The spring market is off to a strong start with plenty of buyers and new properties coming to the market every day.
Demand is coming from the usual (births, deaths, marriage, divorce, relocation) along with those who delayed moving until the market was less frenetic than we’ve seen over the last 3 years.
Sadly, what I am seeing is overpriced properties coming to the market. I know of 2 estate agencies (1 a well known international brand) telling their staff to list everything they can at any price (“tell the seller what they want to hear”) and deal with a price reduction later. Not only is this counter productive for the seller but it causes confusion for the market as a whole. These overpriced properties will inevitably drop in price, or come off the market when they don’t achieve their desired price.
Given this, my advice to buyers is to look closely at properties they are interested in. Genuine sellers of overpriced properties will come down on price. If the agent is defending the price of a property you’re interested in, ask them to justify why. That could be an interesting discussion!
So is it a good time to buy? Yes it is. There are plenty of genuine sellers and lovely properties to choose from, with good mortgage options.
Mortgage rates have dropped a little and are stabilising too, giving buyers more confidence to move forward;
Rates are at more sensible levels now with reasonable fixed rates for a 5 year term. That said, a good mortgage to look at is one which starts as a tracker and can be switched to a fixed rate with no penalties.
Jon is seeing strong demand for mortgages still including from first time buyers.
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If you’re considering selling, do give us a shout, we’re always here to help you.
Founder & Director
Kai Carter Estates