A steady property market ahead is good news as the price rise frenzy and threat of a housing bubble abates. There are a strong number of property transactions meaning we have, across all our Estate Agent branches, experienced a reduction in the level of stock we are holding, primarily because houses are selling at a faster rate than they are coming to market.
Demand is still there and there are many willing and able buyers despite some delays due to the Mortgage Market Review.
There are so many contributing factors to the lack of stock available to choose from;
- Comfortable mortgage so no need to move
- Lack of New Homes supply and long planning timescales
- High demand from out of area buyers as well as locals snapping up property
- Lack of available property deterring would be sellers from going on market which exacerbates the situation
- Potential sellers waiting for their properly value to increase
For now it seems economic factors, or the measures the Bank of England have been implementing to manage the housing market, are set to stabilise.
At the Treasury Select Committee on Tuesday 16th July when speaking to MPs, Bank of England governor Mark Carney said it had been necessary to cap mortgages last month as house price rises were unsustainably outpacing wage increases. He also commented that although the measures which have been put in place, caps on risky lending and loan to income ratios, could be modified, there would not be any more measures introduced to intervene with the housing market.
So why is now still a good time to sell your property?
- Ready and able buyers are looking for property
- Rates have not risen yet
- Property value is not rapidly increasing so not much to gain from holding off
- The gap between property price when upsizing is always relative
- Property values in this area stay strong due to its prime location and amenities
- Lack of available properties and direct competition allows sellers to achieve a fast sale without having to negotiate on their sale price
- Once buyers have secured their dream home they are prepared to wait for ‘chains’ to come together
If you are thinking of selling your home please contact your nearest branch to book an appointment for an up to date valuation of your property accompanied by a thorough appraisal of the local property market and advice on the correct approach to selling your home.