DEFYING THE MARKET

Posted on Wednesday, June 7, 2017


DEFYING THE MARKET

There's a reasonable amount of talk out there around the property market going through a difficult time, which is basically media speak for "not a boom".

 

The UK has been through quite a lot in the least couple of years with three trips to the polls – including the Brexit referendum – so if some buyers are feeling uncertain, it's hardly surprising. But it doesn't mean we all have to sit idly by and convince ourselves there's nothing we can do. 

 

For existing sales where a buyer gets a bit wobbly, it's by no means guaranteed that their wobble will translate into the sale falling through. Sometimes a relatively small renegotiating of the price is enough to give them comfort, and given how much property prices have risen in recent years, it's often of little great consequence to the seller. Sometimes there are other reasons, often quite normal ones that we see come up in sales fairly regularly (most commonly around older leases or building management) that can be solved with some communication and encouragement. But sometimes, the buyer just wants out.

 

For properties still on the market, we're undertaking a review of every one to make sure everything is set for optimal performance. Although we have an extremely comprehensive marketing package, it's always wise to remain open to the possibility of a new angle to garner new interest - the least powerful position we could put ourselves in would be to say: "There's nothing we can do; it's the market". So we never do that.

 

At a time of plentiful supply and reduced demand, it's clear that property will not be selling as fast as it does when the situation is reversed. But it doesn't mean that nothing is selling - quite the opposite in fact. In April and May we agreed sales on 24 properties in Redhill and Reigate, with Rightmove confirming once again that we are Redhill's number one selling estate agent.

 

In short it really isn't a time to despair, merely to exercise a little patience. The latest in our run of elections will be over by the end of the week and, whichever way it goes, the uncertainty of who might win will immediately disappear. And when it does, life will begin its return to the relative (!) normality of just 6 weeks ago.