Buyers will find it difficult to operate in these conditions and need to understand what they are up against before embarking on a property search.
Sara Ransom of Stacks Property Search suggests that most properties coming onto the market in areas such as Clapham, Earlsfield and Battersea will be marketed in the same way.
"The estate agent will send out a generic e-mail to potential buyers on their mailing list, with short notice of an open day, often on the next Saturday. No property details will be printed. If a potential buyer misses the open day they will struggle to get an individual viewing. Interested buyers will be asked to submit best and final bids a couple of days later.
So not only do buyers need to be constantly available an on a high level of alert, they need to make a rapid assessment of the property on the basis of a single viewing, and establish the price they believe the property is worth – in terms of their own circumstances, and when viewed against other competitive buyers.
We recently viewed a flat for a client in Earlsiefld. Our viewing was followed by 30 others in the next 3 hours, and there were 13 bids. The property eventually sold for nearly £70,000 above the £450,000 guide price.
Buying a property in this market requires nerves of steel and inordinate amounts of knowledge. The more property you see, whether or not you think it's suitable, the better you'll build up a full picture. To improve your chances of getting through the door, ring or visit every agent at least once a week. And try and establish what property is selling for, not just what the guide price is. The chances are there will be a significant difference in the two figures.
Try not to rule things out. If your list of requirements is too specific you will narrow your chances significantly. Keep an open mind and consider properties that could be adapted to suit your needs.
Most importantly, be prepared to enter a beauty parade as well as a bidding competition. Vendors can choose their buyer; cash is king, but failing that, a buyer who has documented proof that they have immediate access to funds will move up the pecking order.”
