DCSIMG

Market Thoughts column: First love

Peter Buckingham is head of residential sales at Andrew Granger & Co estate agents in Market Harborough

Peter Buckingham is head of residential sales at Andrew Granger & Co estate agents in Market Harborough

  • by Peter Buckingham
 

First love – this week I look at one of the challenges of buying property in this buoyant market.

The big challenge with this property market is that there is less time to make a decision to buy.

The fewer properties that are on the market, the more pressure there is for buyers to make a choice quickly.

Recent figures show that in London alone there are 60 buyers for every property for sale.

So gone are the days of casually inspecting property after property over a number of months and then taking weeks to make up your mind.

In this current market ,blink and you will miss the good ones.

The trick in this market is to know what you want and be in a position to move rapidly having a mortgage offer in principle and any property you need to sell sold, or at least under offer.

But how do you know at which point to make a choice?

The curse of the home-buyer is when the first property seen ticks all the boxes but there is the temptation to pass on it in the hope that something better turns up.

Very often, it doesn’t and all that will remain is regret.

The thing about choosing a property is that because all our individual needs are unique to us alone, no property will be faultless.

None will ever be a 10 out of 10, and few will even be a nine.

So seven or eight out of 10 is all most can expect at best.

That is why so many buyers go on to improve, extend and alter.

If you demand the 10 out of 10 property from the start you are in for a long wait.

So the knack in this current market is to recognise what you want in the things you can’t change such as location, size of garden and such like – and be flexible with the things you might be able to change such as appearance, kitchens, bathrooms, and even overall size by extension.

It is possible to turn a seven out of 10 property into a nine out of 10 to suit your particular needs.

As anyone who has missed a great chance through holding out for a perfect 10 will tell you, it is better to be pragmatic and flexible.

In this market decisive and quick action is required to avoid disappointment after disappointment.

Peter Buckingham is head of residential sales at Andrew Granger & Co at 52 High Street, Harborough.

For more information about the firm, see its website at www.andrewgranger.co.uk.

 

Comments

 
 

Back to the top of the page