Finding the right time to buy, and dealing with all the hassle that comes along with the purchase – will buying in the UK ever get any easier?
While we have been through many ups and downs in terms of the property market in the last few years, there are always good times to buy a home in the UK. Yet the process continues to be a long struggle of starting it at the right time, finding the right home, dealing with all the paperwork and hassle that comes along with that, and finally, dealing with a chain of other buyers. The vital question buyers have been asking for years – will buying a home ever become easier in the UK?
Finding the right time to buy
There are two types of property markets – a buyer’s market and a seller’s market. A buyer’s market typically has more homes on the market than there is a demand for – putting the buyer in a good position to negotiate, as their offer will likely be the only one. A seller’s market will have more buyers than there are homes on the market – meaning a buyer could end up competing with others for the same home.
The easiest way to buy is to time it right so it’s a buyer’s market – this won’t only mean you get a better deal on the home’s value, but also that the buying process becomes easier as others won’t disrupt with a higher competing offer.
Immediately after a big disruption in the economy and property market (such as after Brexit or after the coronavirus crisis is over), you’ll usually find a buyer’s market emerges as homes flood the market. If you’re selling a home of course, you’ll want to get your home on the market while a seller’s market is still in place.
So, if you’re stuck right now thinking “Will it get easier?”, your best bet is to wait for the right property market situation to appear.
Dealing with all the paperwork
Currently, buying a home is a long drawn out process filled with paperwork, photocopies, proof of salary, mortgage applications, etc. While this will still be the case for all purchases in the near future, we may see this change eventually. The first sale recently went through using Blockchain – an uncomplicated process which will change everything for those who want to buy or sell a home.
Blockchain can search databases, and allows those involved in the process to prove identity online, upload supporting documents to the databases, fill in forms in a simple way online and will notify the next person in the process who needs to act of their responsibility. It has the added benefit of extra security, and every person having the ability to see where the purchase is in the process. It also means the sales process can happen in a matter of days instead of months, meaning the sale is less likely to fall through.
This means an incredibly easier time is ahead for buyers!
Dealing with a chain
In the buying process, it's very likely you’ll have to deal with a chain of onward buyers, or even backwards if you’re selling your own home. This can be a very frustrating and fragile thing, as a break anywhere in the chain could mean your purchase falls through. As mentioned above, choosing the right time to buy, and the introduction of Blockchain in the future could mean a chain is less likely to break, but we believe it also relies on a great Estate Agent to see you through. Having someone to manage and take over all parts of the process properly – communicating with the right people at the right time and ensuring everything is in place can be a vital way to stop a chain breaking.
There continues to be many reforms taking place each year to not only make the purchase of a home easier, but also stop others from gazumping and allowing the purchase to fall through. There are also plenty of proposals the government has put forward to digitalise the process – allowing for identification, signatures and the Conveyancing tasks to be done online. If you’d like to know more about what the government is doing, check out the gov.uk site for up to date information.
So – the good news? Despite there being some drawbacks currently in place, buying a home will get easier in the UK, and there are always good opportunities to invest, or size up your home. We recommend you always get an expert opinion in order to really get the best out of your purchase by contacting an Estate Agent for advice.