Posted on October 23, 2019 at 11:47 AM
Here are my thoughts on the current sales market.
The weekly run-rate on one of the Uk’ most popular property websites for property coming to market in October - that is, the average number of new listings per week - is 24,539, the lowest total at this time of year since October 2009.
With that slowing in the number of properties coming to market, down by 13.5 per cent compared with this time last year, I would suggest that these are strong indications that many would-be sellers are being deterred by the combination of muted pricing power and short-term political uncertainty.
In contrast, buyers seem undeterred, with the year-on-year number of sales agreed being little changed, down by just 0.5 per cent.
I do believe that property owners are concerned about Brexit which is leading to thousands of potential sellers holding back compared to this time a year ago, though the number of buyers agreeing purchases is virtually the same. Ironically, this means that those who are coming to market have a better chance of selling, so while some would-be sellers are being put off, it’s actually a good time to sell.
Those who are ignoring the Brexit disruption have less competition from stay-away sellers, and their prospective buyers have less negotiating power, with a reduced choice of suitable alternatives.”
I would suggest that those homeowners who are committing to getting their properties onto the market are finding that their sales are more likely to proceed successfully to completion.
In my opinion now is a great time to sell your home or investment properties. If you are thinking of selling or would like to discuss the current property market, please do not hesitate to get in touch.
Hopefully speak soon,