It has not been a great time to try to get on or up the ladder, but there are things you can do to beat the tough conditions.
Homebuyers are facing tough times as runaway inflation, rising interest rates and government turmoil wreak havoc on the property market.
Mortgage deals are becoming more expensive or being withdrawn, at least one lender is not honouring agreed rates, and property chains are coming undone as buyers wonder whether they can afford their mortgage or struggle to find suitable homes to move to.
The Bank of England base rate went up from 2.25 per cent to 3 per cent on Thursday — the eighth rise since December, piling more misery on millions of homeowners and buyers whose mortgage costs are expected to rocket.
Many first-time buyers say they have now been priced out of the market.
Daniel and Kirsty Morgan had an offer accepted on a three-bedroom semi-detached house in the West Midlands on October 6……
… It is taking an average of 133 days to get a house sale from offer to completion — a record high, according to the Landmark Information Group, a land and property deals adviser.
Any delay gives twitchy homebuyers and sellers more opportunity to pull the plug, so you will need to be proactive and make sure to chase up any missing documentation with estate agents and solicitors quickly.
“In an uncertain market, time is the enemy,” warned Matt Johnson from the estate agency Johns & Co. “The longer the transaction takes, the greater the risk of it falling through, so you need a good solicitor on your side.”
Now is not the time to scrimp on conveyancing, he said. Go for a name that is recommended instead of one that comes cheap.
Sellers should price realistically and be prepared to move quickly if they are considering a move in the next 12 months. Carol Peett, the owner of West Wales Property Finders, http://www.westwalespropertyfinders.co.uk warned buyers against getting into a long chain.
“Can the vendor go into rented accommodation if the property they are buying is not ready or they haven’t found somewhere to move to? If the answer is no, then steer clear,” she said.
Sellers should prioritise cash buyers and consider exchanging with a delayed completion date so that they know the deal is secure but give themselves time to find somewhere to move to. Waiting lists for surveyors can be long, so book one as soon as you have an offer accepted, Peett said.
The Times – Saturday 5th November 2022 https://www.thetimes.co.uk/article/heres-how-we-weathered-the-stormy-property-market-3pkscsb59
If you are looking for a property in Pembrokeshire, Carmarthenshire or Ceredigion, give West Wales Property Finders a call on 01834 862816. We can find your perfect property for you whilst saving you time, stress, and often money too.