Market Comment
Spring 2012
As predicted the property market has got off to a slow start with demand still outweighing supply this year. The urban market is still moving much more quickly than the country market. However there have recently been some quality new instructions launched in the country. These houses are generating interest as they are welcome new stock after a quiet winter.
Many country houses that have stuck on the market will have to take a real hit on price if they are to sell this year. For what seems like a long time there has been very little interest in the country market surrounding Bristol and Bath so much so that my advice to a vendor would be to price realistically and hold onto a good buyer with both hands.
The city market is moving with sales being recorded and some quality new instructions appearing. For example a recently launched house in Clifton close to Clifton College priced at over £2million looks like it has already secured a buyer.This proves that quality stock will sell.The agents do report that the competitive buying situation no longer exists and buyers are still very cautious playing their cards close to their chest and taking their time before they proceed even with a house that suits all their needs.
Off market sales are still very much a reality. Vendors who want to test the market tend to use this method in case their property does not sell quickly. Vendors are worried that due to the slow market any property that sticks maybe perceived to have something wrong with it. There is a house in Clifton that was originally marketed at £3.5m + and is rumoured that it may sell for under £2m. There have been many houses that have being overvalued and made the market incredibly difficult to read and confusing for the average buyer.It’s really important to do your research and know your market before offering on a property.
Due to this confusing market I feel I will see much more property being quietly marketed by agents on behalf of their vendors this year which is good news for my clients anyway!
