Fanning Farnham’s supply and demand fires
By Nicholas Eaton, Managing Director of Seymours in Farnham
The property market is well and truly in full swing, with media reports on its current status ranging from ‘booming’ to ‘overheating’. Not only that but Nationwide has just announced the availability of a £1bn lending pot aimed to target those with a maximum deposit of 5 per cent, such as first time buyers.
The property market is and always has been a roller coaster of activity, however what we have now is a typical supply and demand issue. In this case, the issue is huge demand and not enough supply. The Royal Institution of Chartered Surveyors has even doubled its forecast for price rise this year from three to six per cent due to rapidly increasing demand.
For example, Seymours in Farnham is continually being inundated with the requests for properties ranging from one-bedroom flats to sprawling country homes. Similarly, whoever instructs Seymours to sell their property is seeing it snapped up in no time. Whilst this is great for those selling their property, it makes it a hugely competitive market for those looking for their next property.
The fact that mortgages are now available to those with less than a 25 per cent deposit is only going to fuel the supply and demand fire, too, making it even more competitive.
Our advice to residents throughout Farnham is twofold. Firstly, given the huge demand, then now is fantastic to market your property. So, for those in the ‘should we, shouldn’t we’ phase, then I would suggest that you get in touch to discuss your options. Secondly, we’ve just hit what I would regard as one of the two key times of the year to sell - autumn. The general public generally sees spring as a launchpad to get into their new property by summer, whereas the start of autumn brings with it the hope of being in a new property by Christmas.
On a micro-scale, marketing your property now has multiple advantages, most of which are listed above. From a wider perspective, the greater the number of people who commit to sell their property (not just with Seymours, but UK-wide) then the freer the market will become and those whose hearts are firmly set on moving will have much more choice.
Do you live in Farnham? Thinking of making your next move? If so, get in touch with Nicholas Eaton and his team who will be able to help with all sales or lettings enquires on 01252 719896. Alternatively, email firstname.lastname@example.org or email@example.com.