The summer is usually a quieter time in the property market, with things picking up again in autumn. Rightmove’s buying tactic could help prospective buyers hoping to move in time for Christmas.
It could also help first-time buyers to get on the property ladder right now. The online property website says it’s all about being a ‘power buyer’ – if at all possible.
Rightmove’s buying tactic
Basically, anyone who has already sold their own home is going to be in a stronger position. They’ll have cash in the bank and will be ready to go, giving them ‘power buyer’ status.
But hold on – first-time buyers can be power buyers too. If you have a mortgage agreed, you may also be able to out-muscle buyers who still need to sell their current home. Righmove’s buying tactic is bad news for anyone stuck in a long and complicated chain – but there’s lots of property advice and information to read up on.
‘The high ratio of buyer demand to properties for sale means that the property market remains stock-starved,’ says Tim Bannister from Rightmove. The Director of Property Data says that competition among potential buyers to secure their next home is now more than double what it was this time in 2019.
‘To be in pole position in the race for the best property you need to have greater buying power than the rest of the field,’ Tim adds. ‘That traditionally would mean deeper pockets to outbid other buyers, but in the most competitive market ever, today’s “power buyers” also need to have already found a buyer for their own property, or to have no need to sell at all.’
He says that some agents are reporting that the most successful buyers are using tactics such as ‘sell before you buy.’ This also increases their buying power.
Estate agents know the best methods for movers to secure their dream properties, so it’s well worth discussing your options with them. In terms of the cost of moving house, there are also lots of ways to make the process cheaper and easier on our guide.
The national average price of a house coming to market hit a new high after it increased by £1,091 this month, to £338,462. That said, this new record high is only £15 higher than the previous record that was set in July, so it’s a sign that prices are actually now stabilising.
There are early indications of a better-balanced autumn market, with more homes coming up for sale. The number of new listings in the first two weeks of September are 14% higher than in the last two weeks of August. It looks like there are signs of a return to some kind of normality.