Jay Williams of William Rose estate agents in Woodford Green on how to be a 'hot buyer'

hot buyer, William Rose estate agents Woodford Green

Jay, at William Rose, on how to be a 'hot buyer' - Credit: William Rose

Summer is now over with the nights starting to draw in, but the autumn housing market is still as busy and buzzing as it has been all year.

Prospective buyers are facing hot competition right now. The number of people struggling to secure a home of their own is at its highest ever, and is double the level seen in 2019 before the pandemic began. If you are one of the many unlucky buyers who missed out on your dream home, you will no doubt appreciate how competitive it is.

We are seeing first-hand how sellers are whittling the numbers of offers down by considering only ‘Hot Buyers’ – those who have nothing to sell (chain free), or have already found a buyer for their property and have a complete chain.

So, how can YOU become a ‘Hot Buyer’? Here are three ways to put yourself in pole position to winning a prized home:

1. Get a sale agreed on your current property before you come to offer on your next one
If you need to sell your property to facilitate the move, we strongly advise going to market as soon as possible. Realistically, in the current market, securing that next home is almost impossible for buyers unless they themselves are under offer. We’ve also seen home movers completing the sale of their home and moving into rented accommodation so they can be chain-free buyers. Once you have a complete chain you will be ready to pounce when the right home appears for sale. 

2. Secure a mortgage in principle, especially if you’re a first-time buyer
If you are a FTB but haven’t got a mortgage agreed in principle (AIP/MIP), you will save precious time by starting the process now. The first two things estate agents ask for is (1) confirmation you have an AIP from a lender, and (2) proof of funds for the deposit. With so much competition, sellers can easily discount buyers who don’t have their finances lined up before making an offer. We can put you in touch with an independent financial advisor if you wish to discuss your circumstances and obtain an AIP.

3. Let estate agents know if you are a full cash buyer
Buyers who do not require a mortgage and don’t need to sell a property are very attractive to sellers. Highlight the fact you are able to move quickly.

The good news, as we enter the autumn period there are early signs of an increased number of properties coming to market. Rightmove reported the number of new listings in the first two weeks of September was 14 per cent higher than the last two weeks of August. Autumn is traditionally a busy time for the property market as people plan to start the New Year in a new property. For this, homeowners will be instructing an agent now and in the coming weeks, which should generate more choice for buyers.
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