Summer Property News
19th July 2018 | 12:00am
19th July 2018 | 12:00am
It’s no secret, the market has been a little sluggish this year. The RICS recently reported that houses are taking on average 18 weeks to sell (time from being listed to going under offer), whereas this was 16 weeks last spring.
This is where a very experienced agent, such as ourselves, works tirelessly at creating their own market. It does mean that agreeing a sale does require more patience and sometimes some real “out of the box thinking” but with experience, patience and proactive communication we still have lots of happy clients.
As is typical with this time of year, new stock coming to market does slow down, however, a correction in prices is keeping the market resilient. In the latest Rightmove Price Index, they have reported that the proportion of sellers already on the market that are reducing their asking prices is the highest at this time of year since 2011, indicating initial over-optimism on price. We are finding that buyers are engaging, if price is right, but rarely until then.
The top end of the market is quite buoyant – circa £1.5m - with buyers from London still looking to capitalize on an out of town purchase. In the lower end of the market, first time buyer territory, it is slow. We believe that a large proportion of FTB’s are waiting to see if prices fall further before they commit.
Our Rentals teams are extremely busy at the moment with lots of new properties coming to the market and plenty of tenants registering daily. So too is our new homes department, we have multiple new build sites available currently and many more in the pipeline.
We would describe the market as a “pure” market whereby the buyers that are looking are generally very good buyers in proceedable positions. Interest rates remain low so it is an excellent time to apply for a mortgage.
It has never been a more important time to use the services of an experienced agent - simply uploading properties to the internet will not sell houses in this market. Our professional sales teams are on the telephone all day. Being receptive to the fluctuations in the market, and advising our clients accordingly, means that in this very price sensitive market we are able to match motivated sellers and committed buyers and agree sales. Likewise the number of aborted sales are at a minimum, with our sales negotiators having to working proactively with solicitors and sellers to ensure a successful completion.