The volume of buyers registering to purchase property continues to increase daily. However, in Wapping – and for those who are unsure exactly where Wapping is (trust me we are still being discovered by Londoners every week) – the little segment shaped parcel of land that sits along the banks of the River Thames to the South, the Highway to the North, St Katherine’s Dock to the West and Limehouse to the East – we are seeing no increase in the level of property available to buy.
Whilst Ballymore’s Wapping 21 has been providing a small volume of apartments over the last two years, these have barely made any inroads into the supply of available apartments.
So with the market tilted so heavily in the seller’s favour – it is no surprise that buyers are bidding against each other to try and secure their new home. Whilst ‘Cash Buyers’ may always be looked upon more favourably by an owner – if you are up against other interests looking to secure finance then our advice would be to have your funding in place prior to your search.
Owners will want to know details of all interested parties when there is more than one potential buyer…. so be prepared. Have a ‘decision in principle’ (dip) from your chosen lender and furnish them with as much information as possible, so if you are successful, you can proceed with the purchase swiftly.
Buyers will always face stiff competition when looking to buy in Wapping. The more prepared you are, the greater chance of securing it. And………….. don’t be disappointed if you miss out on a few prospective purchases in the beginning. Persist with the search supported by the team at DAA. Living in Wapping is fantastic and it will pay you great dividends in the end.