Chained Up – Lynne Lancaster Head of Estate Agency at PFK
Even seasoned estate agents say that there has rarely been a property market like this. "Property prices rising at pre-banking crisis levels", "Properties for sale - numbers lowest in decades", say the press in reaction to comments made by lenders, property websites and other interested parties.
Moving might not be complicated for buyers who don't need a mortgage and have no chain, or for sellers with no downward chain. But for everyone else, these can be testing times.
The problem is getting chained up with nowhere to go - becoming stuck in a line of dependent deals, especially when the top of the chain can't find a property to buy.
It's a wonder anyone moves anywhere with the market so thin on stock! But the miracle is that even in this market people do move. How? Mostly it is down to the desire of buyers and sellers, coupled with the skill of their estate agent.
If buyers and sellers were to sit or work in an estate agent's office for a week, they would understand that the tricky bit isn't so much finding a buyer but getting a chain of deals, sometimes with four or five links, across the line. Finding a willing buyer is one thing, finding an able one is a very different matter. So with the desire of both buyer and seller coupled with the skill of their estate agent it can happen. Everyone gets to see the sold board go up. But few get to see the effort that went into getting it there.
So, when choosing an estate agent in this market don't just go for the one who says they can get you a buyer – everyone says that: instead go for the one who can get you through your journey to completion. There is a vital difference between the two.
Lynne Lancaster - Head of Estate Agency at PFK