The housing market is still fragile due to global unrest and political uncertainty at home which has restricted confidence. Although the situation in the Middle East hasn’t deteriorated over the last month, a permanent solution has not yet been agreed so the price of oil remains high putting pressure on many global economies including the UK. The cost of living is a genuine concern for many potential house movers.
The result of the local Council Elections has mounted pressure on the Prime Minister which has resulted in a negative impact on consumer confidence.
Fortunately, there are still buyers actively looking, many of which are taking advantage of the current mortgage deals available as there is speculation that rates could possibly rise later in the year, if the economy doesn’t stabilise.
Buyers are very shrewd and are only prepared to purchase properties that are correctly priced, anything overpriced simply will not sell. The key to selling at the moment, is to ensure the property is attractively priced and arguably cheaper than comparable competition. Presentation is likewise important as buyers tend to be more selective as the choice of property is greater.
Local sales data for the month reflects this as many sellers are chasing the market by making radical price reductions. The smart sellers are pricing correctly from the outset and generating a steady flow of viewings.
In the postcode sectors that Richard James predominately sell in, NN8, NN9 and NN10, in the period 1st May to 27th May, Rightmove data confirms 161 sales have been agreed which clearly illustrates moderate activity. Of these, 35% have been agreed by Richard James which enforces accurate pricing, correct guidance and strong marketing generates results. The long working hours and availability to carry out viewings on Bank Holidays and Sundays has also been a factor in a particularly strong sales month for our business.
As we now move into the summer period, we don’t expect the global or political situation to change much in the coming weeks, however we aim to agree a similar number of sales by advising or clients correctly to navigate these uncertain times.