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Market Update - July

Tuesday, 7th July 2015

Categories: Lettings Market Analysis Property Prices Sales

Author: Kris White

As we enter the main summer period the market traditionally becomes more focused between those that have put holiday plans on hold and those that attempt to fit their moving plan around family and other commitments.

Activity is currently strong amongst those that have left it late to try and secure a deal that will see them move before the September school intakes. It is still possible to buy and sell in time but the clock is definitely ticking!

Because the rental market moves more quickly, many home movers look to secure somewhere to rent in order to get into a particular location and “buy the time” to look around and secure a property purchase.

Recent weeks have seen an increase in the number of attractively priced long term (five to ten years) fixed rate mortgage deals and whilst the best deals are only available to those with good levels of equity and strong credit histories, they are making moving house surprisingly affordable for many.

Affordability is often cited as an issue of the market and there is no doubt that it is a key factor in ultimately restraining price growth. It is now as much a factor in the rental sector as in the sale and purchase market because supply and demand inequalities have seen rents rise to levels that are often stretching the ability of tenants to pay.

There is undoubtedly growing levels of confidence amongst those looking to move and the outlook for the second half of 2015 is positive providing adequate volumes of property come to the market. We still often get sellers saying that they want to wait until they find somewhere before they put their property on the market. This may seem sensible but can actually make moving home and achieving the best price more difficult.

Putting a property on the market before committing to a purchase completely alters the sales dynamic and control and gives the best chances of securing a buyer on good terms. It also puts the seller in a much stronger buying position on any future purchase.

Of course our staff are highly experienced at managing peoples moving plans and shall be only too pleased to discuss, in confidence the best way forward in your circumstances and whilst we have recently seen the longest day of the year, the summer evenings are light and provide an extended opportunity to view properties.

We believe that history will show that now was a good time to move.