- Thu 26 Apr 2018
Hello and welcome to our property market review for the first quarter of 2018.
Activity levels have been a little up and down recently mainly due to the unusual weather we have had as the snow days as fun as they are take their toll.
Overall the number of new instructions coming to the market has risen so there is more choice available to potential buyers, which in recent years has been an issue.
Sales levels are almost identical to last year, although we have noticed that properties are selling on average 18 days quicker than last year showing that demand is still high.
The market appears to be ‘price sensitive’ – this is where buyers are keen to research and compare other properties before committing to even viewing a house. With more properties coming to the market, this is easier for buyers to do and therefore its important that when marketing a property researching the price and getting accurate advice is key.
We have seen some new property hot spots this year, namely; Hayle, Penzance, Looe, Saltash, in Cornwall and in Devon Sidmouth, Crediton & Teignmouth. A combination of value for money and desirable locations appears to be the driving force behind this.
The lettings market is still feeling the impact of the increased stamp duty for investors and second home owners with the number of lettings properties coming to the market is down almost 17% on the same period last year.
The likely impact of this shortage could be that rents will rise. We will monitor this and keep you informed later in the year.
In other news, it was announced by the government recently announced that all Estate Agents will be required to hold professional qualifications and new home style reservations could be used when agreeing any property. This will path the way for a small deposit being agreed at the outset of any sale to stop gazumping and sales falling through. Once things have been agreed in more detail we will report back on this very important point.
Making the industry more professional should do away with those Agents that cut corners and essentially ignore the legislation and regulation that is already in place. This will then lead the customer receiving a more professional experience when coming to sell your biggest asset.
We have long been in support of such qualifications and focus on putting the customer at the forefront of the house buying and selling process.
The fine details are yet to be released but the announcement was welcomed, and we will keep you updated.
If you would like to get in touch with us or perhaps put some questions to us to answer net time, then please do so by any of the methods on your screen.