The market remains active although, despite a slight uptick in stock levels as you would expect in the Spring Market, the acute imbalance between demand and supply remains. This has in affect slowed the market down as chains stutter to a standstill whilst buyers wait for their vendors to find and so on and on it goes until the chain is finally closed. The lack of stock seems to be a self-perpetuating problem as would be sellers remain reluctant to bring their properties to market without the confidence in being able to find themselves.
We are also seeing a two tiered market, with the exceptional properties priced correctly, still attracting multiple offers and often still exceeding the guild price. Yet properties that are over priced and perhaps slightly compromised, are sticking and in some cases having to adjust their marketing prices down. Borrowing costs are rising and this will impact affordability and price growth. But buyers that want to move to Devon are motivated and not too concerned with any slight downward adjustment should there be one. They are buying for lifestyle reasons and for the long term.
We are still incredibly busy with new clients and interestingly I am getting more and more calls from would be sellers direct, who see the value in reaching out in the hope of finding a buyer without having hoards of people through their doors. In these cases, I often insist they get support from an estate agent but am always happy to try and place a buyer avoiding the need for them to go to open market.