Are You A Property Pro?

Explanation
The average price of a UK property increased by 5.6% last year and now stands at £296,000, which is between 6.1 and 12.2 times median regional income. Find out more about the state of the UK property market in our infographic.

Explanation
65% of people see location as the most important factor, compared to 56% who are looking for a one bed property and 41% who are particular about the size of their garden. Check out our infographic, What British Homebuyers Look For, for more information.

Explanation
The average house hunter will visit eight homes to gauge what’s on the market before putting an offer in on a property, with just 7% happy to make an offer on the first house they saw. So don’t be deterred if you don’t find what you’re looking for straight away.

Explanation
Most mortgage offers last for 3 – 6 months, although it varies from lender to lender. If you need to extend your offer, this can often be arranged. If you have an agreement in principle it can help you to know exactly how much you can afford and helps to show vendors that you are serious about purchasing a property.

Explanation
When purchasing a property worth £125,000 - £250,000 (the average home price under Help to Buy), buyers must pay 2% stamp duty. Property worth £250,000 - £925,000 (average family home) must pay 5% stamp duty. If you are purchasing a second home or buy-to-let property, you will have to pay an extra 3%. Find out more in our infographic.

Explanation
A mortgage valuation is necessary to secure your mortgage from your lender, as it ensures that the property is worth the amount they are lending you. Mortgage valuations will note any major works that may affect its value, but are not as in-depth as surveys, which detect any structural problems or any major repairs that may be needed. Surveys are not essential, but can save you money in the long run.

Explanation
While it is sensible to ensure you are getting the best rate, when you make an enquiry for a mortgage offer, it can appear on your credit history, which can affect your credit rating. Check if your lender is performing a soft search or a hard search when carrying out a credit check (hard searches show up on your credit rating, soft searches do not). You can use online calculators or speak to a mortgage broker who can give you a more accurate idea of what you can afford to borrow. Visit the Money Advice Service for more information.

Explanation
It is not uncommon for vendors to accept a higher offer on a house even though your offer has already been accepted. According to the Home Owners' Alliance, 1 in 10 people get gazumped. Make sure you move quickly with your solicitor to get things moving as soon as possible. You can offer a holding deposit through your solicitor to prove to the vendor you are serious.

Explanation
Until both parties have exchanged contracts, there is nothing to legally bind either party to the sale of the property, the buyer could pull out or the vendor could sell to another party, or withdraw the property from the market.