Metro - 10 January 2013
What property you should be buying in 2013
By Jo Eccles
As we begin the New Year, I thought it would be a good idea to reflect on our key experiences in 2012, and to share our advice to those wanting to buy property in 2013.
Previously, we’ve seen buyers do well out of properties which fall down on certain key characteristics – for example, dark basement flats or those on the higher floors with no lift, properties with uneven proportions or those on busy roads or with an ugly outlook. In these cases, as long as the location was prime, the property still performed fairly well from a capital appreciation perspective.
Times have changed, however, and this is no longer the case. We get a lot of calls from sellers with second rate properties in good locations who are struggling to sell and it’s always a fairly delicate conversation explaining that demand for their property isn’t there anymore. We have seen a shift in attitude and buyers have become very fussy. A good location alone is no longer enough for a decent investment; the property itself needs to tick certain boxes too, and we spent a lot of time last year educating clients about what they should be buying – steering them away from focusing primarily on location and advising them to think of the property itself being just as important.
The advice we give all buyers is to purchase a property which doesn’t fall down on the main characteristics – and if that means buying on a nice road in a slightly cheaper neighbouring area then so be it. So if you are looking to buy this year, my advice is to focus on an area where you can afford a great property on all fronts, rather than be blinkered trying to buy as centrally and prime as possible.