A clear idea of budget and the type of home you want is the top factor to ensure homebuying success, according to MFS.

The bridging lender polled 2,000 adults who have successfully bought a home in the last 10 years to get a snapshot of what’s really needed to get ahead in today’s UK property market.

And with 11 house-hunters for every residential property up for sale in the UK, wannabe homeowners need as much inside information as they can get.

The need for speed

Speed was identified as another key factor to bag a home, with the vast majority of recent homebuyers saying it was very important to act quickly upon seeing the right property.

Paresh Raja, CEO of MFS, said: “The UK’s property market is hugely competitive, but this research provides valuable insight for those looking to get ahead in this marketplace.

“As well as having a very clear idea of your budget and desired property, it is also vital that people seeking to get onto or move up the property ladder have immediate access to the funds they need to complete the purchase if they are to secure their ideal home.

“Whether it’s through traditional mortgages or alternative options such as short-term bridging loans, house-hunters must ensure they have the required finance to act, and act quickly.”

10 top tips for homebuying success

1. Having a very clear idea of budget and desired property from the outset
2. Having immediate access to the required funds
3. Being chain free
4. Acting fast – when seeing the right property, bid as soon as possible and then begin the formal conveyancing process
5. Flexibility in the location of the property being bought – not limiting the search to one particular area
6. Being able to offer on or above the asking price
7. Not putting in an excessively low first offer and insulting the seller
8. Bidding on properties that are run down and require renovation
9. Having preferred relationships with the seller or estate agent
10. Being willing to gazump other buyers.