What will the property market look like this summer? Where is the most demand, the top end of the market or the lower end of the market? Our agents comment on the current market trends and discuss how the property market will improve through the rest of the 2017.
1. Adam Tahir
Director, Fine & Country East London
Moving into the summer, the market is strong in London. There’s plenty of movement at the lower end of the market. The top of the market is slow, and I anticipate that most people will sit tight for the next few months. Crossrail will spur a huge boost to the property market, especially with new builds and commercial properties.
2. Mark Halls
Marketing Director, Fine & Country Woodbridge
Overall, the market is steady and stable, but there are a few things I've noticed this summer. Any home over £1 million has to be realistically priced - if not it simply won’t sell. Generally, there is confidence in the market with demand remaining strong for properties that are realistically priced. There is a lack of stock in the £750,000 to £1.5 million range and the summer lull has just kicked in, but there will be those buyers relocating from London/ Home Counties, who will be keen to buy and complete quickly to get their kids into private schooling by September 2017. I believe the market will remain relatively static with lack of supply at the top end, however, we have at least a dozen off-market properties with willing sellers. I hope supply increases as confidence remains - problem is the uncertainty of Brexit and political instability - overall though I feel things will improve as negotiations progress.
3. Matthew Brouwer
Director, Fine & Country Lincoln
This summer, we’ve seen a lot of sellers and buyers come on to the market. Following the uncertainty of the election, we are anticipating a strong buying demand for the next few months in our region, and hope that the property market will continue to be stable.
4. Jan Von Draczek
Director of Sales, Fine & Country King’s Lynn
At present, the market is buoyant and we are achieving good prices for our clients. Interest from buyers remains strong at the moment and many buyers are seriously looking for correctly priced property. I would imagine that going into the middle of the summer months, enquires will fall in August, which is a historically a slow month with many people away on holiday so we expect a spike in September. Our region of north west Norfolk and the Fens is still an attractive area for buyers, as prices are low compared to many other areas in the east of England.
5. Mark Manning
Director, Fine & Country Leeds
The property market has been very interesting, and we’ve seen a lot of business come through our office. In the past four-six weeks, the top of the market has fallen in volume in the wake of the election. However, we have 40% more active sales than last year, and active sales indicate a better market. We’re expecting an increase in properties during September and October as they’re our best months.
6. John Lightower
Regional Valuation Partner, Fine & Country Newcastle
There were not many homes on the market this spring, but plenty of buyers have been looking. However, the buyers are very discerning and know exactly what they want, and the vendors that have successfully sold their homes have been realistic about pricing. As the summer unfolds, I hope to see more stability in the market. We’re hopeful that interest rates stay low, as it will keep buyers confident. We’re also hopeful that there’s no ‘political dynamite’ to dampen confidence in the property market.
7. James Skudder
Manager, Fine & Country Pembrokeshire
The market has gotten off to a slow start so far, which isn’t unusual. We’ve had some trouble with the weather, and the election did slow down the market fairly significantly. The top of the market has been slow this spring, but has picked up. Summer is the best time to sell your property, until the market dip when students break from school. In October and November, we anticipate another rush, and hope that the top of the market will start moving more. Second homes have been popular, and we’ve seen a dramatic increase in the number of holiday investors over the past few months. Sea view homes or homes in close proximity to the ocean have been moving very quickly.
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