Right now, the UK is facing the worst shortage in fresh property listings since 2015. Although buyer demand is stronger than ever, stock levels are down by 26% from this time last year, with 3- and 4-bedroom properties feeling the pinch most. So if you’re looking to buy during a time when there's likely to be increased competition at offer stage, how can you ensure that your bid is successful? Here are a few tips from your pals at Habitats...
Make your offer a strong one. Unless you have nerves of steel, this probably isn't the time for cheeky offers! Offering at asking price or slightly above may be the only way if there's a multiple offer situation at play.
Up your offer if you need to – we don’t mean thousands of pounds, but sometimes just a small increase (mortgage permitting of course) shows the seller that you mean business. If you’re bidding on a house in a highly sought-after location, then this could mean the difference between getting your dream home or letting that ship sail.
Pay in cash. Now of course this option isn’t going to work for everyone (in fact for most people), but if you are fortunate enough to have the means, paying in cash is going to put you in the strongest position possible, eliminating the need to add a third party (a lender) into the process.
If you can, make a personal connection with the property owner from day one. Most of us have an emotional connection with our homes and we want to know it'll be in good hands.
Be ready to show that you're in a good position to buy. Sellers want to see that you in turn have an offer on your own property so that you can move quickly. Equally, if you can demonstrate that you are chain free or a first-time buyer, then this puts you in a robust position when putting in an offer.