The average asking price of property coming to market has dropped by an average of 0.6% in November so far compared to last month, the largest monthly fall since January, according to Rightmove.
With this slight softening of prices expected to last until Christmas, many estate agents believe it offers a small window of opportunity for bargain hunters before the traditional Boxing Day buyer resurgence.
Property industry reaction:
Simon Bradbury, managing director at Thomas Morris Sales & Lettings, commented: “With the holiday season coming up fast, sellers planning to enter the market might be tempted to put off beginning the process of putting their home on the market until the New Year. However, Boxing Day is historically the start of a busy period of both new sellers coming to market, and a resurgence of prospective buyers browsing properties. So, if they wait until January to begin the selling process, they may have missed out on a valuable period of time to attract buyers.
“Sellers would be wise to use this window of opportunity to begin the process of getting their home on the market now, by getting their property valued and speaking to an agent about marketing activity. This in turn puts them at the front of the queue, and in a more powerful position to proceed when looking to secure their next home.”
Richard Palfreeman, managing director at Northfields Estate Agency, said: “It is always pleasantly surprising to see how busy we get with serious buyers and investors looking to buy just before Christmas. People looking to move to a new home often get caught up with Christmas festivities and pause their search to the New Year, leaving those who are still looking before Christmas able to purchase with less competition. We often find in November and December that there are vendors who are motivated to secure a sale, and there are some great bargains to be had for buyers.”
‘Early Christmas present’ for buyers as sellers lower their price expectations
Simon says there is less competition coming to market right now so it’s a great time to sell.
Richard says there are fewer buyers around right now so you could grab a bargain from a motivated seller.
That’s cleared that up then.
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A great time to sell has to be balanced with a great to buy. It looks like over 60% of everything that’s been listed is already sale agreed, under offer, sold subject to contract.
Properties people could buy are being blocked by others who got there first and no-one is seemingly concerned how long some properties have been sale agreed.
The stamp duty holiday stimulated transactions, in a lot of cases there is artificial demand and FOMO. End of chain properties, the stopper nodes; executor sales, new builds, emigration, going into rented accommodation all face considerations that reduce their availability right now. Executors and beneficiaries give more consideration to selling estate properties when the market is rising, new build construction is hampered by material supply issues, emigration- don’t know about that but can’t imagine people are travelling to view or retiring to the sun right now, rented accommodation- a permanent shortage of rentals and the popularity of short lets, ALL puts a pressure on the supply side of the equation.
Local to me people are taking homes off the market, not because there are no buyers but because there’s nothing to buy.
For those who haven’t experience this before, this kind of market is torrid and frustrating.
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Has anyone actually given some thought to this…
In the rush to “sell” every new listing to a non-dependent buyer, Agents have in fact caused mortal damage to the ‘normal’ market.
Remember, back in the day, when ‘the Smiths’ who viewed 27 Acacia Avenue loved the “feel” of it SOOOOO much that they asked you out to give them a valuation – and promptly instructed you in the hope of getting their dream home? What are people like ‘the Smiths’ now told? –
“We are only doing viewings with proceedable buyers – you will have to view it online.”
Or
“Sorry – it’s now ‘Under Offer’/”Sold”.
What hope do they have of moving if they can’t view what they are thinking of buying – and lose out on every property to a “proceedable buyer” (who, whilst being in “a better position”, may not be as committed to that property and drop it like a stone for the next shiny new listing that comes along)?
The answer, unfortunately, is creeping up on us all. The inevitable change in the market – which some are starting to see now. The return to what is, for most, a ‘normal market’. And the problem is that ‘the Smiths’ of this world can be a fickle lot. Will they remember how apologetic you were that they missed out on Acacia Avenue (however genuine or otherwise)? Maybe… maybe not – but they will remember that you didn’t want to know them when there were umpteen buyers all waving MiPs at you.
The market desperately needs ‘the Smiths’ – and those Agents that treat them like their next customers instead of second-class citizens will be the ones that get their business.
Time to listen to how your staff are treating ‘the Smiths’, I would suggest – there’s a whole “new” market coming up for grabs…
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This is excellent, PeeBee.
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I tired to view more than x1 house in the summer with a posh Kent corporate. A yellow bunch if ever I knew one.
Both times they were only taking viewings from proceedables. Other times, they did not even bother to find out who was proceedable. I and no doubt countless people took umbrage to manner in which they were dealt. I thought at the time, this will come back to bite them. Then I just read exactly the same comments here.
This type of Agency does not deserve to prosper.
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