If you're starting your property search, here's how to decode the listings like a seasoned buyer.
While browsing property listings online, you've probably noticed they're packed with abbreviations and jargon. OIEO, STPP, SSTC – it can feel like learning a new language.
The best thing you can do, of course, is to step into one of our local offices and talk with an agent...or set up a My Foxtons account, and we'll ring you for a chat. Otherwise, here are the most common terms and abbreviations you'll come across in your property search.
The abbreviations you'll see most often
The seller has set a minimum price and wants offers above it. If a property is listed at £300,000 OIEO, expect to bid higher.
There's more flexibility here. The seller will consider offers around the stated price, slightly above or below.
The seller is willing to negotiate. This often appears on properties that have been on the market for a while.
Someone's offer has been accepted and the legal work is underway. The property isn't technically off the market until contracts are exchanged, but it's unlikely to become available again.
This one signals potential. It means the property could be extended or improved, but council approval hasn't been secured yet. Worth investigating if you're after a project, but don't assume permission will be granted.
Property types and ownership
You own the property and the land it sits on outright. No ground rent, no service charges.
You own the property for a fixed period (the lease term) but not the land. You'll typically pay ground rent and service charges. Most flats are leasehold, and some houses are too.
You own your property outright, and communally share ownership of the building. You get a say in building decisions and share responsibility for building management.
A property rented out to three or more tenants who form more than one household. If you're buying as an investment, HMOs have specific regulations to follow.
A newly constructed property, often part of a development. These typically come brand new with everything under warranty and higher EPC ratings.
A property being sold through auction rather than the traditional route. The process moves much faster, with completion often within 28 days of the hammer falling. With Foxtons Auctions, you can be a cash buyer or buy with a mortgage.
Mortgage and financial terms
Also called a Decision in Principle (DIP) or Mortgage in Principle (MIP). It's initial confirmation from a lender about how much they'd potentially lend you, based on preliminary checks. Not a guarantee, but it shows sellers you're serious.
The percentage of the property's value you're borrowing. A 90% LTV mortgage means you're putting down a 10% deposit. Lower LTVs usually get better interest rates.
The tax you pay when buying a property over a certain price threshold. The rates and thresholds change depending on whether you're a first-time buyer, moving house, or purchasing an additional property.
Documents and checks
Every property needs one when it's sold or rented. It rates energy efficiency from A (best) to G (worst). You'll see a lot of A and B ratings for new-build properties.
Insurance that covers the cost of rebuilding your property if it's damaged or destroyed. If you're getting a mortgage, your lender typically requires this.
Photo ID and proof of address. Every buyer needs to provide these as part of the legal process.
The government department that registers property ownership in England and Wales. Your solicitor will check this to confirm who owns the property and whether there are any issues with the title.
The buying process
A sale or purchase that doesn't depend on other property transactions completing. (For example, the sale of a second home or purchase from a first-time buyer.) Chain-free sales often complete faster.
A series of linked sales where each buyer relies on funds from their own sale to move forward. It means several transactions progress together, so good organisation helps keep things moving smoothly.
An offer has been made and the seller is considering it, but nothing's been formally agreed yet.
The price the seller wants for their property. It's a starting point for negotiation, not necessarily what they'll accept.
Simply another word for the seller.
A legal restriction on what you can do with a leasehold property. It might prevent you from making certain alterations, running a business from home, or subletting. Always check these before you buy.
Why knowing these terms matters
When you're exploring, comparing, building your shortlist, understanding the language of property listings is key. You'll know whether that STPP property is worth investigating, whether an OIEO listing fits your budget, or whether a chain-free sale might suit your timeline better.
You'll know whether that STPP property is worth investigating, whether an OIEO listing fits your budget, or whether a chain-free sale might suit your timeline better.
The property market can feel overwhelming, especially at the beginning of the year when competition picks up – but you've got this. Sign up to My Foxtons to share the details of your search and we'll help you get it done.