It’s always interesting to see how the media digest and report on the same data in very different ways.
There is no doubt that market conditions are tough but property is selling and judging by the amount of traffic to our own website there is clearly an underlying demand. I heard on the radio an economist describe the housing market operating in a ‘zombie like state’.
This is probably over the top but in a generic sense he is probably right. Lenders are tight on the money supply and some buyers who see values stagnant are sitting on the fence.
In reality the people who want and need to move are just getting on with it. Correctly valued and priced property is selling and selling quick. Our own advice to Vendors is to get it right first time and to keep the asking price close to the real value.
We have and are being instructed to sell perfectly good property that has been on the market with some of our competitors at an inflated price and are selling quickly due to the clients taking our advice on the correct pricing strategy.
Ed Mackenzie Smith