Spotlight On Sales & Lettings

Property market correction, not crash

Its always a widely debated and interesting subject, the property market, and a question I am frequently asked by anyone who realises I am an experienced property expert.

In my opinion, the market is a long way off crashing but sellers and buyers are becoming more realistic, so I would rather say it is a correction of the market further to the highly inflated prices we have seen over the last 18 months. We are making sure when we speak with our clients, or go to offer our advice we try to remain positive, however realistic.

In the past, a clear sign the market had crashed was receiving keys through the office letterboxes with a note asking for an immediate valuation, or from relevant companies that have taken over ownership – we are nowhere near that.

Whilst we are seeing signs that the tide is turning for the UK property market, we are a long way off a crash despite what some media like us to believe. Supply remains tight which is underpinning the market.

It is difficult as an agent to have the balance of honesty and managing expectations. It is time to start to become true agents again.

Looming further interest rate hikes, the cost-of-living crisis, a huge change in our monarchy and media reports of an impending crash is bringing more stock to the market and making sellers more realistic about pricing as there will be more choice. So if you are considering a sale or indeed find yourself needing to sell, also be aware that conveyancers and mortgage companies are still extremely busy. We like to plan how a property is launched, and ensure you are set for sale. Have you checked your mortgage rate and possible redemption penalties? Is your mortgage portable? Do you have all the legal documents you need to sell?

Everything takes time, but we pride ourselves on helping every step of the way!

BECKY.P@MEYERSESTATES.COM

01202 818220

www.meyersestates.com/wimborne-and-broadstone