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Market comment from Butler Sherborn, leading specialist Cotswolds agents
Sophie Salter
Sophie Salter at Butler Sherborn comments:
FORTUNE FAVOURS THE BRAVE
May is traditionally a very busy time for estate agents, typically bringing high volumes of viewings and offers. However, current news headlines are doing little to support buyer confidence when it comes to taking on a larger mortgage and moving house unless necessary. We are living through uncertain times, with political instability, rising living costs, and interest rates and inflation remaining stubbornly high, largely driven by global conflict. The housing market is underpinned by confidence and affordability — both of which are currently subdued.
That said, houses are still transacting and life inevitably moves on. The most successful campaigns are those built around attractive guide prices which generate activity and, in turn, create offers and confidence amongst buyers. The strongest buyers will usually emerge within the first two to three weeks of a campaign, during which time sellers will quickly understand how their guide price is competing against similar homes within their price range and postcode. If necessary, sellers should not fear a price adjustment; a revised guide price can demonstrate motivation and re-engage the market.
The market has adjusted downwards and may soften further, although our instinct is that much of that correction has now taken place. Provided guide prices reflect current market conditions, while still recognising the investment sellers have made into their homes, buyers will engage. For buyers, there has arguably not been a better opportunity in a generation to secure their next home. For sellers, our advice remains simple: at the right price, your house will sell.
