What trends have you observed in the current property market?
In 2021, we saw a huge migration out of London. However, we are now seeing many more people returning to the capital. Fully finished houses and top developments are in demand and, as such, are demanding a higher price. However, houses needing full refurbishments are taking longer to sell because the cost of construction and leads times now are much longer and more expensive.
What are the current challenges facing potential buyers and how can they overcome these?
There is still a disparity between vendors and buyers – so, it’s crucial to ensure you have an agent on your side to ensure you don’t overpay. Quite a few vendors still believe their property is worth more than what it is, so it’s important to get some honest and credible advice.
Have you got any tips for securing the best deal?
I always say getting the best deal is down to speed. Ensure your team is ready, including lawyers, surveyors, and your bank – delays cost more money. If you can demonstrate that you are ready to go and can do it quickly, you will likely get your offer agreed upon. It is not always about the money; it is how fast and well you perform.
What kinds of things should a potential buyer look out for when investing in a property?
I would always recommend a survey and having a professional team give you advice. Even though the property may look stunning, it’s amazing what a coat of paint can hide… There are always gremlins in the cupboard – you just need to know where to look. Also, in the UK, the sellers pay the agents’ fees – so, whatever they say is geared around getting that property sold rather than advising the buyer on the best deal. Don’t be fooled by this: get your own independent advice.
What trends should we look out for in the property market post-general election?
Look out for deals – there always are whenever there is the slightest amount of uncertainty. It is usually like kryptonite to the property market. However, I think everyone knew what was going to happen, which makes it less so this time. Still, there will be deals; you just need to know where to look.