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Strong finish to 2016, strong start to 2017!

February 7, 2017 Martyn Arnold

2017 will be seen as momentous for many years to come as a new world order prevails. Article 50, to instigate our withdrawal from the EU, will be served at the end of March and Trump’s presidency has now begun. Much has been written about the implications of Brexit for the UK but one thing must surely be imperative….that we make the very most of these circumstances. To be woeful may be counterproductive whereas confidence and optimism will surely take us further in all the negotiations that lay ahead of us.

So, back to the world of property. We have seen no adverse affects on demand following last year’s key economic influences and yet the low volume market that has existed for quite some years now, remains. There are many reasons for this but the take-away from this imbalance is that firstly sale prices remain strong and secondly there is no reason to delay the sale of your property believing that buyers are staying away….they’re not and particularly because mortgage rates remain so inexpensive. Mortgage rates this low won’t continue forever and so one could conclude that buyer demand is acutely strong now where it may not be if mortgage rates tick up from say 1.5% to 2%…still historically low but a significant % increase and a drag on household resources.

We had an exceptionally strong finish to 2016 agreeing 3 sales on Christmas Eve and then started 2017 with 2 further sales in the first week back at the office. We are about to agree another as I write ….and all within 98% of the guide price we had advised demonstrating good accuracy with our assessments. Indeed most of these sales had multiple offers. A trickle of new houses are coming to market. Some are being offered ‘off market’ and so if you are a buyer, do get in touch to hear about those that aren’t openly visible in the market …and if you are seller, you needn’t necessarily ‘blow your powder’ by going open market immediately…we can ‘litmus test’ the market first, achieve some market intelligence (but hopefully a strong buyer!) and then set our open market guide price based on this. To over shoot the guide price is to often sell for less than the property’s true ‘value’ and so this launch price is critical to the success of your campaign.

We would be really pleased to hear from you if a sale is remotely in your mind, with no obligation, but before doing so please do watch our videos where you can see and hear about our ethos and approach.

Patrick Glynn Jones