The end of February is always one of my favourite times of year as the days become longer, the landscape begins to bloom and thoughts of Spring evenings in the garden filter through. Estate Agents eagerly anticipate the much-heralded Spring market as vendors prepare their properties for sale, waiting for the opportune conditions to capture their property in the very best light at a time when traditionally, more transactions are agreed than any other time of year.
When we published our end of year review at Christmas last year we were cautiously optimistic about what might happen in early 2023 with mortgage rates having risen sharply in Q4 and the increasingly negative national media forecasting a recession. Well, we are halfway through Q1 and, as yet we aren’t officially in recession. Mortgage rates have fallen from their pre-Christmas peak and there are more products available at what are still historically low levels. The number of purchasers registering in early 2023 is up 11% on 2019 (the last ‘normal’ market before Covid), first time buyer enquiries have increased, and the number of available properties has also increased providing buyers with more choice. House prices have flatlined rather than fallen contrary to forecasted predictions and the imbalance of supply and demand from purchasers suggests, in the short term at least, that prices will continue much as they currently are for the near future.
Our seven regional sales offices have seen consistently encouraging viewing levels over the past month and with more instructions due to launch in March coupled with improving weather we expect a strong finish to Q1. Sellers willing to adapt to the market are still able to secure a buyer within the first few weeks,but you must be realistic with your price, present your property at its very best and of course, choose an agency which specialises in your area and offers an honest, proactive service.
Our Lettings business is thriving, possibly due to the rise in mortgage rates making renting more affordable than mortgage payments at present. Average void periods are historically low and on average, it takes less than a week to source a new tenant with many properties securing multiple applications.
David Burr Holiday Lets continues to grow with more properties added every week. The higher return on investment holiday lets can offer compared to long-term letting is proving particularly attractive to investors and we believe our fully managed service (complete with housekeeping included) is unique in our area. If you own an investment property or have an annexe you are considering letting or holiday letting, we would be delighted to assist, contact your local office for further details.
