A third (32%) of Brits say that buying property is their main investment goal over the next five years, a study from Cornerstone Tax has revealed.
This rises to nearly half (47%) of Londoners – demonstrating that property still has an allure despite the less favourable investment landscape.
Demand from house hunters is 43% lower than a year ago, which has contributed to the average property price falling by nearly £6,000 over the past year.
However the rental market is becoming ever more costly, meaning people are still prioritising buying.
David Hannah, property expert and group chairman at Cornerstone Tax, said: “Sellers will appreciate a buyer who has everything in order and can provide everything needed in a timely manner.
“The most important thing to have in place is your mortgage loan – if this is agreed in advance then you will become more attractive to sellers as it will help reduce delays and make the process quicker.
“You will also need to analyse the extra property fees you will need to pay and be prepared. A lot of buyers overlook extra prices such as stamp duty and find themselves in a bad situation when they have to pay.”
Stamp duty is seen as a major barrier for buyers, as a quarter (26%) say they are unable to buy a residential or commercial property because they can’t afford the stamp duty.
Hannah added: “Cash buyers present the safest option for sellers as they know that there’s no dependent sale that could complicate things. If it is possible, then try to be as close to a cash buyer as you can – it will give you more chances to negotiate on the price as sellers will see you as a more attractive buyer.”
“There is nothing wrong with trying to buy a property for under the asking price, within reason. Your first offer is very important as it can define how realistic the seller perceives you to be, if you make an offer which is significantly under the asking price it could discourage the seller completely. If it is a property that you want, then make sure you are reasonable and fair with your first offer.”
“Time can be the deciding factor in most property transactions. You need to make sure that everything is done in a timely and efficient manner and that you don’t make the seller wait too long. If you want the home inspected then try to arrange this as soon as possible, particularly when you have competition – the seller will ultimately have a timeframe for when they want to sell the property and if you can accommodate that, you will become a more attractive buyer.”
