FEBRUARY UPDATE- HOW THE MARKET IS SHAPING UP BY MARK WELTON
Well, I thought that I would give all my subscribers an early year indication of what the property market is up to in it’s 2012 infancy and how the coming months are likely to evolve in terms of market activity.
January is often an unpredictable month as would be buyers and sellers shake off the excesses of the Christmas period and start to work out their plans for moving during the year ahead. As usual the media are providing their own dose of “New Year Cheer” to the market with the customary diatribe about “Recession” “Stagnation” “Unemployment”etc etc etc………………….so no change there then?! In fact, I am feeling very much at home with those negatives since the media have been consumed with them since 2008!
So have those poor, beleaguered buyers and sellers been put off? The answer is very definitely a resounding NO! Enquiries and viewings for property in most price ranges have improved by 50% since December and it is important to remember that January and February are frequently “quieter” months!
The price range and property type that has shown exceptional activity, is the £400,000-£500,000 bracket. More specifically, 3/4 bedroom family houses, in the residential areas of Hove or Brighton appear to be in great demand! It is not uncommon for us take instructions on a house in this price range and secure a buyer within the first 10 days of marketing! Indeed, today we have just agreed a sale for a house within a week of coming to the market and received no fewer than 5 serious offers!!! So much for the doom and gloom mongers who would have us all believe that the property market is imploding against the backdrop of impending recession and unemployment………………..!
We are also recording high number of enquiries and ultimately sales for 1 and 2 bedroom flats, especially for those with private outside space. If you have a south or westerly aspect patio or garden and a share of the freehold you are practically assured of at least 2 buyers within a very short period.
The larger family houses in the £700,000 to 1 million price range are slower at the moment, but I would stress that this is entirely normal and predictable. This area of the market normally hots up in March/April, as sellers and buyers try and coordinate their move around school term times. With the activity we are witnessing in the lower price ranges I fully expect to be reporting healthy activity in all areas of the market in my next update.
Remember, the key to selling quickly, is sensible pricing supported by a strong marketing programme and good, professional advice. As always choose your agent wisely…………………………………!