Given the political and economic head-winds, the property market has remained incredibly robust in August.  Unsurprisingly we have experienced the effect of the holiday season creating the feel of a quieter period, but demand remains incredibly strong and new stock continues to come to market.  

For the right house, priced correctly and in the right location, there is huge interest.  We are still seeing multiple offers and sealed bid situations, although paradoxically we are also now starting to see price reductions creeping in on a few properties.  Whilst this might indicate a cooling in the market, as seen recently with Rightmove recording their first asking price decrease this year, we see it as a reflection of a normal summer market with a more measured approach from buyers. 

Reassuringly whilst we may be entering a period where asking prices soften, long-term property is still a good investment.  In the same Rightmove report they also stated “August marks 20 years of Rightmove’s House Price Index, with national average asking prices more than doubling in those 20 years (+134%), from £155,994 to £365,173”.  

The rentals market continues to be stock-starved.  As with the sales market the lack of supply and increased demand means that asking prices remain incredibly resilient.  The more transient workforce has come back to the rentals market, which has put added pressure on demand for smaller apartments and houses.  We are experiencing an increase in commercial premises applying for Change of Use, giving local residents mixed-use space.  This is adding to the rental stock locally and still keeping the HIgh Street alive.    

As ever, if you need any help with selling, renting, buying, commercial or agricultural property, we would be delighted to help.   Contact your nearest branch today.