Autumn 2011
Buyers and sellers are still cautious and the market is still hugely frustrating. The summer months have been busy with people enquiring about properties and new instructions are still evident but there is no sense of urgency from the buyers. The last year has seen many prime properties that are not competively priced not selling. This coupled with fewer top end buyers has taken away the competitive bidding situations that has been experienced in latter years so the market is still slow.
Having said that 2011 has seen Bristol and Somerset launch some quality new properties. As has been the story for the last twelve months, these properties have to be priced correctly to sell. It’s interesting to see that those vendors who need to move house are now being more realistic on price but those who are testing the market are still commanding a premium for there properties.
Bristol in particular is an area where there are many houses are being quietly marketed ” under the counter”, no brochures are produced and only serious buyers are allowed to view. As a buying agent I get to see these properties and present them to my clients. The schools in Bristol and the areas numerous attractions, green spaces and excellent transport links mean that these prime properties still generate a certain amount of competition. I highlight Bristol in the Daily Mail as a hugely popular city to relocate to, http://www.dailymail.co.uk/property/article-1389029/Avon-calling-Rolling-countryside-city-lifestyle-Bristol-.html .There is always competition for the best houses in prime areas such as Clifton and North Somerset and the villages South of Bath. This is the case due to the shortage of these ‘best in class’ properties.
Should you buy a property now? Well this is the ten million dollar question but my advice would be there are some bargains to be had and while there is not a huge amount of money to be made out of property in the short term. For those looking for a stable home for their money over five years or more, my advice would be it is a good time to buy if the right property can be secured at the right price. Once total confidence on house prices is reported in the press the rush is on and competitive bidding is resumed which pushes prices up.
