A turbulent 18 months has presented challenges for the property market but also created opportunities for buyers and sellers alike.

For some, the buoyant market is resulting in competing bids, multiple offers and successful sales. Others meanwhile will be feeling disappointed, unable to find what they are looking for.

Last month, in December 2021, the number of new buyers registering with Savills was up more than 55 per cent compared to the same time in pre-pandemic 2019, and by around 80 per cent in the country markets.

We have seen this extraordinary demand carrying over into the first three weeks of January 2022, far outweighing the number of homes for sale. Here are our tips for buyers and sellers in the current market.

For sellers

1. Don’t wait for the spring market

Both the London and country property markets now look to present an extraordinary opportunity for vendors. If you are thinking of selling this year, now is a good opportunity to benefit from the current levels of competition.

2. First impressions really matter

Photographs play a pivotal role in the sale of any home and are the first step in attracting potential buyers to book those all-important viewings, particularly as most people begin their searches online.

If your property has been on the market for a while, you may opt to have new photographs taken so that they are in keeping with the season and don’t look outdated. For a simple refresh, ask your agent to change the order of the image carousel online. While exterior shots traditionally work best as the lead image, if your property has a cosy lounge or a lovely kitchen then this may work better over the winter months.

3. Dress to impress

Well-presented properties can attract more interest than those that aren’t. If your home is unfurnished, consider having some of the key rooms dressed so potential buyers can gauge the size of rooms and envisage how their own furniture might fit into place.

If you decide to dress your home it’s best to ensure that the furniture and furnishings are in keeping with the style of property and the type of lifestyle that it might offer. A general rule of thumb would be to keep things relatively simple and avoid clutter.

4. Make sure the price is right

Having your property valued and marketed at the right price can be crucial to the sale of your home. Properties that are well priced can often sell faster and lead to competitive bids, while very ambitious pricing can deter buyers, especially if they are looking at multiple properties at the same level of the market.

On a few occasions in England we’ve even seen some sellers test an ‘offers in excess of’ price tag – a method that is more frequently used in the Scottish property market. Marketing property in this way isn’t for everyone and can confuse the buyer but when used correctly it can spark competitive sealed bids and has produced some great results.   

For buyers

1. Be open-minded

In order to keep up with the pace of the current market and likely competition in key markets, it’s important to be open-minded with your property search and understand that most buyers will end up making some compromises. Instead of having an extensive wish list, work out your must-haves and have one or two deal breakers to help keep your search focused without losing sight of what you want from your next move.

2. Be a ‘good’ buyer

With increasing competition, being in a position to transact quickly, particularly if the sellers are also looking to buy, can benefit you. Ensuring that your finances are in order and that you have a reliable solicitor will stand you in good stead if other parties are offering on the same property. Having your mortgage agreed or being a cash buyer will also play to your advantage, as will flexibility.

3. Reconsider your budget

It’s not uncommon for properties to sell for their asking price or above in the current climate. Over the last 12 months an average of 100 per cent of the guide price was achieved across the UK, so if you are finding yourself being outbid, then consider looking at properties a few per cent under your maximum budget. By doing so, you’ll hopefully avoid the disappointment of missing out if it’s definitely the one for you and you will be in a position to place competitive bids.

Will 2022 remain a strong seller’s market? Watch our recent webinar to understand current demand and whether it’s the right time to sell. 

Further information

Contact Dominic Barry or Andrew Perratt

Savills Residential Research

The house-buying process explained