1 month ago 15th Oct 10:10
Buy at auction
With mortgage borrowing difficult and property prices falling more homes are failing to sell at auction and auctioneers are demanding realistic reserve prices, or turning sellers away.
Auction specialist the Essential Information Group says just 54% of homes going under the hammer sold in the three months to August. Do your research properly, buying at auction can mean picking a property up for 20% to 30% below estate agent asking prices.
You must get your finances sorted before the auction and it is advisable to have the property surveyed in the same way you would any other.
Check for reductions
Thanks to the internet for some time it has been possible to see what properties sold for over the past seven years or so, either using free house price websites or the Land Registry.
Now it is also possible to see properties that have had their prices reduced, by saving them in property search engines, or using the website www.propertysnake.co.uk, which shows properties that have had reductions.
Anyone interested in a certain area nearby should also keep a close eye on estate agent windows If you are serious about buying, use your knowledge of any reductions and how long a property has been on the market to try and negotiate down the price.
Learn to negotiate
For those wanting to hunt down a bargain a soft market holds plenty of opportunities. Estate agents will always try and get the best price they can for a property, but their businesses rely on transactions and they will be eager to shift homes that have been sitting on the books. Reports have shown that the number of properties selling has reached record lows, and agents will be more than willing to put good offers to sellers.
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