This year has been so difficult to predict in terms of market activity. There have been so many events that would traditionally have had an effect on the market that don’t seem to have done so this year. We’ve had major sporting events including the Olympics, European Championship football and Wimbledon, a General Election and the yearly occurrence of the summer holidays.
Any one of these events has in the past slowed the property market to a small degree by diverting the public's attention. This year, however, sales levels have continued regardless. On top of this, the steady increase in property prices has also been maintained.
Annual house price growth has averaged at a level of 2.7% across the country according to official data. The Land Registry House Price Index puts average house prices at £288,000. This annual price inflation is at a 14 month high but with it must come caution. Both agents and owners need to avoid the trap of over inflating asking prices ahead of the curve and therefore risking a lack of interest in available property.
Interest rates may have dropped, but inflation has risen recently, and prospective purchasers are still financially aware. Mortgage deals are out there, but affordability is still at the forefront of both providers' and borrowers' minds. If something is seen as not being value for money, it may just miss the boat when it comes to finding a ready and able purchaser.
A wide-ranging knowledge of the local market and experience of its conditions are a must to enable us to help people navigate their way through a property sale or purchase. Speaking to one of our sales team or arranging a property appraisal with one of our property valuers will allow us to answer any of your questions and help you find the right approach to selling your home.
The next few months are expected to continue with the impressive level of property sales we have been experiencing. And with no major events on the horizon it should be plain sailing towards the end of the year.