September 2009

The good news is that the property market remains robust after a solid summer performance where the seasonal fall in enquiries and transactions was less severe than had been feared.

Properties that are accurately priced are selling and it is mainly old stock that is still hanging around, where vendors have been unwilling to lower their asking prices to a more realistic level. Buyers have become far more discerning of late and are unwilling to part with their cash unless they feel the property is absolutely right for them and at a level they feel comfortable with. In these tough economic times buyers are far less likely to stretch out of their comfort zone to purchase a property as they don’t want to leave themselves unnecessarily exposed.

Stock levels are also improving across the board but demand is still outstripping supply and could be responsible for propping values up and until mortgage lenders ease borrowing, demand will stay restrained. The fall in competition within the mortgage market has also served to slow down the application process which can frustrate the speed of the conveyancing process.

It remains a buyers market but don’t expect huge discounts, unless the property is inaccurately priced and in knowing that lies the key.