Market Comment 2020
At last some questions have been answered and let’s hope it gets the country moving…..literally.
There has been a stalemate in the property market over the last 12 months. Those trying to sell were still inclined to think their property was worth more than buyers were prepared to pay. Buyers who found themselves in a chain were taking longer to reach the finish line and that’s assuming someone along the line didn’t pull out; all too common unfortunately.
With more confidence now, we are hoping that people will decide this is the year to make that move. Agents here are reporting that the stock they have is selling fast and, although they are being asked to go out for valuations, need those to be converted into committed sales. There was an increase in mortgage enquiries at the end of last year and rumours of a cut in interest rates (although unlikely), could stimulate the market further.
Prices in this area should remain stable with maybe a small percentage increase, probably less than 1%. Of course, there will be those prime properties which tick all the boxes and then you need to be prepared to pay that bit extra.
So, if you decide to make that move, give yourself the best chance of succeeding and get all your ducks in a row. This includes: instructing a solicitor from the outset, preferably a conveyancing solicitor; obtain at least 3 agents valuations if selling; get all relevant paperwork together; get a mortgage agreed in principle if required or cash readily available; make sure your property is in the best condition it can be and, in particular, clutter free.