– extremely low interest rates (BoE base rate of 0.75% with no change expected for some time to come), improving affordability (the average house now costs 7.8 times average earnings), low inflation (1.7%) and historically low unemployment levels (3.8% v 8.4% in 2012) all compound to provide strong home-moving fundamentals.
Indeed, we are finding that there has been a slight increase in the “speculative” aspect of buying/selling that has been missing for the past ten years. In other words, if you are thinking of selling, not only is there a reasonable supply of serious buyers who will pay the right price for the right property, but there are also potential buyers who will commit if they find what they regard as a bargain. Those bargains are the properties that came to market early this year at an ambitious price that has since been significantly reduced. (It is so important to price correctly and sell while the property is fresh on the market if you are to achieve the maximum price).
To understand if your property someone else’s bargain, simply look at the market as if you were a buyer. Check how your property compare to others but resist the temptation to assume that it is worth the same as others that are failing to sell. They are all overpriced! A “bargain” comes in below this, so use other available properties to make yours look good by comparison.
The last available figures (relating to August sales) from The Land Registry suggest a 1.3% annual price increase, although they also report a staggering 0.8% rise over the previous month, which would be a 9.6% annual rise if sustained. As ever, view such figures with the utmost caution – it really is best to speak to us for accurate advice – we know the local market intimately. It really does change from one week to the next depending on the balance of supply and demand. A repossession or probate sale becoming available, or two wealthy individuals registering to buy can affect prices in a particular street within hours
I love this stuff, but I do recognise that it can be confusing and stressful if you are at the sharp end of a move. Please feel free to call me today for a free no-obligation marketing proposal on 0115 8240235 and I’ll do my best to help you make sense of it all.
Regards Angela Barbaro-Robins
©Copyright 2019 Angela Barbaro-Robins, Robins Estates.