Market Comment

Autumn 2010

Autumn 2010

The Autumn market traditionally shows an improvement in activity after the summer holiday lull, and this year has seen an increase in property coming to the market, together with the usual round of price reductions and changes in Estate Agent, or both.  However there is still a large divergence in price guides between properties which are coming to the market, or having price reductions, at realistic levels and those where the vendor expectations or needs continue to be too optimistic.

The number of top quality properties coming to the market in all price bands is still at a low level, coming as it does from a relatively small finite supply and, as always, there are good buyers around for these.  This creates the rather unexpected situation of competitive demand, leading in some cases to ‘best bid’ situations in this sector, whilst the bulk market and more secondary properties are having to reflect the current market trends of increased competition and fewer buyers by pricing very realistically if they are to stand a chance of selling.

The statistics produced by the financial institutions and emanating from the media are generalised and tend to apply to the ordinary bulk market.  Individual, good quality property does not perform in the same way and comparison is inappropriate.

An increase has been noted in the number of vendors who, perhaps sensing the slower market conditions, are not prepared to openly market their properties although they do wish to sell at some point.  These properties are available to purchase – if you can find out about them.

The softening of the market and prices and the increase in supply of property presents an excellent opportunity for buyers, who now have more choice and a stronger negotiating position than they have had for some time and this situation is likely to continue through the winter.

However, in what can seem a rather confusing and unpredictable market, the need for professional assistance is more important than ever:

To be able access the whole market – properties openly marketed together with those covertly available.

To establish whether the price guide is realistic or over optimistic.

 To negotiate the best deal on behalf of the purchasing client – taking into account all the circumstances, including the expectations of the purchaser and the situation of the vendor.

The engagement of a professional buying agent is probably as important and valuable now as it has been for some years.