The hunt for the perfect home or investment property can be a gruelling task, especially given the huge fluctuations in property prices in recent years, not to mention spiralling mortgage rates!
When it comes to getting the best deal, one of the best strategies potential buyers can employ is to monitor price reductions on properties they have their eye on since it is often said that a price reduction indicates a motivated seller.
So, how do you efficiently keep track of price changes in the fast-moving UK market?
Well, the traditional approach would be to continuously visit property portals like Rightmove, Zoopla and OnTheMarket and check the listings manually, or liaise with individual estate agents. However, these methods can be very time-consuming. Thankfully, various online tools have emerged to make this task less tedious and do the hard work for you.
One such invaluable tool is a web browser add-on called Property Log. This tool is an extension available on the Chrome browser, which tracks price changes on property listings for the UK’s largest property portal, Rightmove. Once installed, it records the price history of properties, showing when a price has been altered by the seller, which can be a pivotal piece of information for potential buyers when it comes time to negotiating that offer price.
Here’s a breakdown of how you can leverage Property Log to keep an eye on property price reductions:
Step 1: Download and install Property Log:
- To start, download and install the Property Log extension from the Chrome Web Store. Ensure you are using the Chrome browser or any other browser that supports Chrome extensions.
- Once installed, the Property Log icon will appear on your browser toolbar, indicating that it is ready to use.
Step 2: Browse property listings:
- Now, visit Rightmove and start browsing through the listings based on your preferences.
- While on a property listing, Property Log automatically activates and starts tracking the price history of the property you are viewing.
Step 3: Analyse price changes:
- Property Log will display a chart showing the price changes over time, right on the property listing page.
- This data helps you see the frequency and extent of price reductions, which might give an insight into the seller’s willingness to negotiate or how the property value compares to the local housing market.
Step 4: Regular monitoring:
- Regularly check back on the properties you are interested in. Property Log will keep updating the price history, so you’ll be well-informed of any new reductions.
Once you are armed with this useful information from Property Log, you can contact estate agents with an informed perspective. Knowing the price history can be a strong bargaining chip in your negotiations.
Some property portals also offer features where you can set up alerts for price changes on specific properties, ensuring you don’t miss out on any potential bargains. You can also go one step further and do some ‘on the ground’ research by engaging in local community forums and discussions which can provide anecdotal insights into the local property market and price reductions. Check out local group pages on the likes of Facebook and Reddit for more information.