How is the property market looking for Summer?
Last year was the busiest housing market on record, and sellers were finding a buyer an average of just 33 days, but we’re now in a more settled market, so while it’s taking longer to find a buyer (the average time is now 55 days) the 2023 market still much quicker than before the pandemic, in which it took an average of 67 days.
Rightmove says “ The current market conditions will suit home-movers who were perhaps put off by the frenetic conditions of this time last year, the average time to find a buyer was near a record low. Despite what will feel like calmer conditions, the market is still moving more quickly than before the pandemic started. We’re now seeing more buyers returning to cities and within commuting distance of an office”.
Interestingly terraced houses are currently finding buyers fastest across the UK, at 48 days, whereas detached houses are taking longer at an average of 65 days
The recent mortgage interest rate rise from 4.25% to 4.5% is the 12th rise in a row is an attempt to stem the rise in inflation. However inflation is largely driven by high energy prices, and these are expected to drop significantly by the end of the year. What this means is that the UK is not expected to go into a recession, but of course the cost of living has risen. The offset to that, is savers are earning more on their investments of course, and the rental market is flourishing.
What’s happening with the rental market? Well, although its heating up, with more people renting and looking to rent, the buy to let market has dropped because it’s just not as affordable to have second and third properties as it was.
This means if you are renting your property out, you need to make sure you are getting the right price for it, and the only way to do that is to talk to local experts. Lane & Browns have been the market leaders in Sandy for decades, and we have a wealth of local knowledge at our fingertips, so if you want to discuss anything, from market prices, to how best to manage a rented property, come in and speak to us.
Equally if you’re looking to rent out, then take a look at our property portfolio. Rented properties move quickly in this area, so you’ll need to check back regularly or get yourself on our rental list, where we can keep you up to date with new properties as they come on the market.
Just take a look at our website for details on tenant fees, landlord advice and other information that will be relevant to your situation, or give us a call, and we’ll be delighted to help.
Are you interested in selling? If you are, now is the ideal time, just before Summer, the evenings are longer and we can fit potential viewings in to suit your working day. Don’t forget the old tips, make sure that you have tidied up, if you have a garden, remember to cut the grass, and show off the colours of your plants and flowers. The smell of ground coffee, or baking bread is a bit of a myth, but anything is better than wet dog or old clothes, so a spring clean makes for a smoother ride with potential buyers. Also, if you have anything that might get picked up by a surveyor, say a cracked brick wall, or a broken gutter, let us know. That way we can help acknowledge the issue before it comes up as an objection.
In sales, there are three ways to deal with objections
- ignore them (not a smart move)
- take them head on
- smooth them out before they arise.
I always prefer 3) if we bring things to the buyers attention, they will thank us for the information, trust us more, and that makes a sale much more likely, quicker and much easier than hiding things, or hoping they won’t notice. Simple advice I know, but worth pointing out.
Our buyers, and sellers come back again and again, that’s why we’re trusted, and why we are the Heart and Sole agency of Sandy. If you’re in the area, pop in for a cup of tea and just ask us about the town we live in. You won’t be disappointed, and we make a mean cuppa!
Have a great Summer!
James
