Date Published 13 June 2019
Buoyancy returns to the market! At last, some seemingly good news as buyers appear to return to the market, following a disappointing period around Brexit. We'll pass no opinion on Brexit, but buyers seem to be fed up waiting for something to happen and have noticed the small drop in prices, making an onward purchase more appealing.
Let's back that up with numbers. Of all of the Horsham District based estate agencies that have sold more than 10 houses this year, according to Rightmove stats, we do sell the quickest and the average time to sell for At Home Estate and Lettings Agency is currently 98 days. If we rewind to March, the average time to sell took us 105 days.
A week may not sound like a massive improvement, but remember we are averaging out stock that has been available in that time period and an improvement in selling time of 7 days in just 3 months is more dramatic than it sounds. Other agents will have also experienced this improvement and it is indicating a strong improvement in sentiment.
This has stabilised prices and they have settled at a lower price point than just 12 - 18 months ago. Although a lower price point is always the most palatable, the onward purchase is having the same experience so sellers have realised that if they have dropped 5%, they are financially better off if their more expensive property has had the same issue.
So hopefully the sun is shining on the property market again. The pessimist in me feels the need to mention that Brexit could rear it's head again and the main political parties appear to be trying to implode, which could bring uncertainty with it, but for now we seem to be in a sweetspot for selling.
Director of At Home Estate and Lettings Agency