05 Sep WILL THE MARKET FALL BACK?
In the face of the high level of inflation and rising interest rates, it is not unreasonable to anticipate some fall back in the market.
However, it is our experience being on the ground, that this is not happening. Undoubtedly, the extreme pressure on purchasers has moderated, but that is good news. There is now more time to find your ideal property, to consider the purchase carefully and to be able to submit a sensible offer for consideration.
The average prices that we have agreed on sales are still slightly in excess of 100% of the asking prices, but more sellers are prepared to take a realistic approach and will consider reasonable offers. The laws of supply and demand still mean that the more attractive properties in favoured locations, are generating much interest and achieving full figures, but it is fair to say that overall the panic has receded.
If you are selling and buying, the level of values will equate relatively, so there is no reason to be concerned. Most commentators agree that whilst the rate of increase in property prices is reducing, that we are nowhere near a fall.
If therefore it suits your needs to move at this time, do not feel restrained from doing so.