Market Update

Posted on Friday, October 28, 2016

Halloween, Guy Fawkes and then, dare we say it, Christmas and New Year sees a string of celebrations happening in the last ten weeks of the year. This could potentially be seen as winding down time for the property market but it actually represents 20% of the year and we are seeing a resurgence of interest following a summer period dominated by the Brexit referendum.

There have been a number of reports in the last couple of weeks showing that activity in both the sales and lettings market has risen as people realise that they need to “get on with life” after understandably sitting on their hands during the summer waiting to see any immediate changes as a result of the UK’s decision to leave Europe.

Whilst there has been some immediate reaction in terms of the currency markets, it will undoubtedly be two or three years before any significant changes get implemented and potentially impact on daily lives and, the need for people to move home cannot, in most cases be put to one side for that long.

Whilst the currency situation may see inflationary pressures in the economy and therefore some upward pressure on interest rates during 2017, with a starting point of 0.25% this is unlikely to be severe and, may see more people bring forward moving pans to take advantage of the very attractive fixed rate mortgages that dominate the market.

Sensible pricing is key to a successful sale or let. With the majority of potential buyers and tenants scouring the internet, the need to have a property “stand out from the crowd” is vital. This needs to work alongside a proactive approach by the agent in talking with customers and matching properties and people.

These are areas where our experience comes to the fore and, whilst we fully utilise the latest technology to efficiently run our business, we are not relying on anonymous software to successfully sell or let properties. Transactions are far more important than that and every person and situation is different and requires a personal and individual approach.

Our prognosis for the coming weeks is therefore positive. We don’t believe in “bad markets” but we do believe there are “bad agents” – agents who see simply sticking a property on the internet as the way to get people moving.

We believe customers and clients expect and deserve more and want to work with an experienced and proactive agent to ensure the maximum chances of a positive transaction.

If you are thinking of selling or buying, letting or renting, just give us a call and we look forward to discussing how we can work to get you the outcome you seek.

Darren Murphy and Chris Harper
Partners

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