Professional property finder, Jonathan Hopper from Garrington identifies some of the emerging themes and trends we’re currently seeing in the local market and what they will mean for buyers and sellers
In recent months the media has been awash with analysis and commentary on the state of the property market and how it is likely to perform in the year ahead. This UK-wide commentary is often not a reflection of what is taking place on the ground in prime property markets. Here’s what we’re seeing locally:
Moving to a more normal market
The turmoil of the past few years has meant that the UK housing market has fluctuated from frozen to frantic often defying the economic headwinds and the usual seasonal factors. Seemingly recovering from the slow-down at the end of 2022, the number of homes becoming available for sale has gradually increased throughout the year so far, showing evidence of more traditional spring-like activity levels.
With this more measured marketplace, there is some hope and indication that buyers and sellers will have more time to transact in a more considered manner during the early stages of listing and viewing. As a knock-on effect the length of time to reach completion should reduce as support industries find themselves less pressurised.
There is also talk of a ‘softer’ market, one that is less frantic, where asking prices are likely to be more moderate and there may be greater potential for buyers to negotiate on price. This will not be true in all markets as elusive prime properties are always in demand and therefore invariably less affected.
An onus on being able to proceed
As the market has slowed, many homeowners have found themselves in the unfamiliar situation of not being able to sell their properties quickly and, consequently, unable to move forward with a potential purchase. A proceedable buyer does not have this problem; they may have sold their property already, are currently living in rented accommodation, or do not need to sell in order to buy. Buying and selling at the same time presents unique challenges, but ones that can be overcome with careful management and a clear strategy.
Interest in off-market and private sales
While the market is showing signs of more traditional activity patterns, certain property types in sought-after locations continue to experience an acute imbalance between supply and demand. With this disparity in market activity, even visible between neighbouring postcode areas, sellers are increasingly keen to ‘test the water’ discreetly, away from the open market. Well-priced homes are transacting very quickly behind the scenes and gaining access to such opportunities can be challenging if you are not fully immersed in the local market. If you’re finding you are often one of the last to know about a suitable property for sale, or only learning about the opportunity after it has sold, it may be wise to seek guidance from a specialist in the area.
If you would value some expert advice on the local property market and your plans to move, contact Garrington for a no-obligation discussion.
