Date Published 18 September 2019
What's happening in the local market?
Prices appear to be more or less the same as they were at the start of the year. However, stock levels are still low in most areas (particularly the range of £300,000-£600,000) and the number of viewings is also still at a low level. The Internet, which can showcase a property with every possible stat, angle and view, also has its drawbacks and can have the opposite effect by having too much information on offer, which can then deter viewings.
In the estate agency industry, it is a recognised statistic that one in three agreed sales fall by the wayside for one reason or another. However, I think it might now be closer to one in five, which may also be an indication of how seriously buyers take buying a home. They are more considered and in my opinion are far more likely to buy with their heads than their hearts these days, not least as the cost of a physical move is a huge consideration.
Like many others I have tried really hard to ignore the extraordinary Westminster bubble and instead have concentrated on the wonderful summer of sport that we have enjoyed. Unfortunately though, with the plethora of media outlets (good and bad) and the 24/7 coverage that is the modern world, it simply can't be ignored. When the date for Brexit was pushed back to October 31, this curiously prompted a more upbeat mood within the market; a sense that buyers and sellers alike were collectively throwing up their hands and sighing as if to say 'we're fed up with this and we want to get on with our plans to move'. As I write this, the main political parties are preparing for conference season.
The pantomime season is also not far away and it seems likely that Westminster's production this year could well see an extended run, one way or another….
With the above in mind – and given that the property market is cyclical and that bricks and mortar is considered a fair investment – sellers and buyers generally appear to be philosophical and are prepared to enter negotiations in the hope of finding a sensibly priced onwards property. For the right place they are prepared to do a deal, then hunker down and ride out the current political drama.
