Lack of stock is still an issue in the market with stock on agents’ books hitting a new low this month.
From our perspective we are seeing properties in the first-time buyer bracket (up to £400,000) selling well and there is significant movement in the market. It’s a different picture for properties in the higher bracket, the £950k to £2m price tag. There is a reduced level of stock – potential vendors appear to be hesitant in putting their houses on the market. We perceive prices to be static due to a number of factors not least of all the significant stamp duty at this level. Again this is reflected in the RICS survey:
As the market has slowed, people putting their houses on the market are now perhaps more realistic with pricing
The good news for buyers is that finance is still cheap and readily available so with the combination of better pricing, it would be a good time to buy – if you can find the property you want!
Despite the limited movement in the market, the Residential Surveying team have been very busy across the board with expert witness reports, HMO valuations and more demand for residential building surveys rather than the more basic RICS homebuyers report. It suggests where people are investing in property, they are looking for more investment potential with older, larger properties and want the in-depth survey carried out to ensure their investment is sound.