Our Market Update
Pearson Ferrier Director, Julian Ferrier, offers his insight into the current climate of the UK property market… As we approach the final quarter of ...
Christmas may still be almost six months away but those wishing to be in their dream home in time to enjoy turkey with all the trimmings need to act now.
Demand for homes remains strong despite fears of the spiralling living costs and increasing mortgage rates.
But a conveyancing backlog has resulted in it taking around 150 days to complete a sale upon agreeing a deal – 50 days longer than this time in 2019. So, those hoping to sell their home and move before New Year 2023 will need to act sooner rather than later.
Julian Ferrier, director of Pearson Ferrier, said: “Homeowners serious about marketing their property and moving home, need to begin the process now. The market is still strong but homeowners looking to buy need to act to give themselves the best possible chance of finding a buyer and finalising the sale.” Julian added: “Realistically, those hoping for a Christmas move need to act soon.”
There are currently more than 500,000 homes sold subject to contract, which is 44 per cent higher than pre-pandemic levels.
Research shows that although house prices have reached a five consecutive month high, growth has started to slow. The average price of properties coming to the market is now around £368,614, a rise of 0.3 percent on the previous month.
Although the market is still buoyant, buyer demand has reduced by eight percent since May, with the surge in living costs being the most notable factor.
Julian said: “The speed at which houses have been selling within days of coming on to the market and the rate at which house prices have risen has slowed recently. This is to be expected after a record-breaking couple of years. But the number of buyers contacting Pearson Ferrier is still exceptionally high compared to the level of inquiries pre-pandemic. Also, the demand for homes is still greater than the number of homes for sale, so house prices are unlikely to fall. We may get to a point where there are more sellers than buyers, and house prices may fall but we’ve not reached that point yet.”
Top tips for a Christmas Move:
1. Choose Pearson Ferrier
Opting for the cheapest isn’t always the best choice. There is no benefit in saving money on fees only for your property to then be on the market for months.
Our experts will provide feedback from each viewing to continue our proactive approach to selling your home. We use the latest marketing tools offering maximum exposure to sell your property quickly and at the best price.
2. Price realistically
Over-pricing could put potential buyers off. If you place your property at a competitive price, there’s a possibility that buyers will compete against each other, resulting in receiving offers above the asking price.
3. Be organised
Ensure all fittings and fixtures lists are completed promptly and accurately, with all the relevant documentation and certificates returned to your solicitor. This should also include any planning consent granted for work completed on the house.
4. Show home quality
Freshen up your home by touching up paintwork and de-cluttering to make the rooms look spacious and welcoming. Light and airy rooms appeal to buyers.
5. Appoint a solicitor
Do your research and choose the right solicitor. A solicitor who progresses slowly will frustrate both parties, and, in some instances, be the cause of the sale collapsing.
6. Be flexible
Buyers may work unsociable hours, so vendors should try to be as accommodating as possible in respect of appointment times. Allowing viewings at unsociable hours may clinch a sale.
7. Know your market
Talk to one of our experts to discuss your target market. If most of the viewings are by young families, it might be worth turning a study into a bedroom.
8. Be ready for moving day
Don’t wait until the last moment to make arrangements for moving. Ensure you have booked any removal firms required well in advance to avoid any unnecessary hold-ups.
