The property market is showing signs of bouncing back. We have registered over 120% more buyers in the last month compared with the same period in 2018 – and other agents in Fulham report similar activity. And with many sellers holding off until after Brexit, right now suddenly seems like the best time to buy in years.
So what’s brought all these buyers back to the market? According to home.co.uk a total number of 62,356 properties — around one in every eight homes for sale across the UK — experienced a price cut in January – a 26% increase from January 2018. Average price reductions are around £20,000, with the worst hit areas being London, southeast and southwest England. The opportunities are therefore out there for many confident buyers to bag a bargain.
Buyers can also take confidence in the knowledge that below-asking price offers may actually be taken more seriously than expected, and in fact, seem to be the norm right now. With a fewer number of buyers out there, bold, opportunistic bids can be appealing for sellers who are looking to move on quickly and are fed up with a slow market.
This situation especially works in favour of cash buyers who are a much more appealing option for vendors in this difficult market than mortgage buyers, or buyers who are in any sort of chain.
As one of the worst-hit areas for reductions, London is seeing some of the best bargains for buyers. Statistics from LonRes show that over 50% of properties in prime areas are experiencing price reductions before they find a buyer, with an average discount of 11.5%.
One London location where there are great bargains for buyers is Fulham. Fulham currently has the third highest number of reduced properties on the market in the whole of the capital – making it a great place to buy right now. Buyers who might have previously felt priced out of buying Fulham properties are now finding that is a more affordable location. Fulham’s prices have furthermore come down ahead of surrounding areas, meaning that buyers can bag a bargain that other postcodes can’t necessarily match.