Q1/22 Buyers Guide

But as the white-hot heat of the post-lockdown property rush begins to cool, it’s still a very, very active market in London, with demand continuing to outstrip supply. And this is a good thing! In this article, we’re all about the tortoises, not the hares.

The collective anxiety we have shared over the past two years has driven many people to buy at pace, perhaps without thinking about the long-term ramifications of moving to somewhere completely new or perhaps underestimating the amount of work required to turn their bargain into a home.

Some wise words from Ross Counsell of Goodmove from last year... “as I have re-iterated throughout the Stamp Duty Holiday, I would most definitely suggest buyers avoid making any hasty decisions. Property purchase is a massive deal, especially in today’s economic climate so it is insanely important that buyers manage to tick off all their requirements for their dream property. Wrong decisions only cause expensive mistakes down the line, and nobody wants the stress of another house purchase in such a short period of time.”

Of course, there are situations where not moving isn’t an option, but if you’re not at the end of your tether with your current living situation, taking a breath and stepping back could be the best decision you ever make.

"Back in May 2020 for instance, the Bank of England warned of potential falls of 16% in property prices as a result of the pandemic. However, house prices have continued to surge, increasing by 10.6% over the year to August, up from 8.5% in July."

If you have means to move – a desirable, sellable property, for instance, or a deposit and mortgage in principal – it can be hard to hold your nerve in the face of some of the headline grabbing numbers.

But time is your most valuable asset. As we hopefully ride the long tail of the pandemic, the property market will find an equilibrium, the stock will increase and you could very easily find your dream home. Having your particulars in order and a plan of action for when you do find a home you really love is really worth its weight in gold. Being a desirable buyer who can move quickly when it counts will put you in good stead when the time comes. Make sure you keep your finger on the pulse of the market. Go to viewings, speak to agents with specialist knowledge of areas you love, equip yourself with the tools and knowledge you need to make informed and life-long decisions, because a rushed purchase when you’re not 1000% sure can be a difficult and costly thing to undo.

To see the rest of our Q1/21 Magazine, click the link below to view the articles online: HTTPS://ISSUU.COM/BRIKLONDON/DOCS/BRIK_MAGAZINE_-2021-_Q4_-_ISSUU