When we have written about London pricing soaring and the rest of us catching up, the London marketplace may have smirked. Now, the boot seems to be on the other foot with active growth and non deterred sellers coming to the market in the majority of regions outside of the Bubble. If we take a snapshot over the last six weeks of activity we can see that the two weeks prior to the Referendum saw a like for like drop in instructions by 8% while interestingly the first two weeks post Brexit saw instructions rise by 6%.
Regionally Estate Agents report that the property market continues to build momentum due to the lack of property coming onto the market. The interesting dynamic here is that prices will likely continue to rise unless the volume of instructions increase. With Mortgage rates remaining low and buyers experiencing a degree of panic that further “suitable” properties will “not” come to the market, the higher prices are being,in the majority of cases, offered.
At Elizabeth Davenport we like to see what the public really feel about the price of there ideal home. Our goal is to generate as much interest as possible and not just to sell, but to find the very best buyer; have a choice if you like. This is not going to happen if you price the buyers of your property out of the equation. If the advertised price isn’t cynical the public will appreciate it and multiple buyers can be found. As I’m sure you can see, this does not occur from demanding a price above that which the property is worth. Our Sold to For Sale ratio reflects this with over 65% of our stock consistently sold.
Brexit has not affected the market place in Coventry and Warwickshire because there is not enough stock for sale. Whilst the demand outweighs the supply the prices will, for many of us, remain too high for comfort. But everyone does need to live somewhere. Possibly not London though.