Market Trends - Looking forward
Following on from a year of stability and continued growth in 2013 which culminated in a particularly busy November and December, we have seen an extremely positive start to 2014 with both January and February exceeding expectations with several of our homes selling at closing date and at least five properties achieving home report or above.
The last five years have been very difficult for the residential property market and harsh lessons have been learned by many, moving forward in 2014 we believe that a "cautiously optimistic" approach should be adopted whether you are moving up or down in price, moving for employment reasons or embarking on a new relationship.
The final quarter (Q4) of 2013 saw the most significant increase in activity year on year with a 43% uplift on sales and enquiries during this period. December was an unexpectedly busy month with a total of fourteen sales including two on christmas eve thus bolstering our belief that the market is not as seasonal as once thought which perhaps is again a result of the previous years difficult trading conditions. Whilst we have not seen a significant rise in property prices we are witnessing average selling times falling, qualified enquiries rising and the return of closing dates.
The markets between £100,000 and £250,000 continue to be in highest demand whilst we are finding that the most desirable property styles are modern bungalows which are in short supply. We have a significant number of motivated clients looking to move from larger family homes to more managable luxury apartments and bungalows and as such we achieved several "off market" sales of such properties in 2013. The residential property investment market is also beginning to show signs of recovery with lending institutions making access to investment funding more available, this in turn has seen a renewed interest in flatted dwellings which show strong rental yields.
Looking forward to 2014 we anticipate confidence in the market to grow steadily and with that more quality homes becoming available for sale. If you are interested in exploring the possibility of selling in 2014 we would be delighted to provide you with an accurate and realistic opinion of your property value.