First, look for “price pinch points” where stamp duty thresholds force sellers to lower asking prices. Homes valued at just above £500,000 to £2 million are slow to sell. Buyers are reluctant to pay the four, five and seven per cent stamp duty that kicks in, and will hold out for a price below these trigger points.
Second, house-hunters should keep their eyes peeled for “micro-markets”, where infrastructure developments are set to make areas more desirable. E.G. there are 37 new stations being built along the Crossrail High Speed cross London train service from Maidenhead (Berkshire) to the Thames Estuary due to open in 2018.
The third golden rule is to look for special reductions or giveaways. Often these come on top of already low prices on sites like property snake.co.uk.
The final rule for house-hunting in a difficult market. If the property you are interested in is similar to others nearby, look for a seller who offers something extra. One estate agent recently sold a London house with a G-Wiz electric car thrown in.
Source: Telegraph newspaper