Whilst undoubtedly, over the past twelve months, the market has seen a significant reduction in levels of sales that are occurring, due to a combination of significantly increased values over the past five years and what seems to be ever increasing interest rates following the mini budget. I think it is fair to say the market has changed, however, is still good, so long as we approach the market correctly.
They key to selling currently is a realistic asking price. Gone are the days of being able to add an extra two/three per cent to see “what happens” and often actually achieve it, realism is the reality now.
Since march - April of this year, here at Acres, we have seen levels of properties coming to the market and sales agreed significantly improved. On a multitude of occasions still, when a property is brought to the market across our network of offices at the correct current figure we are very selling close to asking price. As mentioned before realistic initial asking prices are key.
So in summary, don’t believe everything you see in the press! The media seem to be actively talking the market down by way of “house prices are going to crash” and “property sales are stagnating” “property prices are falling”. Here at Acres we are certainly not seeing this excessively.
Have prices reduced? Yes, but as mentioned previously, in real terms No. They have just reverted back to where they should have been. The hope factor mentioned above has gone from the market place.
Where do we see the market going? Realistically as a continuation of as it is at the moment, prices will not rise again, on that we feel fairly sure in the short to medium term, however, given a relatively strong economy, strong employment rates and the demand for housing. We are not in the same situations we have seen previously when property crashes have happened where the whole of the economy has conspired against the property market.
If you are thinking of moving, be that to sell, or purchase, please contact your nearest Acres office for expert advice and guidance. Thank you for your interest in Acres, our property and services.
Nigel & Jayne Deekes - Partners