When estate agents claim that houses on their patch sell within a week and you should make offers on the spot, it's reasonable to be sceptical. But in some parts of the UK prices are still rising as buyers compete for the best homes.
by Stephen Pritchard
When the housing market is this excitable, buyers should move fast. Buyers who know what they want, and have their finances in place, have a head start. But buyers also need to tread carefully: a property that looks attractive in a rising market can take on quite a different aspect if prices in the area do start to fall.
Start with a clear idea of the type of property you would like, and work out what you can afford. Then see how the local market measures up. 'Most people have a type of property in mind,' says Roger Gale, regional director at Bradford & Bingley estate agents in East Anglia. 'A reputable local estate agent will give you advice on what you can buy for your money. If your budget is not enough, you will either need to lower your expectations, or wait.'
Keep a cool head when it comes to viewing properties. Whenever there is a shortage of homes to buy, there will be sellers who ask unrealistic prices for poor quality properties. Compare what you are being offered with recent sales, and with the rest of the market. Ask friends and families what they paid for their homes, or use one of the internet property search sites to check what else is on offer.
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Think of the property as a place to live, not as a short-term investment. Trying to speculate is risky, especially in a fast-moving market; individual buyers can rarely compete with professional investors and property developers. Ask local estate agents about the type of properties that hold their value well, and if in doubt go for established locations. 'Buying the worst house in the best street is trite but still good advice,' says Anthony Bromley Martin, of the Norwich office of estate agents Strutt & Parker. 'Good schools and transport links will always help a home keep its value.'
