The dream buy
It starts with a search
If you’re on the hunt for a new home in 2022, try these tips:
- ‘Get out and do research on the areas you are considering. Walk the high street and take the transport to work to get to know the area as much as you can. Think about what it will feel like to live here.’ – Ashley, Foxtons Croydon
- ‘The perfect property won’t necessarily exist. Prepare yourself for compromise, which can open up positive outcomes. An extra 10 minutes to work could get you a garden instead of a balcony. Being flexible often puts buyers into home-ownership in less time and with less stress.’ - Roberto, New Homes West
- ‘Focus on 3 to 4 areas max. Don’t look at too many or you will be overwhelmed. Register with an estate agent and email a nice message on Sunday night so the agent gets your email first on a Monday and delivers the new stock to you before anyone else’ – Oliver, Foxtons Notting Hill
- ‘Seeing a wide variety of properties will help make you an expert in what you are getting for your money in the market. You might also be surprised at what you end up buying compared to what you thought you were looking for.’ - Michael, Foxtons Richmond & Twickenham
Know your market
Demand in the housing market is high right now, so many of our managers suggested you get prepared and get going as soon as possible.
- ‘London has seen a reduction in the amount of new property coming to market during Q4 2021. I do not expect this to return to ‘usual’ levels anytime soon and certainly expect this theme to continue into 2022. Buyers will inevitably compete with others for the most attractive properties in 2022.’ - Jas, Foxtons Shepherds Bush
- ‘There is a small window of opportunity left to take advantage of Covid prices in Chelsea, we have some seriously motivated clients representing the best value I have seen in my career. If you are serious about buying, make sure you have the right team working for you.’ - Gabriella, Foxtons Sloane Square
- ‘Package yourself so your offer is better received; Meet with a ‘full market’ mortgage broker who can get you the best product whilst maximising your purchase power. We work with Alexander Hall who can help with this.’ - Tom, Foxtons Battersea
Then comes the offer
If you've found your ideal home, maybe it's time to put in an offer. Steve from the Foxtons Kingston office said:
‘An offer isn’t just a number, it’s the detail within the offer, how set up for success you are. Ensure you understand the buying process and what is required before you make an offer. Make your understanding of the process part of your offer’
On the other hand, Simon from Foxtons Crystal Palace added:
‘A new year always brings competition from an increased number of buyers all trying to find their new home, and 2022 looks to be no different. If you find a property that you can see yourself living in for years to come, do not be afraid to pay the asking price. We have seen too many buyers lose out in 2021 because they were too focussed on trying to get themselves a “deal” by offering low on their dream home, only for another buyer to swoop in and offer the asking price straight away to secure the property.’
For more tips on submitting an offer, check out our blog: Making an Offer.
New year, new home
There’s a lot to think about when buying a home, but as Miriame at St. John’s Wood pointed out, the hard work is worth it:
'Have fun and enjoy the experience. You are about to make one of the biggest purchases of your life. It can be terrifying, but it is also incredibly exciting and rewarding owning your own home.'
The successful sale
Before we get into selling houses, let's loop in hopeful buyers – you might need to think about selling now, too. Shaun in the Foxtons Harrow office said:
‘It is fundamentally important to have your own property on the market before finding a suitable onward move. Far too often, I see sellers lose their onward property simply because they have not started marketing their own property and a more proceedable buyer has their offer accepted in the meantime.’
So if your goal is to sell in 2022, Fleur in Foxtons Earls Court suggests starting now:
'We are really excited about 2022. Every January, we are inundated with new enquiries from buyers who have been having conversations with their families over Christmas. In order to make the most of the January momentum, sellers should endeavour to make sure that they too are ready to transact.'
Where to begin
There are a few things to do right away to get your property in the best position to sell:
- ‘Before you sell your property or go out on viewings: get a solicitor in place, arrange your finance and make sure your property is presented in the best way which will generate you more interest.’ – Adam, Foxtons New Malden
- ‘You should have a clear understanding of your affordability and realistic selling price before you intend to offer on a new purchase. My top tip for sellers is checking with your IFA (independent financial advisor) to check affordability before the property goes onto the market.’ – Ryan, Foxtons Bromley
- ‘Get your builder lined up early, and go with your agent’s surveyor. They will also get you in the door early.’ – Charles, Foxtons Marlebone & Mayfair
Each new year brings a sense of excitement around starting fresh – why not take advantage of that motivation? Rob at South Kensington's tip was:
‘Tidy, declutter and repaint where necessary so it makes the best possible first impression. Moreover, access is key. As much as having people viewing your property can be intrusive, the easier and more flexible you are on viewing times, the quicker your property is likely to sell.’
And, of course, speak to your agent.
We’ve suggested buyers start by communicating with agents, and sellers should too – picking the right agent can make all the difference in your property journey. Chris at Foxtons London Bridge said:
'Sellers need an agent that can not only deliver exceptional service but has the capability to deliver great results. It looks like 2022 is going be an exciting year if the last 6 months is anything to go by, therefore it’s recommended you speak to an agent early on.'
Something for everyone
Across the board, Kyle from New Homes Central South described what many managers had touched on – both sellers and buyers should be ‘Sales Ready.’ Essentially, he said, it means to ‘do today what can be done tomorrow’:
‘When buying, have a mortgage in principle (MIP) and a solicitor on standby prior to viewing, so you know exactly what your budget can stretch to and increase your attractiveness as a buyer. When selling, if there is a managing agent, let them know you are looking, so they can provide the relevant management pack quickly.’
Ben at Foxtons Hampstead framed it as ‘transparency’:
‘As a home seller, be ‘transparent.’ Supplying your estate agent with as much documentation as possible allows them to create a sales experience with less stress, an informed buyer and hopefully fewer humps in the road. As a home buyer, again, be ‘transparent’. Supply your estate agent with your mortgage offer, proof of deposit and as much of your background story as possible. This allows them to sell you as the best possible buyer above the competition.’
The 2022 housing market provides an exciting opportunity to achieve your property goals. If you have any more questions or want to get started, we’re here to help. Find your nearest Foxtons office and have a chat with one of our knowledgeable local agents.