Tue 28 Apr 2015
The beginning of any new year in the property market is usually approached with a degree of uncertainty following the inevitable quietening of the market over the final few weeks of the previous year. How quickly and in what numbers will potential sellers and buyers re-appear? At the start of this year, as well as the usual variable factors affecting levels of activity, many considered that the impending May election would contribute to a slowing down in demand, following a very successful sales year in 2014.
Having the opportunity of looking back over the first three months or so of the year, any reservations about the strength of the market were clearly unfounded. Our office in Hunstanton deals with a wide variety of properties throughout north west Norfolk and sales have not only been 30% up on the corresponding period last year, but the first quarter has also produced sales at a level higher than recorded during any three month period throughout the previous couple of years.
High levels of enquiries from potential buyers were received from the very beginning of January. These enquiries were not confined to any particular type of property, interest being shown in various styles of property and across all price ranges. This has resulted in sales being achieved on a wide range of property from terraced cottages under £150,000 to large, individual homes of £500,000 and above.
Many of these sales have been arranged on properties which have been placed on the market since the start of the year and include some which have already completed, the timescale being well ahead of sellers’ expectations. More interestingly perhaps, have been the number of properties sold which had been on the market for several months during the previous year, a sure sign of a strengthening market.
The number of new properties which have come to the market has been at a similar level to the same period last year and given the stronger demand, we have seen some upward movement in prices achieved. Over the coming spring and summer months it is anticipated that more properties are likely to come to the market and this factor along with earnings continuing to not keep pace with the level of house price increases, should curb the rate of further growth in prices. However, for anyone contemplating the sale of a property over the next few months, the prospects of achieving a sale would appear to be very encouraging.
"A HUGE 'thank you' from all of us for the extremely hard work you and the Sowerbys team did to make our sale and purchase happen. It still hasn't quite sunk in yet! We went to see the property last week and the house looked beautiful and we can't really believe it is finally ours. It is all down to your resilience, determination and efficiency. We would always be happy to recommend Sowerbys and will use you in any future moves ( although we really hope that will be a very long time away!) Wishing you a relaxing Christmas break. "