October Property Market Update

October Market Update...

We are heading into Autumn and the property market is not showing signs of slowing down, if anything it is picking up a bit of pace!

Across our branch network in September we sold 20% more properties than in August and we sold almost 10% more than we did in September last year.  These are positive figures to see for both buyers and sellers.

 
The announcement in the middle of September that interest rates would not increase was a welcome one. It has helped not just buyers but homeowners,  particularly those on fixed rates, which are coming to an end. We have seen an increase in the number of clients speaking to the independent financial advisers we work with.

Generally speaking,  whether it is booking a holiday or finding the best broadband package, most of us shop around to try to find the best deal, and the same can be true for mortgages, independent advisers can look at the rates on offer across a range of lenders to hopefully find the best deal for clients. The advisers we work with offer in-person and over-the-phone consultations. Click here to ask them to get in touch.

The rental market remains strong, although there was a slight slowdown in the number of properties being let. We are increasingly finding that landlords are not up-to-date with the ever-changing safety requirements, and this can sometimes delay tenants moving in as work and inspections need to be carried out.

We let over 90% of the rental properties we put on the market (the 10% we don’t is often a case of landlords choosing to sell instead of rent). The sooner we have all the information we need, the sooner we can move a tenant into a property. Landlords are advised to instruct safety inspections as soon as possible. If a property is let for £800 a month and we are waiting one week for an EICR certificate, it has potentially cost the landlord £200 in lost rent.

As part of our Full Management service, we ensure landlord properties are compliant.

Going into the last few months of the year I am optimistic about the outlook of the market, new buyers and tenants are registering daily and properties are selling and renting. In some instances sellers are revising asking prices, but we are not seeing properties selling for substantial reductions on asking prices.
 
We had auctions last month with competitive bidding from multiple buyers who are prepared to financially commit to their purchase and pay non-refundable deposits.
 
If you have a property to sell or let, please contact us today for a FREE valuation. We have buyers and tenants waiting!

Best Wishes,

Caroline Pattinson

Managing Director