Autumn property update
With fireworks night around the corner and the clocks going back, means… that the afternoons are getting dark early and we usually see a slowdown in the property market this time of year.
This year is certainly no different and we have noticed a reigning in of viewing requests and there are fewer offers being made on properties overall.
We have only experienced a limited number of valuation discrepancies and potential “down-valuing”, although I have heard of a few cases through third parties.
What does this mean for the norwich property market?
If you’re a first time buyer.
This is undoubtedly for the foreseeable future the cheapest interest rates are going to be, so if you can afford to move… now may be the time to consider your purchase.
We are not anticipating that the market will crash as some of the doom and gloom “red top” newspapers are suggesting. Besides looking at the wider picture, property prices in general only go in One Direction.. and that’s up!
If you are family moving
within the marketplace then prices are relative. So if you lose a couple of thousand on your house due to market conditions tightening then realistically you should be able to reduce the purchase price on the property you buy.
If you are looking to downsize
and you own your property out right, there is every likelihood that you have certainly benefited from the continual upward motion of property prices over the last several years and will have a reasonable budget to purchase your smaller home.
Having said all of this, we are still putting property onto the market and some of those are still selling in excess of the asking price, so for the right property in a good location, the demand is most certainly still there.
You may have also noticed more price reductions recently. This is no cause for panic. I would attribute this to ambitious pricing in the first instance by particular agents who shall remain unnamed!
So my crystal ball view for the next few months is that property will continue to sell, the market will consolidate and it is likely that there will be limited price movement. Then as we creep into the New Year things will pick back up again.
If you would like to discuss any of the points in this piece and please do feel free to get in touch on (01603) 432000