facing the worst shortage in new listings since 2015. This is according to one of the most popular property websites Zoopla. They warn that the stock levels are down more than 26 percent compared to last year’s average while buyers’ demands remain strong. This puts enormous pressure on potential buyers and they feel that they need to act quickly if they want to get the right property.
Feedback received from potential house buyers is that it is not the prices that hold them back but the lack of a particular type of property on the market, such as a single flat or a house with a garden. And the one question they ask: why is no one selling?
According to the HM Land Registry records, house prices have raised almost double. Even though two thirds of properties get sold within the first couple of months of being on the market, buyers still battle in their pursuit to get the house of their choice as the number of properties listed by the estate agents are at its lowest point.
Leading experts in the property business looked at this phenomenon and agreed that one of the factors is that there is no real pressure on homeowners to sell. Mortgages remain low as they have ever been. Another reason might be is that potential sellers prefer their homes to be off market until they are able to find anywhere to move into themselves.
The end of the stamp duty holiday has also become an important element for potential house buyers. This concerns mainly those who are in need of a bigger home.
However, there might be good news in the horizon. The most recent market survey carried out by The Royal Institution of Chartered Surveyors (RICS) reveals that in spring, for the first time in a year, a higher number of homes have been listed for sale. Yet, the demand for new homes is rising quicker than properties being listed on the market, in average by 56 percent.
One of the leading estate agencies in London Knight Frank advises that as prices, interest rates and inflation rise, now might be a good chance for people to buy a house.
We put together some “How To” tips which might help you to find a home for sale and to secure the buy!
- Long gone are those days when peering into estate agents’ windows was the only way to see what properties are on the market in your desired area. Modern technologies and use of internet give us a broad choice of online estate agents who would be happy to do the search for you – whilst being exposed to homes that are either yet to come on the market or have only just been released, they match the buyer’s requirements with the property features and send alerts. Then there are of course property search websites and apps, where you can browse the most recent homes added, and with apps like Houso, you can also gain access to off market homes which means you can beat the competition and negotiate your next home stress-free. Find out more about off market homes here.
- A successful bid is more than money. Reasons why people get their offer accepted vary. There might be someone who lives in a rented accommodation and the seller sees a quick sell as no chain is involved. Cash buyers attract sellers too because they do not have to wait for finances to be approved.
- Finding an agent with good records in your desired areas and getting him on your side is the key. They always take an eager buyer seriously and are interested in quick sale for the best price.
- And last but not least – do not panic if your offer does not get accepted. The forecast is that more homes will appear on the market, one of them will be yours and your offer will be accepted.