Buyer demand increases.

It is fair to say that the property market has an air of positivity that we haven’t experienced for a little while.  There are some green shoots emerging and confidence continues to grow as the market stabilises.  Since the start of the year, we have seen an increase in the number of buyers looking to secure their onward move and home sellers committing to openly market their property – after what would appear to be a period of waiting and watching. 

This optimism among front-line staff is being confirmed by statistics released by industry experts.  The February RICS Residential Survey reassuringly reported “new buyer enquiries indicator posted a reading of +6% in February”. This marks the second successive reading in positive territory and therefore continues to signal an upward trend in buyer demand. Rightmove recently reported, in their March House Price Index, that in Surrey asking prices have seen a monthly change of 1.6%, however, annually asking prices were still down by 1.8%.  

Whilst this upturn in activity is welcomed, the market remains price sensitive and sellers are having to adjust their expectations in some cases.  Overly optimistic pricing at the start of the year has pushed the average time to secure a buyer to 71 day, Rightmove state, which is the longest at this time of year since 2019.  
 
Prior to the Spring Budget speculation among industry professionals muted that there might have been an increase in Stamp Duty thresholds, which wasn’t forthcoming.  However, now that the Budget has been and gone, there does seem to be a “let’s get on” attitude, certainly among those homeowners who have been waiting it out over the last 12-18 months and buyers who are accepting the “new normal” interest rates.    

The feeling at White & Sons is one of realistic optimism.  Motivated sellers will secure a buyer if they are prepared to be reasonable in their expectations.  Buyers have an opportunity to secure good quality homes if they are genuine in their affordability beliefs. Sound advice in today’s market is crucial and we are on hand to offer this.  Please contact your nearest branch for pragmatic guidance.  

Photo by John Schnobrich on Unsplash