by David Edwards Owner of John Sale & Co.
Its been a little while since my last review of the market, mainly as things were fairly stagnant. Recent movements in the market has meant that I feel enthused to write a new report.
The feeling at the moment is optimistic. We had a couple of slow years with the unknown fear of Brexit but it does seem that after Christmas 2018 people had just got fed up with waiting and made a move. Lets face it with all the doom and gloom with Brexit, house prices have not collapsed! In fact they have slightly risen. Despite all the scare mongering. People have realised it is not the end of the world and have decided to start to buy and sell. We have definitely been out to look at more properties in the last few weeks. Then when we list a desirable property, we are seeing a good level of interest with properties going under offer in a short space of time. Properties in good order, good locations, are seeing high demand. Viewers are very targeted and ready to move.
Taking a look at what the institutions are reporting we are hearing a very similar story. The NAEA report a jump in prospective buyers and an increase in the number of properties for sale. The number of sales agreed has also increased for the second month running.
Mark Hayward, chief executive of NAEA Propertymark, said: “It is encouraging to see the housing market bouncing back, with supply and demand rising to the highest levels seen since last year.”
“It’s evident that buyers and sellers are no longer waiting for the outcome of Brexit and want to get things moving, particularly as many sellers are realising that it’s a buyers’ market in certain areas of the country.”
He added: “More than eight in 10 properties sold for less than the original asking price in May, which shows that estate agents, with buyers and sellers, are successfully negotiating a property sale, with them coming to an agreement on the value of the home.”
Rental Market – with the several recent regulation changes, especially the tenant fee ban this has had an effect on rental prices and lack of supply of new properties. We are experiencing high demand for any 3 – 4 bed houses. Higher fees for landlords have meant rents have gone up and tenants are feeling the pinch. Some we see who visit the office are desperately trying to find property.
So, all better news! Got any queries then give me a call 01271342000 or email me on [email protected]
John Smale & Co cover the North Devon area for all types of residential and commercial property matters. Offering a personal and old fashioned service with the benefits of modern technology.