It’s an old excuse – the summer holidays – like the Budget, like the Election, like the Ash Cloud – always an excuse.
But something has got to give. There are more vendors and potential vendors entering the gates to sell, but few buyers with real apptetite to buy. Part of the problem is expectation, of course – on the sellers side that they will get 2009/2010 prices and buyers thinking prices are going to come off their highs over winter 2009/2010. Sellers are wrong and buyers are right – house prices have come down and are coming down.
It’s the ‘coming down’ part that also delays buyers, who decide that they will only transact when the market has reached the very bottom. The trouble is that most wait too long and enter the market as it hits or reaches the bottom, and then they have to chase it upwards again. The accepted rule, and City wisdom that you should chase and buy into the market as it goes down remains the same for property as it more info
does for stocks and shares.
Many potential buyers are also sellers – but see themselves as sellers first and foremost. They want to get the best possible price for their property, and not until they have achieved that, will they start looking. So nobody moves – because everybody has got to sell, before they buy. Is this the right approach in a rapidly-moving market, particularly when many are looking to move from one property to another?
It makes much more sense for sellers to become active buyers – they are engaged with the market and are looking on an on-going basis on what’s selling, why, for how much. Not only can they be realistic about what they can buy, but they can also deal on the property they are looking to sell.
Our advice to buyers and sellers remains the same, get your house in order and ready for market by talking to your selling agent, get your money sorted – but , above all, once you have done all that, don’t forget to actively enter the market as a buyer. You want to move, don’t you?
As expected, the Chancellor did a good job of talking up major cuts and tax rises, before delivering a Budget that was more politically benign. Regarding the property market, Mr. Osborne did not have a lot to say. It looks as if the loopholes that have been used by wealthier buyers to...
There is some detail emerging from the new Con-Lib Government, but uncertainty remains with many as the ramifications of changes and possible changes are chewed over. The market always suffers from reduced activity in times of uncertainty, so there will no doubt be would-be sellers delaying (again) the moment they put...
Budget boost? The Chancellor has applied what amounts to an irritant to the top end of the property market. One per cent increase in stamp duty is unlikely to have a significant effect on decisions made by buyers in the £1m+ category, but it may be reflected in prices achieved. Certainly,...
Where do property values go next? The third and fourth quarters of 2009 and first quarter (to date) of 2010 have seen some considerable recovery in house prices. Market supply is low, borrowing is cheap (if you can get it) and the returns from other investments are poor. The amount of house purchases...
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