The unprecedented changes that have occurred in the last years, including the war in Ukraine, inflation, cost of living and interest rate rises have dented confidence.
Confidence is paramount to the market and as turmoil has hit from every corner the market has undoubtedly been affected. However, supply and demand are keeping some types of housing and locations buoyant. In a less robust market quality still attains good prices and attracts healthy competition so not all is doom and gloom. In fact, in many areas, especially West Dorset a slight increase in stock levels has led to a thriving market with healthy transaction rates being recorded. The lure of the country and the ‘new’ work from home lifestyle becoming enshrined like never before, many families are taking the opportunity to relocate.
Less properties are going to best and final offers, but they are still not unheard of, and with better predictions for next year, when interest rates may have peaked and begin to find a level, confidence will return, with prices continuing to keep up. A seasoned eye is needed to gauge what price is the right price to pay and armed with due diligence and a steady hand this is a market where good value property, bought for the medium or long term will be looked back upon as good value and a definite buying opportunity!
By late summer the rain may have stopped, and with confidence beginning to return, peoples’ need to move on and live will triumph over the compounded effects of the rising costs of living, inflation, and the increase of mortgage rates which hopefully may have dissipated to some extent. The feeling is that country property will remain highly sought with firm pricing for the foreseeable future. Property is seen as pretty inflation resistant, and although rates have risen, limited stock will maintain prices of quality, and this will not be satiated in a hurry!
Local knowledge, contacts and feet on the ground are therefore key in this challenging market.
So, in order to get the most out of the interesting times ahead it is especially important for buyers to undertake thorough preparation and research. Sound buyers with finances and legal advice in place may well be able to make good advantage of an uncertain marketplace. For further help and advice please do contact me for an informal chat on 07990880164/ 01300 348100.