The property market has been fast-paced and unpredictable. But with the end of the stamp duty holiday looming, is there a let-up in sight or are things as challenging as ever?
There are a few choice words that could be used to describe the property market so far this year – manic, unrelenting, unpredictable, unforgiving.
As a result, attitudes and tactics have had to change and buyers have, perhaps, had to be a bit braver than they would normally wish to be. Adopting a ‘you snooze, you lose’ approach to house hunting has become an uncomfortable necessity. Even Rightmove alerts weren’t enough as properties were sold even before hitting the open market.
Being a proactive house-hunter took on a whole new meaning.
As the end of the stamp duty holiday loomed it was hard to predict what the property market would do - stall, plateau or continue on its upward momentum? Buyers were no doubt hoping for some respite from the madness. Sellers were wondering if they can still command a strong price and retain the upper hand in negotiations.
So… where are we?
The ending of the stamp duty holiday in June has certainly taken a bit of fire out of the property market but don’t confuse slowing with slow. The property market is anything but slow and we are still seeing extremely high volumes of sales. In the first two weeks of June we’ve sold 17 properties with a total market value of £8.3m achieving 99.98% of asking price. This number of sales is up 24% on last year and 60% on 2019 for the same period.
In addition the number of buyer enquiries remains high, not only from people in the local area but also from those further afield looking for a better life down by the sea. The desire for a better work/life balance is certainly not changing, Leigh-on-Sea and the surrounding area remains one of the UK’s hot spots and, as we move towards the full lifting of lockdown, there seems to be a sense of positivity and confidence in the market.
Our advice for any would-be buyer is to be as poised and proactive as ever. If you want to secure your ideal property then ensure you’re in the best possible position to do so. Keep in touch and keep an eye on our social media channels for New Instructions (as they often appear there before hitting Rightmove). Do not wait to see something you like before getting your property on the market or, at the very least, get prepped, photographed and ready for sale. Good properties, sensibly priced will not sit there waiting for you to find and instruct an agent, let alone wait for you to find you a solid buyer. If you’re not ready to go, someone else will be.
And if you’re selling but haven’t yet sold then listen to viewer feedback and your agent’s advice. The market remains fast-paced but common sense still needs to prevail. If buyers aren’t buying in a sellers’ market then be open to conversations around new approaches and tactics. We will always offer the best possible advice with your best interests at heart.
If you need help finding or selling a home please call the Home team on 01702 480 033.