Find your perfect property
On the internet
The best way to start the search for your perfect property is online. In fact, 95% of people looking for a property now search on the internet.
With second-generation property search engines, such as Nestoria, you can now search from all the properties listed online in the UK. This is a distinct advantage over the older first generation sites, which only list properties on a subscription basis.
By driving around
Around 90% of buyers move to a property that is within 10 miles of where they’re moving from. So for most people a drive around the area they plan to move to is another great way to look for property. And, despite 95% of buyers now searching on the internet, the trusty old “For Sale” sign still has an important role. It’s estimated that between 30-50% of all inquiries are generated as by “For Sale” signs.
If you need help to purchase a property PK Property can help. After spending more than a decade in real estate sales, PK Property decided that home buyers’ interests needed to be better represented during the property purchasing process. For a more in-depth education on their services and fees or an obligation free quote contact them here.
Timing the Market
The overall trend of property prices is definitely upwards, with property prices doubling every 9 years on average from 1930 to 2007 (CLG Housing Statistics 2008).
Unfortunately, as we’ve seen recently, it can fluctuate wildly both up and down within that overall trend. And with property cycles lasting many years, it’s not practical for most of us to try and time our entry into the market.
Plus, once the current property slump is over we’re unlikely to see the kind of boom in property prices that led to it in the first place because of the way that banks have tightened their lending criteria.
Overall, the most important thing is to make sure you can meet your repayment obligations. Even negative equity need not be a long term problem, providing that repayments continue to be made:
- budget carefully so you know what you can repay
- don’t over borrow
- have a financial reserve in case you are unable to work for a period of time
- take out appropriate insurance such as income protection and critical illness cover
Mortgage in Principle
Still, it’s worth mentioning the importance of getting a “mortgage in principle” before you go house hunting.
A mortgage in principle is an agreement by your lender that they will offer you a mortgage subject to certain conditions — including a successful credit check and property valuation.
Having a mortgage in principle means that:
- sellers will take you more seriously, putting you in a stronger bargaining position
- you’re less likely to lose out if there’s a race to get a certain property