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Moores Market Update 31/07/2020

Q: I’ve had an offer on my property, which is an excellent price, but I cannot find a property I like. Would you continue with the sale and look for a rental?
A: Ask your agent to negotiate with your buyer to hold out. It would be better to sell now while you are getting a strong price, and move into a rental if you can’t find somewhere to buy. A buyer will quite often give you a bit more time, but if they won’t, a rental is an option. We’re seeing a mini-boom as there is a stamp duty holiday on homes up to £500,000 – don’t miss an opportunity. Make hay while the sun shines.

Q: What are the pros and cons of buying at property auctions?
A: When buying a property at auction you’ve got to have the money to exchange on the day and you and your solicitor must do a lot of research beforehand. You may even need to have had a survey carried out. So you could waste a lot of money if you don’t then go on to secure the property at auction. Only a small number of lenders are willing to offer a mortgage so you would be competing with cash buyers. It’s also easy to get ‘auction fever’ and get carried away.

Q: As the market stands now, is it a good time to sell?
A: We usually see the market slow down in the summer – but this is not happening. We find buyers are looking while on holiday, looking at properties virtually while on the beach. On the flip side of the coin, with a lot of people choosing not to go away they are using this time to buy properties. We’re not seeing the quieter period you’d expect, instead, we’re rushed off our feet. We’re seeing a lot of people wanting to buy properties.

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