Written by Carly Freestone | 2nd August 2023

Lifestyle

Tips for Buying, Selling and Renting in 2023

According to the latest House Price Index, average UK house prices increased by 1.9% in the 12 months to May 2023. Consecutive interest rate hikes have also pushed up the price of mortgage deals. If you’re a potential mover, the amount of information and advice out there can feel conflicting and overwhelming.

UK property market 2023

So should you power on with life plans regardless, or wait and see what happens to house prices? Here are some tips for buyers and sellers thinking of moving this summer:

 

BUYING

 

Understand your local market

In a more price sensitive market, hyper-local factors, like whether homes are in the catchment area for good schools and good transport links, are more important than ever. Research what’s happening in your chosen area carefully before making your offer. No single area is the same. Hertfordshire is one of the counties bucking the national trend with buyer demand higher now than it was a year ago.

 

Research comparable properties

Read up on the property you intend to buy to assure yourself that it is correctly priced – you’ll put yourself in a strong negotiating position if it isn’t. Ask how long it has been on the market and if anyone else is interested. Research comparable properties that have sold locally to support and justify any offer you might make.

 

Sell yourself as the buyer

As a buyer, you'll need to put forward all the best things about your bid. It helps to stress how flexible you can be on timings, be clear that you have finance in place, or if you're a cash buyer, make that known early on.

 

Act fast when you find a property you love

If it’s love at first sight, don’t mess your seller around. Hesitation risks other buyers coming forward, leading to a competitive bidding situation. Confidence is key, and if you have found the right home, put in an offer.

 

Would you condsider a doer-upper?

In the current market, anyone willing to take on a project could find a good deal on a house. But remember to factor in your building materials, labour costs, and ask your.

 

Talk to an in dependent financial expert

At Michael Graham Financial Services, our qualified Mortage Advisors can access virtually every product in the market place and never charge fees, ensuring that buyers get the best mortgage deal available. Whether you're planning to buy a home, a buy-to-let property, or need to re-mortgage, our team are here to help.
And if you do come across a good deal, it may be a good idea to commit now to avoid any potential rate rises.

 

SELLING

 

Keep up-to-date on market trends

Today's market is active. According to property data agency TwentyCi, the level of £1m-£2m sales agreed between January and May in the UK this year was 82% of that of the same period in 2022. That figure was 85% for London. So whilst the market is slightly down, properties are still changing hands. Above the £2m mark, transaction levels are robust.

 

Take advantage of the demand

There is currently a shortage of properties for sale compared to their demand, so getting your home on the market now while demand still outstrips supply could pay dividends.

 

Get the wheels in motion early

If you're thinking about selling but might not be quite ready, choose an agent anyway and take advantage of the summer weather to have your home and garden photographed. Even if you decide to delay, your agent will be ready to list your home quickly when the time is right.

 

Price realistically

Mortgage costs mean that sales will remain price sensitive for the rest of 2023 and into 2024. Realistic pricing by your estate agent will be the key to a successful sale.

 

Try not to expect great change in the market

All indications are that mortgage rates are likely to stay high for some time. Waiting to see what the market does in a year's time, for example, might not make a significant difference to the result of your sale.

 

RENTING

 

Start searching well before your current tenancy ends

Competition among renters is fierce. There are on average 20 requests to view each available property - despite the fact that rents are rising at their fastest rate since records began in 2016. Consider signing up for property alerts with multiple agents to give yourself the best chance of finding a home that’s affordable and right for you.

 

Have all the paperwork ready to go

Before begining a new tenancy, you’ll need payslips, a job reference, and a reference from a previous landlord.

 

Try to be flexible

Build good relationships with agents in your chosen area, but be prepared to widen your search or be flexible with your criteria.

 

Stick to your guns

Some prospective tenants are offering to pay over the monthly rental amount to secure the property. So, to keep up with competition, it helps to be sure of your budget and calculate how much you can offer upfront.

 

Keep an eye on social media

A good agent will be active on social media and use these platforms to further showcase their properties. Be aware that some agents may post about properties on social media before listing them.

 

If you’d like to talk through your moving plans with us, our team of local experts would love to help!
Whether it be for some friendly advice, to register your interest, or to chat about a specific property you've seen, get in touch with us today.

We look forward to hearing from you!

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