April Market Review
Has the world gone completely mad? Indeed just lately the world of property seems as though it might have done. If the press isn’t yelling about renovations at No 10, it’s screaming about panic buying and soaring prices. How much should we believe?
With No 10, one’s view depends on which side of the fence one is sitting. And it’s the same with property. There’s the buyer’s side of the fence and the seller’s side.
Sellers are having a good time of it at the moment in Witney and the surrounding villages. There is very little property coming onto the market, which is strengthening demand and driving up prices. The Zoopla price index puts national year-on-year price growth at 4%, but lists Oxford as second from bottom with growth of just 1.6%. This is where our VERY local expertise comes in, Witney simply isn't Oxford. The average house price in our delightful market town is actually up by around 5%, proof indeed that West Oxfordshire really is the place to be!
For buyers it is another picture. Competing for every property with many other keen and proceedable buyers is not a calm or comfortable position at all. Urgency often causes hasty decisions carrying a little too much compromise. Buyers put in this position can withdraw from their purchase some way down the line, leaving the whole chain stranded. We believe that a calm, professional approach by the agent as the sale is put together reduces this risk considerably.
But the property market itself is fickle. The pandemic, Brexit, low interest rates, looser lending criteria and the stamp duty holiday have primarily created this surge in demand. What will happen when these things, like the No 10 renovation, are only memories?
It is impossible to say for sure. But what we do know is that the property market is cyclical. At Martyn Cox & Company we have seen many ups and downs. I personally will celebrate 30 years in the business in just a few days, and I have two colleagues with 38 and 42 years experience, I suddenly feel young again!
If you are looking to move and you are up for a bit of market rough and tumble then by all means join the fray. But if you want a more reassured buying or selling experience, then perhaps you should come and talk to the Witney Estate Agents that truly have experience for you to rely on.
How do you decide whether to act now or wait? Well, you can leave it all to chance, or you can get some proper advice. The thing is that estate agents don’t just sell property; the best ones advise buyers and sellers wisely. When you think about it they know more about the emotional, practical and financial side of moving than anyone else, because they have seen it and done it hundreds of times for thousands of people and innumerable reasons. We are here to help and advise you, it's what we do.
So if you are wondering what and when your next step should be in the property stakes, don’t panic; talk it over with people who know. Martyn Cox & Company - Witney.