1 minute read
Ask the Negotiator with
How is the property market?
It is still moving, but we are in a completely different market to a year ago. There are so many more properties on the market today since pre-covid, and likely only more to come with new developments being finished throughout this year. This means people are now taking their time rather than having to make fairly quick decisions or offering over the asking price to secure a property. They are equally taking more time to see all properties available within their price range, going back for second or third viewings which simply wasn’t a viable option in the previously fast moving market. We are also finding that a lot more chains are now involved, which inherently makes for a longer process, compared to dealing with the shorter no-chain sale involving a cash buyer or a buyer with nothing to sell.
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What are property prices and the market like?
We believe prices are slowly coming down and speaking with similar industry professionals, it seems this isn’t going to change just as yet. The continued increase in interest rates, coupled with still-high expectations from vendors is somewhat slowing the market pace which then has knock-on effects with the process too. In this first quarter of 2023, we’re finding this has resulted in a generally much calmer market to be in, for everyone. It allows us the time to build relationships with both vendors and purchasers alike, which is one of the main cornerstones of our profession.
We fully recognise that buying and selling any property is a significant matter, so a major element of this is to ensure we are looking after and guiding them during the process if needed. This also produces a much better outcome for the purchaser as they can take their time without feeling rushed or pressured into making any quick decisions. And with more stock comes more choice.
What are your predictions for 2023?
We think that property prices will continue to reduce down slightly, however we believe by educating vendors and managing expectations this will allow buyers to make acceptable offers, which in turn will allow the market to move.
