Buyer confidence is crucial
A recent report stated that new property listing prices have remained in line with the typical run-up to the summer holiday season despite Brexit concerns. It claims the price of new property coming to market fell 0.9%, or £2,647, over the past few weeks to £307,824.
Asking prices for first-time buyers fell 0.2% in July to £189,183 but second steppers and those on the top of the ladder saw bigger drops at 1.2% and 1.1% respectively. In the last two weeks post-referendum, compared to 2015, enquiries to agents from buyers were down by 16%.
Unsurprisingly this July’s fall is marginally larger, as political turbulence has a track record of unsettling sentiment. Last year saw a seasonally unusual 0.1% fall in the run-up to the May election, and a June and July price surge as a result of the post-election boost. Average new seller asking prices were up by 3.1% over that two-month period.
Although many sellers seem undeterred by the referendum result, it is buyers who are crucial to the continued flow of sales and that is down to confidence. In our opinion, some price negotiation may be necessary to put deals together, but this is not always the case as demand is steady, although not overwhelming. If a buyer and a seller want to move forward, the sensible answer is to agree an acceptable price. After all, a deal is only a deal if both parties agree.
Whether you are buying or selling, call our experienced team for general advice and a Free Valuation. 01993 779020