September Blog - Your Top 3 Property Questions From September

Ask AKS: Your Top 3 Property Questions From September

We’re always getting questions from buyers, sellers and homeowners about what’s happening in the property market, so this month we decided to answer three of the questions we’ve been asked most often throughout September.

Andrew was put on the spot to answer them — with a little walk around the field near our office thrown in for good measure! Here’s what he had to say…

1. Is it better to sell in a busy or a slower market?

This is a great question, and the answer really depends on what you’re doing next. If you’re selling but not buying another property, then a busier market is generally going to be better for you.

Stronger demand can mean more potential buyers and potentially more competition for your property. But if you’re selling and buying at the same time, things become a little more interesting. If you’re downsizing and the property you’re buying is cheaper than the one you’re selling, then selling in a stronger market can still work in your favour.

However, if you’re upsizing and buying a more expensive property, Andrew believes there’s a good argument for doing this in a slower market.

Why? Because the important figure isn’t necessarily what you sell your current home for — it’s the gap between what you sell for and what you have to pay for your next home. In a slower market, you’re less likely to find yourself competing against multiple buyers, missing out on properties or being pushed into offering more than you wanted to.

As Andrew put it, if he were looking to upsize, he’d much rather do it in a market like the one we’re experiencing now than in 2021, when things were exceptionally busy and properties were attracting huge levels of competition. So, there isn’t a simple “busy is better” answer. It really depends on your individual circumstances and what you’re looking to do next.

2. What’s happening with interest rates?

Interest rates were another question we’ve been asked several times recently. At the time of filming, rates had been held, although the decision was a split vote.

Meanwhile, the situation internationally was also worth keeping an eye on, with the US increasing rates and the European Central Bank having increased rates twice since June.

The markets were also pricing in a significant chance of another increase at the next meeting in November. For buyers, this is obviously something worth considering when deciding whether to move now or wait. Andrew’s view was that if you’re ready to buy, there could be a good opportunity to act before any potential increase in rates. The same applies to sellers. If you’re thinking about putting your property on the market, the current window could be a good opportunity to get your move underway before any potential changes to borrowing costs affect buyer confidence.

Of course, interest rates are only one part of the equation, and everyone’s financial circumstances are different. But they’re certainly something buyers and sellers should be keeping an eye on.

3. Is it worth choosing a cheaper solicitor to save money?

This one might be tempting when you’re already facing the many costs involved in moving home.

But Andrew’s answer was a definite no.

While saving money wherever you can is understandable, he believes choosing a solicitor based purely on price can actually prove to be a false economy. A good solicitor can make a huge difference to how smoothly your sale or purchase progresses. Choosing the cheapest option could potentially increase the risk of delays or complications — and in the worst case, could even contribute to a sale falling through.

That can ultimately cost you far more than you saved in the first place, not to mention adding a lot of unnecessary stress to the process. So, rather than simply shopping around for the cheapest quote, Andrew recommends looking at recommendations and reputation.

Your estate agent can also be a useful source of advice here. We work with solicitors and conveyancers every day, so we know which firms tend to communicate well, keep things moving and provide a good service — as well as those that might not be the best fit. When it comes to something as important as your home move, Andrew would much rather have the best solicitor in his corner than simply the cheapest one!

Thanks so much for reading!