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Fri 19 August 2022
Peter Buckingham of Andrew Granger & Co. looks at a new property market in the wake of the incomparable past two years.
The thing with changing property markets is that eventually we adapt to each new instance. Changing markets are a bit like a pandemic. First, they are a surprise, next, sadly, we feel the impact, and then we learn how to handle it.
Then, just when we begin to get comfy, something happens, and we must adapt all over again to a new market. This is where we are now.
Property market watchers have been on high alert for some time, looking for signs that the post pandemic property party is over. But they don’t have to watch too closely as all the signs are there for anyone to see. The days of putting a property on the market at almost any price, and then exceeding that figure in a market awash with cash buyers desperate to move, are lessening. We may never see their like again – or, at least, not for decades. Today’s buyers are a new breed. Rising mortgage interest rates, the increasing cost of living and an uncertain and often unstable world have led to understandable caution.
So with what sort of new market must we become familiar? There are some interesting patterns emerging. It is becoming more of a buyers’ market. There will be a wider choice for buyers, who will feel less pressured to make their final choices. Sellers may have to become used to delay and uncertainty.
How often have we heard that a property’s three most essential things are location, location, location? Well in this new market those things will become price, price, price. In a market with greater choice attracting a buyer becomes more challenging. There are two ways to overcome this: correct pricing and making your home as buyer-friendly as possible – clean, tidy, decluttered, sweet-smelling, and great-looking from the kerb.
Oh, and there is another way to succeed in selling: make sure you have an experienced estate agent who understands how to adapt to changing times and markets.
Finally, sellers shouldn’t worry. The post-pandemic party may essentially be over, but for sellers with a great estate agent, good housekeeping, and accurate pricing there is always a time to move.
Andrew Granger & Co offers over 32 years’ experience in the property market with offices across Leicestershire, in Market Harborough, Leicester and Loughborough. For advice, or to book a free market appraisal, you can get in touch with our knowledgeable staff at www.andrewgranger.co.uk.