With more and more opportunities for home buyers coming onto the market, there are still some obstacles that can be faced when trying to get on the property ladder.
According to Cornerstone Tax, the main investment goal of 32% of British people is buying a property in the next five years. The figure was 12% in Liverpool.
Zoopla also found sellers are, on average, accepting offers £14,000 or 4% lower than asking price on average.
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Cornerstone chairman David Hannah has shared his top tips when it comes to getting on the property ladder, whether it's for residential or investment purposes.
1. Be prepared
David said sellers "appreciate" a buyer who has things in order. He added: "The most important thing to have in place is your mortgage loan - if this is agreed in advance then you will become more attractive to sellers as it will help reduce delays and make the process quicker. You will also need to analyse the extra property fees you will need to pay and be prepared."
2. Cash option
A cash buyer is usually the safest option for sellers, according to Cornerstone. David added: "If it is possible, then try to be as close to a cash buyer as you can - it will give you more chances to negotiate on the price as sellers will see you as a more attractive buyer."
3. Be respectful and realistic
David said: "There is nothing wrong with trying to buy a property for under the asking price, within reason. Your first offer is very important as it can define how realistic the seller perceives you to be, if you make an offer which is significantly under the asking price it could discourage the seller completely. If it is a property that you want, then make sure you are reasonable and fair with your first offer."
4. Time
Time can be a deciding factor in many transactions. David added: "You need to make sure that everything is done in a timely and efficient manner and that you don't make the seller wait too long."
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