BUYER’S GUIDE
Buyer's Guide You get knocked down, but you get up again.
WORDS
Josh Woodfin Property Journalist
22 brik.co.uk
etired celebrity boxer, Rocky Balboa, can teach us all a few things about tenacity. He famously said of his fighting philosophy, ‘going one more round when you don’t think you can… that’s what makes a difference in your life.’
R
Wise words indeed, and it’s an attitude you may need to adopt if you’re in the market for a new home in this extremely active market. Things may have calmed down a bit since the white-hot heat of the rush to complete before the stamp duty exemption ended, but the market is still very busy with limited supply and big demand. In the second quarter of 2021, London prices rose at an annual
rate of 7.3 per cent, up from 4.8 per cent in the first quarter. The average value rose £27,359 over the three month period from £482,576 to £509,935.
Consumer confidence has rebounded while borrowing costs remain low. This, combined with a lack of supply on the market, suggests further upward pressure on prices. Nationwide’s chief economist Robert Gardner told the Evening Standard, “underlying demand is likely to remain solid in the near term as the economy unlocks. Consumer confidence has rebounded while borrowing costs remain low. This, combined with a lack of supply on the market,
suggests further upward pressure on prices. But as we look toward the end of the year, the outlook is harder to foresee. Activity will almost inevitably soften for a period after the stamp duty holiday expires at the end of September, given the strong incentive for people to bring forward their purchases to avoid the additional tax.” But ‘soft’ is open to interpretation. The more specific you are in the property you want, the more competitive you might find the landscape, and fair Fulham is a good example. It has some of the most sought after property not just in London, but the whole of the UK, along with green spaces, proximity to the city and great schools. But you probably know all this. So how do you buy one? Well, as with most things, it’s all in the prep. But here are some good habits to adopt that will hopefully make the process a bit easier.
