What exactly is happening to the property market at the moment? For us, and in many parts of the UK September has been one of the most active on record and this following a rather busy August. After all the ‘property experts’ seem to think that the market could take years to pick up again.
This underlines the fact that nobody can really be a true expert forecaster in property. We can expertly deal with the market we are in, and skillfully help buyers and sellers to make the best of the prevailing conditions. But to try and out-guess the property market is an entirely different proposition. What the gurus couldn’t factor in was the behaviour of the British house buyer and seller. Neither group is daft! Homeowners understand that there is a strong chance the market has hit the bottom and now the only way is up. So the longer they wait the more they may get for their property.
Buyers, on the other hand, are keen to buy now as they anticipate that this is the perfect time to purchase. Indeed, latest figures show that residential property is now at its most affordable for thirteen years. Our astute buyers and sellers do understand a thing or two about supply and demand. Reluctant sellers mean a dearth of property coming onto the market and that, in turn, is stimulating a level of activity that is now causing competition between many buyers. In some areas this means multiple offers and even rising prices. So, what a great position to be in. Don’t sell and you will make money. Buy now and you will make money. It’s win-win and that is a concept that should be no riddle, mystery or enigma to anyone.
Michael Delaney – Lane & Bennetts