With Easter now a distant memory, we are well into the traditional house moving period of the year, comments Alasdair Morrison. So now seems like a good time to consider the true position of the residential market in the Southwell area.
Nationally, the view is of pessimism following the reports by both Halifax and Nationwide that house prices have fallen by as much as 3.9% in the twelve months ending March 2023. But this does not record the full picture.
During the months leading up to Liz Truss becoming Prime Minister, house prices were rising steadily. House prices across the country may have fallen by nearer 6% in the last six months alone, but nevertheless they still are significantly higher than pre-pandemic levels.
Our local housing market, however, continues to buck the national trend. Despite increased interest rates, the prospect of a recession (now looking less likely), increased food and energy costs and the continued uncertainty in the Ukraine, the demand for property in the Southwell and Newark area remains strong, especially for family houses being marketed at under £450,000.
Part of the reason for this is the shortage of stock being offered for sale as we enter the summer months. But asking prices must remain competitive and realistic, as evidenced by the number of houses that are now being reduced in price following over-inflated and optimistic initial marketing appraisals.
As always, the demand for retirement bungalows in Southwell and Farnsfield far outweighs the supply, and values remain strong and unaffected by the currently rising level of interest rates.
Southwell and surrounding villages remain a desirable, rural oasis in which to reside, and are less affected by the vagaries of the housing market than most of the country. In my 40+ years of estate agency experience, it has been ever thus.
But for anyone with grave concerns, my advice is that the ability to negotiate and accept a level of compromise is key for both buyer and seller, if a successful sale is to be concluded.
We have buyers waiting so arrange a free, no-obligation market appraisal for your property or to register as a buyer, just call 01636 813971 or 700888. For rentals, please call 01636 670977. We would love to help you move in 2023.
