Still haven’t found what you’re looking for? Maybe you shouldn’t give up just yet. With the impending second lockdown looming, many buyers might be wondering whether to hold off until the new year to resume their search for a new home.
This lockdown will be different from the last one in March, and the government has confirmed that the housing market will remain open throughout. Buyers will still be allowed to move, and even view prospective properties, whilst adhering to the strictest of CV19 health and safety measures.
Both at the start of the year, and following the last lockdown, the property market jumped into life as buyers had to act quickly to avoid missing out on available properties. In anticipation of another mini-boom in the new year, here are some top tips to get ahead of the buying competition and capitalise on the next four weeks. Applying just some of these principles can give you an edge, and the time to successfully secure that first step onto the London property ladder.
Keep viewing virtually, and then arrange physical when you are confident you like the look of a property. Viewings will naturally slow down in the run-up to Christmas, and so use this time when you will be less rushed to make a decision, and might well be able to negotiate a better deal than in the new year.
Consider a one bedroom property, rather than a two bedroom - In 2020, two beds have seen a spike in popularity, with more people looking for a home work space, whilst many offices remain closed. As such, developers might be open to offers on one beds if you can figure out where to put that desk or work from the kitchen table. It’s important to consider realistically, how long you will actually be working from home.
Consider buying off-plan - The current Help to Buy scheme comes to an end in March, which happens to coincide with the stamp duty holiday coming to an end. Naturally, buyers have been rushing to secure homes, which are eligible for the current Help to Buy scheme. This is exacerbated further, due to the fact that the new scheme launching in April is for first time buyers only, which means that anybody who has owned previously, will no longer be able to apply. Buying off-plan might mean a leap of faith in terms of understanding the property layout, but the options available will open up significantly.
Don’t be pressured by the stamp duty holiday - developers looking for early reservations will be more open to offering incentives to encourage buyers to commit earlier in the construction cycle. However, these incentives won’t always be openly advertised so it’s prudent to ask every time as it could make a big difference to both your affordability, and the options available to you.
Consider the worst apartment in the best blocks - you will often find, that the final couple of remaining properties within a development take an unusually long time to sell. Often this is a misconception, that these are the worst units within the block, and must have something wrong with them. Whether this is true or not, the fact that they are not selling as quickly as the developer might like, could present an opportunity to ask for a discount. The fact that you bought the last remaining flat will quickly be forgotten about, especially when you come to sell years down the line.
Use the recommended solicitor and broker - creating a winning team of property professionals to get you the keys to your home in the shortest amount of time is crucial to improving your “buyer score” on paper. All too often, sales get held up by miscommunication or misunderstanding due to lack of team work amongst the different elements of a transaction. These experiences often leave a bitter taste for many developers, and so by offering to work with their recommended team of brokers and solicitors, you will considerably increase your appeal as a buyer.
Don’t assume prices will fall next year. Housing supply or lack of it, has continued to underpin the values in Greater London. It’s been widely documented that housebuilders can simply not build quick enough to keep up with demand, and whilst bumps in the economic road are inevitable, the majority of Londoner’s will continue to favour home ownership over renting, and internationally, London is still seen as a global safe haven for investor capital. When buying a property, it’s important to consider the long term view, rather than what might be happening in 6 months, or 12 months time.
We hope you found this blog useful. For more top tips on buying in London, follow us for daily updates or get in touch with us to start your property journey.
