With September being the beginning of the autumn market what exactly do you need to do to get ahead of the game?
Speaking to various members of our senior management it seems that there are several things that can be done to prepare in advance, whether buying or selling.
Try to catch the summer light
We first spoke to our Managing Director, Andrew Weir, as he has been with us for 27 years and has immense experience of the London market. Andrew points out that with autumn being a shorter selling season than the spring it pays to think ahead. You can do this by instructing your agent right now if you haven't already done so, and ensuring photographs are taken before the leaves start to turn and the garden starts to show signs of degeneration. The light is also much better now than it will be in a month's time, which will make for better photographs and more natural light for interior shots. High quality photography is essential.
The early bird catches the worm
Despite being August, the market remains busy and if you are planning to move in the autumn it would be prudent to put your property on the market now, so yours is one of the first properties to be seen and to avoid being lost in the September rush, which will no doubt come into play a week or two into September. There is traditionally an increase in activity in September as both buyers and sellers come into the market looking to move home before the end of the year. The smart sellers get ahead and are ready and waiting for this influx of new buyers, right from the start of this busy period.
Properties most in demand and the effects on the market
We then asked John Ennis, Area Director for Central and New Homes & Investments, who has been with Foxtons for 16 years, what kind of properties are selling fast at the moment? His response was that studio flats and one bedroom apartments are flying off our books, as the demand for small flats has become particularly high recently.
Although Andrew further points out that there is also a massive pent up demand for `family sized ` property. Most new homes are being built as studios, one and two bedroom flats to get maximum density on the site to appease the planners. With a growing population who are living to a greater age we are finding people tend to stay in the family home for much longer than they used to. Consequently, there is a staggering shortage of four and five bedroom family properties. Once in these properties people tend to stay put meaning it might be up to 20 or 30 years before they come back onto the market.
Make sure your lawyer is an experienced conveyancing specialist
John also advises that with an increase of buyers in the market, transaction levels are up and it has become even more important that you get yourself a good lawyer if you want to catch a wave and be ahead of everyone else. If you don't already have a lawyer, we have a panel of highly experienced property lawyers called Conveyan, which we can highly recommend.
The importance of securing finance in advance
Another interesting point is that we have noticed more and more buyers are fixing their mortgage rates, while rates are at historic lows, so it is worth looking around to see what deals you can get. Alexander Hall, are independent financial advisors and can help you with this, or you can see some of the best deals on offer with the Mortgage Calculator on their website.
Finally we asked Stuart Bennett, another long term employee of 17 years and Area Director for our Central Region, how he felt the market would evolve as we move into Autumn. Stuart states that with stock levels being thin on the ground, he believes it's going to be a very competitive market between buyers over the next six months, especially with Christmas becoming a natural close and buyers wanting to be in their new properties by then.
Be ready to go from day one
Whilst central London continues to be influenced by investor buying and those looking for a second home or pied-a-terre, some of the central areas are still family-orientated, with Chelsea, Kensington, Notting Hill and Holland Park leading the way with more garden spaces and a variety of good local schools. Stuart's advice to buyers would be to make sure they are putting themselves in the best possible position to buy. Along the same lines as Stuart, Andrew (Weir) advises buyers to get their mortgage pre-approved, so they know exactly how much they can afford. The ability to move quickly and have a solicitor at the ready is always beneficial in a competitive, fast-paced property market.
This is also useful for sellers. If you want to sell your property quickly we recommend you instruct your lawyer at the same time as you instruct an estate agent. Our recommended panel, Conveyan, will get your property 'sale ready' which means all the documentation will have been collected and will be ready along with a draft contract, waiting for when you accept an offer. This can save you weeks of conveyancing time and can reduce the risks of your sale falling through. To find out more visit www.conveyan.co.uk
or call 03333 22 44 33
You can also find 'step by step' guides for Sellers and Buyers on our website or contact us to speak to a specialist in your area.
Would you like to find out how much is your property is worth or the benefits of using Foxtons to sell your property?
