April 2023 Market Comment

Who’d have thought that this year’s spring market would be as buoyant as it is turning out to be?

There is activity everywhere, no doubt driven by the desperately needed 65% increase in new stock coming to market (Source Zoopla). Although buyer demand is 43% lower than this time last year (Zoopla), it’s 16% higher than this time in 2019 when the market started to fly. In fact, the number of sales agreed over each of the past six weeks has been higher than any week since last September. No wonder, according to the Halifax, prices actually rose 0.8% last month.

Certainly, those higher interest rates have deterred some people, but it’s the strong buyers who remain, possibly those who are cash and those with smaller loan-to-value ratios, who are being attracted by marginally falling interest rates, which indicate lenders’ long-term confidence in the property market.

So, we have a situation where there is much greater choice of property available, meaning that more people feel confident about coming to market themselves, as they won’t have a problem finding their next home. But those buyers do know they are in a strong position, and they are increasingly discerning. So, if you’re selling you need to have a really good understanding of which other properties are competing with yours. You need to make your property as saleable as possible, by presenting it as well as you can, and especially pricing it competitively. If you make your property saleable, then our marketing will cause it to sell. Together, our aim is to attract qualified buyers, generate multiple offers, negotiate impressive terms, and get you moving. It’s what we do!

Why not call us today, and let us show you how, with us by your side, you can take full advantage of this buoyant spring market - your timing could be perfect!