Property Market Comment

Autumn 2023

Now that we have got summer behind us and the little treasures are back at school we can now hope for a return to some common sense and normality in the property market.

The holiday season is never the easiest time to accurately judge the state of market conditions. There have been so many mixed opinions amongst economists, the media and property professionals about the state of the market of late. If we listen to national statistics we would be led to believe that a crash could be possible but this does not take into account local differences and variations in the region. Here in Suffolk and North Essex the market has indeed quietened down and some estate agents are finding buyers thinner on the ground but demand for properties from £500K to £1m is relatively strong especially those that are of the highest quality or ‘best in class’ as we call them. On average properties are taking around 2 weeks longer to sell than at the beginning of the year and there are still some vendors and estate agents who are only prepared to accept viewings with cash buyers.

Vendors struggling to sell are those that continue to overvalue their properties before they ‘see the light’ and agree to reducing their prices now that buyers are far more selective and cautious. One of the reasons that vendors try to justify their unrealistic prices is that they may have overspent on renovating works and need to claw back on their investment. Also they may have observed that their neighbours had achieved a similar asking price forgetting that this may have been 12 months ago.

We have seen a big drop in Best and Final bids which was so commonplace over the past few years but ‘drop offs’ are still worryingly high (over 30%) and this is usually down to various reasons such as mortgage application rejections, vendors changing their minds and removing their properties from sale because they cannot find anything suitable to move to and also poor communications amongst conveyancing solicitors and estate agents.

We think that would be buyers are getting used to the idea of high interest rates as confidence is gradually returning in spite of the high interest rates and on a positive note we are seeing an increase in attractive properties coming to market.

Stacks has 17 offices across the UK, so we can help with your property search, either here in Suffolk and around the country.

Do give us a call for an informal chat and take advantage of our local knowledge. Tel 07531 901506 or 07715279230.

What will a Stacks buying agent in Suffolk do for you?

Professional Expertise

We’ll talk with you about how you want to live, the demands of your work, and your plans. We’ll establish what you need from your next home… and why.

Finding a Property

We’ll scour the market, bend the ears of our contacts, and hound the estate agents. We’ll leave no stone unturned to find the right home for you.

Saving you Money

We’ll haggle hard and bring all that we’ve discovered to bear to agree the best terms on your behalf. Our clients enjoy preferred bidder status with estate agents. You’ll have clout.

Trouble Free Completion

We’ll problem-bust, tackle obstacles, arrange surveys, and liaise with planners. A myriad of issues can raise their head at this point… we’ll deal with them all for you.

Call Gillie or Anthony to discuss what you are looking for.
Tel: +44(0)7531901506 / Tel:  +44(0)7715279230

How We Do It

“You showed fantastic attention to detail, anticipated all eventualities, and provided timely and practical help and guidance every step of the way.  Above all, you supported me in making my own considered decisions, and I am so grateful to you for all your help in getting me to where I am now!”

“We firmly believe that without Rachel and her skilled negotiation we would not have secured the property.”

“We felt they genuinely wanted to help.”

“Stacks’ performance on this assignment has been absolutely outstanding and more than met my expectations. Her understanding of the brief and the ‘after-find’ service set a standard of professionalism that I have not met before.”

“It is not often that one is pleased to part with money but I can truthfully say that I am on this occasion. You have earned every penny of this cheque and what is more, you have done it with great courtesy and good humour. It has been very pleasant working with you. You really did take most of the stress out of our house hunting.”

“Encouraging me to think creatively about what could work for me.”

“Finding a plot not yet on the market and persuading the developer to enter into an exclusive contract with me to build to my specification.

“I was impressed by the efficient, kind and courteous service provided by Stacks”

“Stacks were a tremendous help and we would never have found our home without them. She is a lovely person with a great sense of humour which was essential during some of our tricky negotiations

“You gave a much-valued ‘younger’ perspective on our situation, which was a real asset”

“We found the service extremely helpful and professional at all times”

“I have been delighted with the service I have received from Stacks and will not hesitate to recommend Stacks in the future.”

 
Subscribe to our newsletter

Receive updates about the world of property, straight to your inbox.

* indicates required