With soaring property prices, increasing mortgage rates and huge buyer demand, the property market in the UK has become highly competitive. While many may be eager to climb the property ladder, it may be difficult for some. With a record-breaking number of property sales in 2022, it seems that the UK property market is on the rise. So, in this competitive market, how can you secure your dream home without breaking the bank? Market experts share 7 tips to secure your dream home at a bargain price.
1 Do your due research
You need to start researching property prices and market trends before you even start looking at properties. Say, you are looking at properties in York then you need to do your due research about property prices in York. That way, you will have a fair idea of the average price of property in an area, the value of homes in that area and the going selling price in that area. So, when estate agents in York get in touch with you about new properties that are on the market, you will easily be able to figure out if the property is overvalued or undervalued – and if you manage to find your dream home at a fairly valued price, then sign the dotted line as soon as possible.
2 Act quickly and swiftly
If you have found the home of your dreams, then you need to act quickly. In this competitive market, it will not take too long for another buyer to come in and make a higher offer. Once you have found the home you like, put in an offer instantly. In fact, if you put in a cash offer then a seller is more likely to sell the house to you as opposed to any other buyer, even at a price that may be slightly lower than the asking price, since you will be paying in cash instantly. Alternatively, if you are a mortgage buyer then have your mortgage-in-principle organized and ready to go.
3 Refine your search technique
Property prices in the UK have reached an all-time high, with a rather slow rate of price reduction. So, you need to refine your property search technique to secure a good deal. Instead of looking at properties that are just within your budget, start looking at properties that are slightly under your budget. That way, you will have more room for negotiations and you will always have the option of making a higher offer without going over your budget. This will make you a front-runner in the eyes of the seller.
4 Look at affordable towns
Many towns in the UK are upcoming, developing and well-connected with very affordable property prices. For instance, Sutton, Egremont, Shildon, Cheetham Hill, Harrow, Longside Lane, Chester and York are some of the most affordable towns in the UK to buy property. If you have not started looking for your dream home yet, why not start your search in some of the more affordable towns in the UK?
5 Consider buying at auctions
Most market experts agree that it is relatively easy to find a good deal at property auctions. All you need to do is find the auction house of your choice, read through the property brochures carefully, figure out a budget while deciding the maximum amount of money you are willing to spend on a particular home and then bid at the auction. If everything goes well then you will be able to successfully secure your dream home at a bargain!
6 Keep a lookout for regeneration projects
According to data from CBRE, homes and properties that are close to regeneration zones see a 3 to 5 per cent higher annual price growth when compared to other properties in the area. So, when you do decide on an area to buy your dream home, look out for any developing or upcoming regeneration projects. Essentially, the value of your home will grow much faster than other homes in surrounding areas which will make your purchase price seem like a bargain in the long run.
7 Buy a repossessed property
Usually, repossessed properties are priced much lower than other such homes on the market because the bank or lender who has repossessed the property is looking for a quick sale. So, if you happen to fall in love with a repressed property you can easily buy your dream home at a very affordable price.