Rightmove’s latest House Price Index has confirmed the trend of ‘power buyers’, who are over eight times more likely to have their offer accepted than standard buyers.
So, who is a power buyer and more importantly, how do you become one? Power buyers are ‘proceedable’ in that they are ready to move quickly. They have either sold their own home, have the cash in the bank to buy without selling or are first time buyers with a mortgage agreed. This group is completely owning the market by being in a more powerful position and winning properties over those who still need to sell their home.
Rightmove’s latest report certainly echoes what we have seen at Redbrik across our branches in South Yorkshire and North East Derbyshire. This year, a whopping 87% of offers accepted on properties have gone to power buyers*.
You can become a power buyer by selling before you buy, putting you in the best position to have an offer accepted. If you want to move and have a property to sell, we’ve got the expertise to get you in a proceedable position.
Despite the competition being hotter than ever, with buyer demand per property for sale more than double that of pre-pandemic levels, there are early signs of more properties coming to market, so it’s an excellent time to get ready to move.
According to Rightmove, in the first two weeks of September, the number of new listings was up by 14% compared to the last two weeks of August, which is a great sign. In turn, more choice of properties encourages more current owners to come to market if they are looking for an onward purchase.
More homes coming up for sale will create a better-balanced Autumn market and help with buyer choice. But, power buyers are set to remain in the most powerful position to secure the best of any additional autumn choice. This shows that if you’re looking to buy in the next few months, it is crucial you are in the best position to have an offer accepted by selling your property first.
Whether you’re upsizing or downsizing, we’re here to help you become a power buyer by getting you in the best possible position to find your dream home. Call our team on 01246 563 060 for an informal conversation about how to become a proceedable buyer or book a valuation on your property here.
*based on Redbrik data January 2021 – August 2021