Currently the property market is in a frenzied state, so today we are going to look at how to complete on a property in 56 days as opposed to going the private treaty path.
Are average house prices useful?
Although average house prices can be useful in understanding the market average based on 2,3, or 4+ bed properties, it doesn’t necessarily mean that you need that amount to be able to buy a 3 bed home, because compromising on things like location can make all the difference.
Your requirements may be less than average, such as being in a less sought after area, or a property that may need a bit of a refurbishment, therefore those properties may value at less because of the location and the need for modernisation, so you won’t need as much of a budget to buy a property.
So it is smart to do some affordability checks to know what your property budget could look like.
We recommend speaking to our in house Mortgage Advisor to look at what banks are offering the best rates for you, if you can be provided with a Memorandum of sale document then not only will you now know what price range you can look at but you can get a sale moving quickly if you find a property you wish to purchase.
Current time to completion
Currently it is ranging from 12-16 weeks from the start of the house buying/selling process to completion. Autumn is usually a crucial and the latest time for people to start the process if they are wanting to be in before Christmas, that is if you want to do it the private treaty way.
An alternative way to make sure you beat this time is by considering whether your home would be appropriate for Auction, this is how to complete on a property in 56 days. Modern Method of Auction is paving the way to the future, with solid security for buyers and sellers, providing online bidding 24/7 so the opportunities extend to overseas buyers.
Once you have paid the non-refundable reservation fee and signed contracts you are committed to the sale, which iamsold.co.uk say has a “successful completion rate of 95%”. You can read more about auctions in our article 'Auction options'
This option might not be for everybody as there would need to be no chain involved.
Will we see price drops soon?
We may see the usual seasonal price changes, tending to be as we close in on Christmas there may be a drop. But with buyer demand still wading in, this is overshadowing the sellers so this naturally prevents house prices from dropping.
Will the financial crisis affect stock and buyer demand?
There is an awful lot of change going on the world of finances for people, a financial crisis
The main impacts been fuel prices (which are slowly dropping but not considerably) mortgage rates have just increased by about 2% with an outlook to increase another 0.5% on average again shortly.
Food prices have increased which you may or may not have noticed on your weekly shop, then we have the despicable increase in our energy rates as of October with continuation of increases over the next 12 months.
There is so much uncertainty for households currently, it would be completely understandable if people move their goal post in terms of when they decided to market their property or purchase one. So we may see a shift in less properties coming to market, also less buyer demand and possibly lower house prices.
Here at Merryweathers we understand that things can be difficult and options can be confusing, we would love to have you call us and discuss your current situation and we can advise you on the best options for you.
Call us on 01709 311190