HOME EDITION
haven’t yet seen any impact from the cost- of-living crisis and I do not forecast that this will change over the coming months.” As we head into winter, Richard expects things to continue in much the same vein – with a high level of competition among buyers. Though he does predict a slowdown in transaction levels, which is par for the course as we enter the Christmas period. Andrew Tucker, partner at Bidwells, has observed a slight decrease in interest levels – thanks, he believes, to the lack of certainty around interest and the cost of living. But he has noticed an uptick in demand for second-hand properties in central Cambridge, plus continued interest in new developments around the city. As for what to expect for the coming months, a lot will hinge on government announcements around energy prices and inflation. “Liz Truss’ announcement that houses’ energy bills would be frozen at £2,500 for the next two years will help prospective buyers better predict their outgoings, and assess if they’re in position to buy or sell their property,” he comments. For any buyers experiencing nervousness around the political and economic landscape, Andrew has some words of wisdom. “Purchasing a house isn’t a risk if you plan on staying there for a long time. The Cambridge market is one of the most robust in the UK because of the growing science and technology sector and growing international investment – both have a positive knock-on effect on the job market. “It’s important to work out a budget and assess what you can afford, as this will help you make sure that buying your dream property is a sensible financial decision for you and your family,” he concludes. The sturdiness of our local property market will likely mean that demand for properties in Cambridge will remain high – with buyers forced to compete with multiple offers, often above the asking price. There are a few ways you can give yourself an edge in a competitive market like this. One classic approach to cinching a bid is to take a personal approach, in order to sell yourself to the vendor. Purchasing a house isn’t a risk if you plan on staying there for a long time
GOING THE EXTRA MILE Why not write a letter to the seller explaining why you think their property is the right one for you and your family?
A good way to do this is by writing a letter that lets the seller know a bit about you and your family, why you love the property and can see yourself building a life there. You will need to be realistic about what this can achieve – if your bid falls far below the other offers on the table, then you might have to admit defeat. But if the seller is choosing between two or more similar buyers, that could just give you an emotional edge which tips the odds in your favour. Lawrence Brown, director at Strutt & Parker, has another tip – to make sure you register with agents and let them know what you’re looking for. “Many times, I hear that buyers are keeping an eye on the internet, but are not registering with agents,” he explains. “In a competitive market, some properties do make it online – and therefore buyers will miss out on opportunities.” For sellers, Richard Freshwater advises seizing the current momentum. “We have seen an excess of demand in Cambridge for a long time, with too many people chasing too few houses. Now is still a good time to sell up and make the most of the current market,” he urges. And for buyers? That’s simple: “My advice to buyers at the moment would be: if you have seen the right house, then buy it!”
84 OCTOBER 2022 CAMBSEDITION.CO.UK
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