Despite the annoyingly persistent cold weather this has not dampened demand for property throughout our area.
I am not, for one minute, attempting to hype up the market but consistent data and market intelligence confirm that there is a positive underlying demand for property. This has been fuelled – to a degree – by more positive announcements in relation to lending, but I believe we are also seeing a realisation from purchasers that they cannot sit tight for ever. Decisions need to be made and they can only be put off for so long. Investors who have held off are now back in the market and I think this reflects their confidence in a stable housing market. Do you leave your money in the bank or invest in bricks and mortar? Returns on rental income clearly outweigh any interest on deposit. Most of these investors seem to be taking a long term, thought through approach to buying property.
Clearly the shortage of property favours sellers but only if what they offer is presented well, priced correctly and marketed in a professional manner. This is why developers who have managed to secure planning and are delivering what buyers want to buy, are doing well and in some cases benefiting from ‘off plan’ sales.
The market in this area has resilience and I think the next 3 – 4 months will be extremely busy with purchasers who realise that values are holding up and choice will remain restricted.
Ed Mackenzie Smith