Recent weeks have seen a burst of colour across the region as an almost continuous cycle of the elements have led to a background whirring of lawnmowers and the onset of what has historically been one of the busiest periods of the year for the housing market. Whilst market trends are variable across the nation, the homeowners of East Anglia have a longstanding preference for marketing their properties at a time of year which displays their gardens to their best advantage. With spring/summer trends in years gone by characterised by extended periods of drought, 2023 seems likely to bring a more varied spring that always brings a boost for both viewers and estate agents alike.
Following last month’s market comment regarding an increased level of supply to the regional marketplace, we have seen success amongst those sellers that are heeding advice with Rightmove’s house index reporting “Agents are reporting that many sellers have transitioned out of the frenzied multi-bid market mindset of recent years and understand the new need to tempt Spring buyers with a competitive price. The current unexpectedly stable conditions may tempt more sellers to enter the market who had been considering a move in the last few years but had been put off by its frenetic pace. Buyers may have struggled to find a home that suited their needs in the stock-constrained market of recent years and will now find more choice available. However, those who have now decided to make a move should not wait around too long to make an enquiry if they see the right home for sale, as not only is the number of sales agreed now back to pre-pandemic levels, but homes are also on average selling twelve days more quickly than at this time in 2019.“
The lettings market remains extraordinarily busy with not enough supply available to cater for the level of applicants that we presently have. An increasing proportion of our let only clients are taking the decision to invest in our fully managed service which removes a lot of the onus from what is an increasingly regulated sector. With more and more residential mortgage rates back over 5% for both two and five year fixed products, buy to let investors are keeping a keen eye out for bargains within the property types typically best suited as buy to let investments. Should this be an area you are considering investing in and would like an initial discussion as to how best to get started then please do not hesitate to contact your local office who would be pleased to provide no obligation advice tailored to your specific circumstances. Equally, if you are a tenant looking for a property to let in the area, please do get in touch with us as the best properties are securing tenants in a matter of days from that time at which they are initially offered to the marketplace.
Our exhibition at the London & Country Property Show is due to take place on Tuesday 16th May which is aimed at those who are exploring the possibility of moving away from London, investing in property in and outside the capital or those looking for a more varied lifestyle the like of which East Anglia provides in spades. This event has attracted a lot of interest from both existing clients and those looking to relocate to the region and we look forward to reporting back after the event.
Held in the Main Hall of the Chelsea Old Town Hall, the show will take place on Tuesday 16th May 2023 between 1.30pm – 6.30pm and is free to enter.