13
Jul
Property Market Outlook - Summer 2010
Property prices are highly sensitive to market fluctuations and
always reflect the balance between supply and demand.
Earlier this year we saw a degree of price stability and even some
modest gains due to demand outstripping supply. Buyers, frustrated
after two years of confusion started to re-enter the market, only
to be met with a scarcity of properties from which to choose.
Sellers simply didn’t want to sell at what they perceived to
be the bottom of the market, especially in view of the possible
abolition of Home Information Packs after the election. So prices
held up well.
However, the election happened and HIPs were abolished making it
easier and cheaper to commence marketing. Sellers, hoping to cash
in on hearing of the earlier price rises decided to come to market
and as a result 43% (51% in London) more homes are currently on the
market than at the start of the year, with a 6% rise in stock
levels this month alone. However, the RICS has reported a drop in
the number of new buyer enquiries nationally in the past month.
This will inevitably have an adverse effect on prices although this
is yet to be fully reflected in the summer trading figures. (You
may recall in January that we advised people not to delay their
sale this year!)
In view of this shift in balance as well as continued economic
uncertainty, our advice to sellers is to look very carefully at how
your property is positioned in the market in relation to others
available for sale, and let their bullish price be a springboard to
help you sell yours.
But, as they say on Crimewatch, don’t have nightmares. We
seem to be bucking the national trend! We also find our clients are
happy to heed our advice and when they do…they move! Why not
call us on 01364 652304 for an initial chat about how we can help
you too?
© Copyright 2010 Richard Rawlings