Spotlight on Sales & Lettings

Property Market Overview

By Becky Peters, Meyers Estates

Buyer demand has dropped by a fifth in the fortnight since the mini-budget while supply has increased from worried homeowners, Zoopla claims.

The subsequent push to 6% mortgage rates has panicked some in the market.

To put this into perspective, those who have a £200,000 mortgage, with a rate agreed last month or before will pay on average £400 less a month than those being agreed now. As you can see, this is a significant switch, and we may also see, as landlords rates change, the rental prices also having to follow suit.

Demand levels from buyers searching dropped 21% during the two weeks after the mini-budget across property websites analysis. As multi-office agents, Meyers has also noticed the change in activity levels. Asking price reductions have also spiked higher as agents adjust pricing for vendors.

So what do you do?

If you are still looking to move, then hopefully the move is relevant in terms of what you sell and what you buy should be affected equally. The interest rates are not predicted to go down, in fact further increases are suggested to be on the horizon.

People sell for many reasons, but now the ease of simply listing a property and gaining multiple buyers is behind us, and therefore we believe its time for true relationships, honesty, and advice from your estate agent. Something we have always prided ourselves with.

On a positive-note – two years into business and I am so proud to announce we have been listed the property industry’s most prestigious mark of excellence. Every year, a rigorous assessment is carried out of every estate and letting agent in the country. There are 15,000 estate agencies and each one is assessed for property marketing, customer service and results, including how quickly they sell or let and percentage of price achieved compared with other agents in the same location. Meyers was recognised in the top 3% on the country gaining an excellent / gold rating. Home-movers and landlords can search for those estate and letting agents that made the grade in their area by visitingbestestateagentguide.co.uk or by looking out for the distinctive winners marks.

BECKY.P@MEYERSESTATES.COM

01202 818220

www.meyersestates.com/wimborne-and-broadstone