Written by Peter Hornor.
At a recent meeting of our residential services team it occurred to me that a quick overview for readers would be of interest. After all, we are continually being told stories of ‘doom and gloom’ – what is the reality in the real world?
The Sales Market
There is always a market, whatever happens in the real world. People have to move and the business of buying and selling has to continue. People sadly die and houses have to be sold and the whole process takes place despite a downturn in the economy but realistic assessment is absolutely vital. At Brown & Co, and I am sure this is the case with others who are involved in a broad cross section of the market, there is certainly activity but as agents we have to be very careful to give the right advice whilst reminding ourselves that it is our duty to maximise value. Everything is price sensitive but sales are taking place throughout the price ranges in the city and county and there is reason for optimism.
The Rental Market
The rental market is very buoyant in Norwich and Norfolk, but particularly the city because of the close proximity to the University of East Anglia, John Innes Centre and the Norfolk & Norwich University Hospital, and there is a steady demand from a wide variety of tenants looking to live in the city centre in good quality accommodation close to all the amenities that we love. There is, therefore, reason to be confident that this demand will continue. Whether it is a terraced house inNorwich, a property inUnthank Roadin the Golden Triangle, or a cottage or farmhouse there is demand from a wide variety of people looking to live in a pleasant setting. This holds true at the higher end of the spectrum where farmhouses, country houses and cottages are letting well; in many cases to people on short-term contracts moving to the region or to buyers looking to rent before they decide where they want to live.
I bore everybody about auctions every other week so I need to be careful! Suffice to say that this method of sale is here to stay and those firms involved with the auction process have had some considerable success this year, not only in selling property throughout the price ranges but maximising value and showing buyers and vendors alike that this is one way of achieving a result over a given period. It will be interesting to see how our auction goes next week and as always we look forward to the day.
You can contact Peter Hornor at Brown & Co on 01603 629871.