Inflation - How does it affect my property transaction?

Imagine the property market as a bustling cityscape 🌆, where the forces of inflation and currency exchanges are the unseen architects shaping our transactions. We're no longer confined to our own bubble; our property dealings are woven into the global fabric🌍. Surprisingly, a substantial 33% of property sales have found their new owners among foreign buyers. These buyers, like pillars, have upheld the market, especially in the face of rising mortgage rates 📈.

😲Here's the kicker – foreign buyers often play by different rules. They don't rely on mortgages, and when the pound weakens, it's like a sale day for them. The cost of properties drops in their favor, thanks to currency fluctuations 📉. But hold on, there's another twist to this story. Inflation has thrown a curveball, artificially inflating property prices. When you factor in inflation over time, those soaring property valuations might not be what they seem.

🏠🧑‍⚖️So, picture this: when you embark on your journey to find your dream home, you could find yourself in a bidding war against foreign buyers, unburdened by chains or mortgages. It might seem daunting, but don't lose hope. You have strategies at your disposal. Consider getting pre-approved for a mortgage; it'll give you an edge. Show sellers your commitment by proposing a reservation agreement – a contract that ensures you won't back out without good reason. And here's a secret weapon: insist that the entire property chain adopts Clear Chain, providing clarity with predetermined exchange and completion dates ✅. These tactics combined can transform you into the kind of buyer sellers dream about.

💰Now, when it comes to selling your property, you'll want to play your cards right. Think about this: will the property you're eyeing for your next move be undervalued or overvalued compared to what you're selling? Foreign buyers are often seeking hassle-free rental opportunities, properties that require little to no additional work. But, if you broaden your perspective beyond this narrow spectrum, you might discover that it's still a great time to make your move.

In this ever-evolving property landscape, you have the tools and knowledge to not just survive but thrive. So, set your course wisely, and let's embark on this exciting journey together.