18 Jul THE PROPERTY MARKET IS CHANGING!
We can report that the market is changing. The numbers of properties coming onto the market are slightly increasing, but they are taking a longer time to sell. Demand has perceptibly decreased, at least following an initial flurry of interest at the outset and if a sale isn’t agreed at an early stage, it is starting to be a longer process. Unfortunately, some Vendors (Sellers) are a little slow to accept these changing conditions and are rejecting early offers against professional advice and sometimes living to regret this decision, further on.
Offers now are rarely above asking prices, although still close enough to them, commonly 97% to 99% of the asking figures.
The good news is that properties are still selling and are coming onto the market in increasing numbers. This is because in these times of cost-of-living inflation and some uncertainty in the stock market, residential property provides a solid investment of sustainable value.