With a growing lack in buyer confidence, the residential market has reached a stalemate situation. But things are beginning to look up.
The year started with some encouraging signs. Fisher German, as a whole, saw enquiries and viewings substantially ahead of 2008. However, there seem to be two small matters that are preventing purchasers committing themselves: confidence and a lack of funding.
In many cases buyers are keen to move, especially those in rented accommodation. They often have a large sum that can be used as a deposit, which at one stage was earning decent interest in the bank.
This paid the rent and often more but now earns next to nothing. With prices dropping some 25% for certain properties, those renting may now see value in buying.
Sellers are falling into two main categories, those who find themselves having to sell and those who see opportunities in the market and believe that it is a once in a lifetime chance to upgrade.
As the year goes on there are signs of offers being made and deals being reached. It is however unlikely that the market will start trading until there is a meeting of seller’s expectations and buyer’s offers, which is dependent on their ability to raise finance and confidence.
There are signs this is beginning to happen.
More properties are coming to the market – currently we have Oak Tree Manor at Mowsley - a high spec contemporary home complete with cinema room, wine cave, laundry, gym and steam room; The White House at Allexton – a period house with its own lake and 19.47 acres; an attractive large barn conversion at Drayton; and a building plot with planning consent for a 4-bed house at The Old Walled Garden, Cottesbrooke.
For further information about property sales contact Richard Clowes on 01858 411209 email richard.clowes@fishergerman.co.uk
