FMGH LLP Brings Home the Practices Clients may wish to consider adopting to deal with Uncertainty in the Property Market

Irrespective of your views, it is fair to say that Brexit has caused some sort of ripple in the world of property. The exact nature or extent of that ripple is still relatively unclear, however talk of potentially falling property prices and low interest rates is enough to cause a stir for both sellers and buyers, especially as any uncertainty is looking to stick around until the terms of Brexit are negotiated. In such times, adopting some general, common-sense practices can help you deal with the uncertainty, stay ahead of the game and successfully see through the conveyancing process:

SELLERS

• Do your research. Have you thoroughly looked into the best price you can achieve for your property using surveyors, estate agents, and internet resources?
• Make your property stand out from the crowd. Can you incorporate features into your property which buyers are looking for? Is your property show-home ready? Have you emphasised its best features?
• What can you do to accommodate the buyer with incurring too much risk or cost?
• Target audience. Some people consider that with the drop in the sterling, the UK property market is more attractive for foreign investors. Is it worth advertising your property at both a local and international level? Are you aiming to sell to a “buy to let” investor or to a family?

BUYERS

• Do your research. Have you done your due diligence on the property, its locale, and its value? What are your choices? Is the property to be a short-term investment or a long-term home?
• Re-negotiating your mortgage offer if interest rates drop. Have you spoken to your mortgage broker to find out what deals exist or are available to you?
• Can you use the government’s help-to-buy schemes?
• Manage potential risks. Have you considered what measures you can take to protect yourself from potential risks, such as job losses, stagnant wages or a fall in the property market?

Needless to say, prudent sellers and buyers will need to consider all of the above factors in a property transaction, irrespective of which direction the property market is heading.

If you would like any assistance with your sale or purchase, please do not hesitate to contact our Loughton and Epping Property teams here at Foskett Marr Gadsby & Head LLP, on 01992 578 642.