Growth and choice in the market

They say too much choice can be a bad thing but when it comes to available property ‘For Sale’ it seems like an increase in stock levels is enticing more people to the market. Although ‘New to Market’ properties are currently outnumbering sales we are seeing the inevitable increase in viewing numbers that follows.

National trends are showing similar results with RICS surveys and agents reporting that they are seeing increased valuations and new instruction levels as the months continue. Thankfully this increase in property has not had a detrimental effect on the market as we have seen an average annual price increase of 1.1% (Halifax House Price Index) in the national market with a clear North South divided highlighted in the fact that The North has seen a 3.3% increase on an annual basis.

These steady growth figures are allowing the market to remain active and grow whilst we are even still seeing ‘Best and Final’ scenarios on some properties. As always realistic pricing is paramount to achieve the best results.

Positive news was announced again as the Bank of England Base Rate was held once more and the prospect of an interest rate cut in the latter half of the year was illuded to. Some mortgage rates may have been creeping up but this news should mean the re-emergence of better deals and increased affordability, which in turn bodes well for a busy end to an already busy year.

Even with the announcement of the General Election the market seems to be well placed to maintain throughout the remaining months and hopefully any political uncertainty will leave us all unscathed.

With a positive horizon in front of us and a varied choice for your next forever home, family home or restful retreat, why not come and speak to us here at Poole Townsend.

By Craig Turner, Property Department Manager & Valuer, Kendal Office

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