Having worked in estate agency for many years, I’ve noticed many highs and lows within the market and although there has been some negativity in the press regarding the current market cooling, I have to say that this isn’t something that I have seen yet.
The market remains busy with viewings and offers, with some properties still in sufficient demand to enable best & final offers. However, buyers have had to adjust their budgets accordingly to meet the current higher interest rates and are doing their homework before making offers. The exceptional high figures that we were achieving 12-18 months ago have come back down to a realistic level.
Concerns regarding booking contractors and the high cost of materials is also another factor that we have noticed in the market, with more buyers looking for something that is ready to move into and is renovated to a high standard. The uncertainty associated with properties requiring a higher degree of refurbishment has put off some potential purchasers where budgets are tight.
I would say please don’t let the negative press put you off putting your property up for sale; if you’re looking to move we still have plenty of buyers looking for homes and especially have a demand for houses at the £500,000 to £850,000 price point in popular locations. Our expert team of valuers would be very happy to provide an initial no obligation market appraisal of your home and advise on how to best market your property.
I would also highly recommend speaking with our team of financial advisors prior to starting your property search, so that you have a clear understanding of your budget and, more importantly at the moment, how that would translate to your monthly mortgage commitment.
Contact myself or my team today if you’re looking to move on 0191 2130033 or email Gosforth@sandersonyoung.co.uk, where we would be delighted to assist you.
Julie Summerbell
Gosforth Branch Manager