By Legal Futures Associate Thames Water Property Searches
As we head into the last quarter of the year – traditionally a busy period for conveyancing with buyers and sellers keen to move before Christmas – it’s important to prioritise research into any potential issues affecting a property’s true market value.
A plethora of factors has led to an increasingly fast-moving housing market as the year has progressed. The stamp duty holiday which finished last month; accidental pandemic savings; widespread availability of higher loan to value mortgages; record low interest rates and movers keen for a lifestyle change post Covid, have all contributed to things hotting up.
Properties are being snapped up immediately – and, in some cases, before they have even been placed on the market. A new study from online estate Purple Bricks found that a quarter of UK properties recently sold for £30,000 – £40,000 more than the asking price. What’s more, a quarter of sellers reported receiving an offer within just one week of putting their home on the market and 40 per cent accepted an offer within two weeks.
While buyers may feel speed is of the essence when it comes to securing their dream home, it’s important not to make hasty decisions in a heated market.
Sophie Cope, home buying expert at mortgage broker Mojo Mortgages, has this advice for buyers:
“Before viewing any property, it’s important to do your research to get a rough understanding of its market value and not be swayed too heavily by other factors such as pressure from the agent, emotion, or current market conditions. Yes, offering 10%+ above the asking price is likely to result in a successful purchase, but it could end up coming back to bite you in the future when going to sell the property.”
At Thames Water Property Searches we can offer sellers, and those acting for them, the most up to date and comprehensive advice on issues and potential problems affecting a new home, ensuring everything is in order before a purchase.
We continue to offer time strapped conveyancers the same efficient and reliable service, providing expected delivery times for searches. Plus, once you’ve placed an order, your very own online dashboard shows you when you can expect each search result to arrive, offering you and your customers reassurance that the job is in hand.