Date Published 14 September 2009
Recent research suggests that for every property for sale, there are now eleven potential buyers. This means that the much anticipated 'green shoots of recovery' are clearly visible in the local property market, according to Lesters Senior Partner, James Gesner.
'The market has really picked up this year' says James. 'After a tough start, confidence has returned amongst buyers. Encouraged by low interest rates, more flexible lending in the mortgage market, and attractively priced properties for sale, buyers have been snapping up some really good deals.'
James continues 'In some recent cases we've found that sale prices have ‘bucked the national trend' and crept up a little compared to late 2008, reflecting the increased demand and enthusiasm to buy.'
Explaining why the local market seems more buoyant than many of the national reports, James Gesner said 'Didcot is a really good place to live. It's well placed for commuter access to London, the schools and local amenities are excellent for young families, and property is good value for money, especially when compared with other towns just a few miles to the south.'
When asked whether we are heading for another property boom, James replied 'Not in the near future. Market confidence has certainly returned amongst buyers, but as with the recovery in the mid 1990's I expect the market to offer gentle increases reflecting a stronger demand than supply.'
'There is a need for a degree of caution when it comes to setting the asking price for a property' says James. 'The demand from buyers is strong, but they still have a keen eye for price. Many sales are being agreed at the full asking price, but the success of any property sale is entirely dependent upon getting the asking price right in the first place.'
'It is very easy to get carried away when the market seems busy, but this recovery could easily come to an abrupt stop if prices are pushed too high, too quickly. It is important to study the evidence of other similar properties that have sold in recent months, to ensure that an accurate and saleable price is set at the outset.'
James' focus is clear 'Moving home in this stable market is actually quite a simple thing to do, with a realistic approach to pricing, and a pro-active approach to marketing.'
If you are thinking of moving home, please contact Lesters Didcot office on 01235 519888