House sellers told to stay positive

KEEPING buyers waiting as the housing market emerges from recession could jeopardise sales in what remains a fragile market, a legal expert has warned.

Julie Calcott, legal executive at Band Hatton solicitors in Coventry, said the unpredictable nature of the market meant vendors considering a sale had to be fully prepared.

“Spring is the season in which the majority of people like to switch homes – and although guessing the levels of activity this year is tricky, fewer moves will go through if people have not got their house in order,” said Mrs Calcott.

“We were warned of an apocalyptic market crash 12 months ago, but some indicators – such as the Nationwide House Price Index showed a year on year valuation increase of 8.6%.”

However, she said these reports conflicted with organisations such as the Royal Institute of Chartered Surveyors which said interested buyers fell in number for the first time in January.

“But January’s downturn in buyers may be due in part to the poor weather discouraging all but the serious buyers from venturing out, along with the post-Christmas hangover,” she added.

Mrs Calcott said that although there was still a problem with credit flow, sellers continued to put all steps in place even before putting the market up for sale.

“At the moment, it’s a buyers market for anyone with a mortgage offer, and sellers should get themselves well prepared before they put up the For Sale signs – as it could make the difference between a failed sale and a completion,” she said.

“Canny sellers are making sure they do the necessary checks in advance to marketing a house.

“This includes getting their solicitor to examine the property’s title, so that they can anticipate any problems and deal with them in advance.”

She said sellers should be looking for properties within their budget and should hold initial discussions with lenders to discuss any major mortgage changes.

“Steps such as this will avoid delays later and make sure a seller can be ready to act immediately when a buyer is found,” she said.