Mon 22 Jan 2018 View all news articles

Don't play the waiting game when buying a property, estate agents warn

Don't wait until you have found what you want to buy before putting your own property on the market. That’s the new year message for househunters from one of the largest estate agency groups in the south east.

A recent poll on Romans’ website revealed 62 per cent of those looking for somewhere to buy wouldn’t put their present place up for sale until they find one they hope will be their next home.

Anthony Gibson, managing director of the agency with branches in Gerrards Cross and Beaconsfield says although it’s a popular strategy, it can put you at a disadvantage.

Those who play the waiting game run the risk of being on the losing side, he warns.

He said: “After spending a lot of time looking you eventually find somewhere but you can’t do much about it as sellers ideally want offers from buyers who are ready to purchase.

“You are much more likely to be taken seriously if your own property is sold subject to contract or at the very least you have it on the market.

“If you wait until you find one you are anxious to buy, you are more likely to be selling your own property under pressure as you’ll be looking for a quick sale which may mean you do not get the best price.

“If you are serious about moving you need to get serious and be taken seriously and there’s only one way to do this. Consider who you would choose as a buyer for your own property.

“Would you be more likely to accept an offer from someone who has put their own home on the market, secured a buyer and started their mortgage application or someone who has not yet put their own home on the market?”

This was the disappointing outcome for a couple from Wooburn Green who hoped to buy the cottage in Holtspur Close, Beaconsfield (pictured) for sale through Romans’ Beaconsfield office with a guide price of £600,000.

The agent reports: “They’d waited until they’d found a property they wanted but they ended up losing out to buyers who already had their property on the market.”

Thirty six potential buyers viewed the Holtspur cottage following an invitation to an open house session, resulting in seven offers and a sale being agreed with a purchaser who was geared up to move quickly.

The agent says the Wooburn Green couple are continuing their search but this time they’re in a stronger position because their own property is on the market and attracting interest.

The agent added: “Taking the plunge and acting decisively adds to the supply to everyone’s advantage.”

The number of housemovers in the south east last year - 65,400 – was the highest out of all the regions in the UK, according to Lloyds annual review published this week.

Average price paid by movers in the region which includes Bucks was £407,386. The typical up front deposit was £145,124, equivalent to 36 per cent of the purchase price.

Across the UK as a whole the number who moved house – more than 379,300 in 2017– was the highest for ten years.

Source: Bucks Free Press

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