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Guild Market Comment – September/October

Guild Market Comment – September/October

Approach the new academic year with gusto and you could easily be in your dream home by Christmas, says Richard Stovold of Seymours estate agents

 

Now the children are back at school and most of us have returned to our daily routine, it’s time to look forward to fresher mornings together with a fresh injection of enthusiasm into the property market. 

 

While the latest house price index from property portal Rightmove has released figures suggesting the usual ‘autumn bounce’ may be on the back burner this year, it’s important to remember that the data is only a monthly snapshot of the market. 

 

Indeed, some buyers will continue to hold off on their moving plans due to the ongoing Brexit saga but these nervous buyers are paving the way for more confident buyers to be in a much stronger negotiating position to get a favourable deal on the price of a new home. 

 

While the future of the country’s economy may seem uncertain as we wait for what the next Brexit deadline on October 31 brings, many of the underlying market fundamentals, such as employment and inflation rates, remain sound. 

 

What’s more, this summer we saw the highest number of mortgages approved since the financial crisis hit 10 years ago. A staggering 95,126 mortgages were approved by the main high street banks in July – the most since July 2009, when 99,970 applications were given the green light.  

 

Our Guildford office recently held an open house event for a property in Onslow Village, close to good schools, the university and within easy access to the town centre. This resulted in 12 viewings and several offers by the end of the day, proving that, if you price your property right, there are still plenty of people out there looking to move. 

 

Our advice to sellers worried about not getting the price they’d hoped for their property is to try not to look at the headline numbers. Because it is a buyers’ market, you are in a much stronger position to negotiate over property prices so, if you’re getting offers not quite at the exact level you want, try and negotiate on what you are purchasing to cover the difference.