People still have to move……

Michael Fiddes head of Agency at Strutt & Parker says “notwithstanding recent analysis by Rightmove reported that an alarming 70% of houses that have come to the market this year have remained unsold, people still have to move – the real reasons remaining constant – moving jobs, outgrowing your house, moving for schools, downsizing as well as death debt and divorce.  On a more positive note our statistics show that stock levels are holding up and both the number of applicants and the number of viewings are similar to this time last year.  Offers are being made and accepted so there are active buyers out there and there is a market.

Fiddes continues; “Buyers and sellers are well aware that we are in a nervous market. Everyone is concerned about the continuing spectre of the financial crisis , recession, high unemployment , shortage of mortgages and need for larger deposits and this has resulted in increased fall throughs.”  Properties can and do fall through for a variety of reasons. The scrapping of Home Information Packs (HIPS) has meant that information needed in order to progress sales is no longer prepared in advance of the sale.  Solicitors are being instructed by buyers to be extra vigilant leaving no stone unturned in their searches again exacerbating the potential for problems as nervous buyers concerned about the world economy, are worried about being exposed to risk and overstretching themselves.

What appears to be the clear problem is twofold: as much as 50% of the stock is still overpriced, with sellers’ expectations unrealistic; and  the nervousness of buyers in the ‘wobbling’ market is also resulting in sales falling through. Those who don’t have to move are staying put – but for those who must then the good news is that there is still stock out there and deals to be done!  Our advice to sellers is to be well prepared and to make sure that the marketing goes off with a bang not a splutter.  Houses new to the market will attract the most interest in the first two weeks so make sure you are well prepared – the house should be presented in the best possible light and should look loved and well cared for. This will make it really stands out from its competition.

What is another clear message from the market is that houses priced at the correct level will and are selling. It is an age old truth that there is a buyer for each house – just at the right level. Agents across the country are observing that homes on at the recommended price are selling quickly and even in some cases going to competitive sealed bids. A good professional agent will know the market and will be able to guide sellers in the best possible way. Take heed and don’t succumb to the unrealistic and overinflated figures offered by overzealous and unknowledgeable agents.

For more information, please contact

Samuel Gibson                                                                     Kate Oliver

Morpeth Office                                                                     Press Office

Strutt & Parker                                                                      Strutt & Parker

Telephone: 01670 51613                                                      Telephone: 020 7318 4652

Samuel.gibson@struttandparker.com                                   kate.oliver@struttandparker.com 

For more information, please contact

Samuel Gibson                                                                     Kate Oliver

Morpeth Office                                                                     Press Office

Strutt & Parker                                                                      Strutt & Parker

Telephone: 01670 51613                                                      Telephone: 020 7318 4652

Samuel.gibson@struttandparker.com                                   kate.oliver@struttandparker.com

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