October Property Market Update
Recent trends in country house prices have reflected a tale of two markets with limited growth in the south whilst the Cheshire and Lancashire markets have proven more resilient.
In the early part of the year, buyer interest continued to rise within the area. Mortgage providers were forecasting ongoing growth and the overall outlook for the housing market in 2006 looked good right across the board, with the proviso that sensible pricing will always win the day. Over the spring and summer months the high demand, particularly for specialist properties, was evidenced by the high level of interest and successful sale of Mount Farm, Gawsworth (near Macclesfield, Cheshire), a rural smallholding offering great potential for the owner occupier or investor.
However as winter looms on the horizon, the property market appears to have entered an autumnal period in more ways than one. A small rise of 0.2% in the average national asking price this month appears to indicate that the price surge witnessed earlier in the year has come to an end. Calls for further intervention from the Bank of England to correct issues of affordability now seem premature, as the reaction to the increasing costs of home ownership mean that a further rise in interest rates would add an additional burden to those already struggling with the costs of trading up.
With markets traditionally driven by supply and demand, and new instructions down on the same period last year, one would expect price rises. However agents are reporting the unusual scenario of static prices and a falling supply as many decide to delay their move until the next step on the ladder becomes more affordable.
Many homes come into their own in the winter months, and for those keen to sell there is still an excellent book of buyers looking for a variety of properties. In a traditionally quieter time for viewings the key to a obtaining a successful sale is to make the best of the features your property has to offer and to market with realistic price expectations, as purchasers are increasingly stretched they are viewing higher volumes of property before making a decision often on the basis of best value.
- Ashby de la Zouch
- 01530 412821
- Banbury
- 01295 271 555
- Knutsford
- 01565 757970
- Market Harborough
- 01858 410 200
- Newark
- 01949 851815
- Southampton
- 02380 883150
- St Helens
- 01744 451145
- Stafford
- 01785 220 044
- Worcester
- 01905 453275
