Although the Royal Institution of Chartered Surveyors reported the UK housing market as remaining ‘subdued’ during August, citing economic uncertainty and lack of mortgage finance impacting on the level of property sales, we have found that in Yorkshire, there is still demand in the market and have seen a very encouraging start to the autumn selling season. Sales are considerably above where they were this time last year; the number of new applicants is holding up well and viewings are at very similar levels.
Although these statistics show that there is still demand in the market, nonetheless, there is no doubt that buyers are increasingly discerning. There is considerably more choice available to them across the market, as stock levels grow and a guide price set at a realistic level remains the critical factor in achieving the best possible sale. Buyers take time to do their research; they are well-informed as to the state of the market and unlikely to view properties that they perceive are ‘over-priced’.
Looking forward, we believe that confidence will remain fragile and thus pricing is crucial to achieving a successful sale.
Toby Milbank. Partner at Strutt & Parker, Harrogate Office.
DD 01423 706772