Surprisingly buoyant market!

Those in the property market were holding their breath as 2023 began.  The convulsion of the mini budget sent shockwaves through the market, the likes of which we haven’t experienced in quite some time.  

Reassuringly, strike to March 2023, and the dust has settled, mortgage rates are stabilising and we begin a period which arguably could be described as a pure market. January transactions were slower than the previous year, however, in comparison to 2019 buyer enquiries and new property listings didn’t disappoint.  In their recent March House Price Index, Rightmove stated “after the turbulent end to 2022, steady asking price trends and recovering first-time buyer sales agreed data points to a market on a much more stable footing than many anticipated.”

In the market we find ourselves in now, which is certainly price sensitive, securing a buyer means that sellers are having to be realistic in their price expectations and follow the advice given by their agent.  This isn’t the pre-pandemic ‘race-for-space’ market where properties were being snapped up in seconds.  Our experience shows that to revitalise interest in a property a price adjustment of around 2-4 % is needed, which is relatively low given the negativity the national press are reporting.  This is mainly down to the fact that there are still plenty of would-be buyers and simply not enough stock.  The number of sales falling through has begun to settle too.  Towards the back end of 2022 it really didn’t take much for a transaction to fall apart.  Now, there is a renewed sense of purpose and confidence.  

In lettings news, the market remains incredibly busy.  We have experienced increased stock levels, but are still seeing fierce competition amongst tenants.  We have new buy-to-let landlords entering the market, who have been absent for well over a year.    With stock levels still disproportionate to the high demand, rental prices are increasing.  In addition, more legislative changes are on the way, which landlords, managing agents and tenants will need to be aware of.

If ever there was a market where clients need professional advice and guidance, this is it!

Please do not hesitate to contact your local branch as we would be delighted to help you.