Sealed bids becoming more common for UK country house market | Europe | News

Sealed bids becoming more common for UK country house market | Europe | News

Competition among buyers of country houses in the UK is pushing prices beyond their real values because of an acute shortage of properties coming onto the market, it is claimed.

‘It’s easy to fall in love with a property and find yourself getting into a bidding situation with another purchaser, but in the current climate, I would advise against it,’ said James Greenwood of Stacks Property Search & Acquisition.

‘Stresses are going to kick in soon, interest rates are likely to rise and economic cuts will get deeper. Paying a dividend for a property this spring and overstretching your finances could be a huge mistake,’ he explained.

‘There’s also a strong likelihood that more property will start to come onto the market as soon as April is over and supply will ease. Be prepared to walk away from a property if you think the bidding’s getting out of hand,’ he added.

He believes that if a buyer knows that there is a great deal of interest in a property and it’s likely to go to best bids, it is advisable not to get drawn into making an offer before the process starts.

‘This will simply help push the price up and the bidding will start at an inflated price. Tell the agent from the outset that you’re interested but that you’re not prepared to get drawn into a competition. Then drag your heels and stall,’ he said.