With all the bad news flying around about the property market, the wider economy, and the international political scene, I thought it was time to cut through the noise and see what the property market looks like from those in the know… …estate agents, letting agents and other property professionals!
Kate Faulkner in an article for “The Negotiator” magazine (industry press) shares my opinion that, despite the way the press are reporting the indices, the underlying truth is not doom and gloom.
Rightmove (the nation’s most used property portal) reports a larger than average “new year bounce” and recorded 0.9% asking price growth in January. Prices are still an average of £8,720 lower than October, showing that motivated vendors have listened to their agents and the market, and adjusted price expectations to consume the mortgage cost/rate rises seen in Q4 last year.
Home.co.uk (property search site) reports less stock in the market, and that has created a price bounce of 1.9% year on year.
RICS (Royal Institute of Chartered Surveyors) show sales volumes and prices softening across the market. Their price indicator however reports marginally positive numbers, especially in Scotland and Northern Ireland. There is some caution as the figures are still flatter than 6 months ago.
Halifax and Nationwide (Building Societies) are key indicators of the market ad they represent actual borrowing. Nationwide shows growth down from 2.8% in December to 1.1%, this is still growth, however. Halifax talk about stable prices in January with 1.9% growth, which although the lowest recorded in three years, shows the average price circa £5,000 higher than January 2022 although 4.2% below the peak in August 2022.
So with the property market analysts and experts reporting a very “beige” market, the Rugby/Warwickshire and Lutterworth/South Leicestershire property markets are reflecting the same trends. Houses and flats in Rugby and Kenilworth, Lutterworth and Leicestershire villages are selling for pretty good prices still, if there is a visible “nod” to the perceived “drop” in the market in terms of the asking prices.
In this market, just like during the credit crunch which I remember well, (I had just started my first management role), the perception of value is key. It is true that vendors still deserve a fair price for their property, however they need to realise that although they’ve missed the luxury cruise liner of post COIVD optimism, with champagne corks popping at receiving offers of 10-15% over the (already very healthy) asking prices, they haven’t missed the boat that this steadier and less “exciting’ market offers.
A good property in Warwickshire and South Leicestershire will still sell, for strong money… …IF it is marketed and cared for by an agency that will give it the undivided attention that it deserves. Biggest certainly isn’t best in this market, you need an agent with the attention to detail, and attention to the DEAL to get you the results you deserve.
In the last “frown-turn” when the market wobbled (and actually did crash), the larger independent and corporate agents (you know the ones with all the board everywhere and pie charts showing how many “chimney pots” they have sold/on the market at any time), took a huge knock as the public “voted with their keys” and turned to the smaller, more agile agents that offered something moe.
Ladies and gentlemen, we are one of those agents. If you want genuine advice guidance and a 24/7 level of service then please call or email me, day or night. My team and I will show you how we stand out from the crowd, and more importantly how we make your property stand out from the competition.Call me on 01788 560 905 or email me here to have a chat whether face to face, online, on the phone or however you.
Thanks for your time.