Here we are, mid-summer holidays, and the housing market is generally regarded as subdued, says independent estate agent Alasdair Morrison. However, due to the continued lack of stock, we are still securing some excellent sale prices in Newark and Southwell.
At Alasdair Morrison & Partners, we are acutely aware of the personal requirements and emotions behind every house sale, so we handle each property as if it were the only one on our books. The summer holidays are almost an annoying inconvenience to buyers who are keen to find a property and get on with their lives; so don’t let any misconceptions about selling in the summer put you off placing your property on the market.
The good news for today’s serious sellers is that some less-serious sellers made the mistake of withdrawing their property for the summer holidays a month or more ago. Activity among serious buyers remains stable, but they have a smaller selection of stock from which to choose. This supports the likelihood of a sale, and a higher price, for those sellers who remained committed. Contrary to popular opinion, the summer is actually a great time to sell. It’s no coincidence that the busiest day of the year for removal companies is the last Friday in August.
We are also finding that property investors are starting to re-emerge in the Newark and Southwell housing market. Certainly, tax reforms, tighter lending criteria and regulatory changes did hit confidence levels, denting the supply of available property earlier this year.
However, stable prices and rising yields of around 4.5% mean that there are plenty of opportunities for investors. Average monthly rents across the UK have hit a new record high of £896, with rental growth at about 1.3%pa. This looks set to increase further as wages rise ahead of inflation, giving tenants more price flexibility.
Considering the daily media-driven scaremongering, our local property market is actually holding its own and proving once again how resilient bricks and mortar are as an investment and, of course, a home.
Our property experts are always on hand to discuss your property sale or purchase, so why not give us a call on 01636 700888 or 01636 813971 and let’s get you moving.
