The latest take on the housing market from Durrants Residential Area Manager George Berry.
What is the housing market doing?
This is the question I am naturally being asked daily. There is no escaping it has its challenges and arguably the most challenging since the financial crash of 2008. However, it is far from doom and gloom! The biggest difference from 2008 is banks still want to lend.
I appreciate for many the cost of borrowing is higher with the increase in interest rates. But the simple fact is many still want and need to move for a variety of reasons. When factoring affordability, all it means is buyers will adjust their budgets.
We are moving into what we historically refer to as a more ‘normal’ market. The difficulty for many is understanding what that looks like as it has been so long. It simply means that there is more emphasis on buyers and focusing on their searches rather than the days of properties selling themselves due to the imbalance with supply and demand.
It is exactly for this reason why High Street agents are needed now more than ever and online agents will become more exposed as buyers and vendors need support and that can only come from real people.
We all know that historically property is the safest long term investment and for those looking to take a long term view then there is no reason why now is not a good time to move. Will prices adjust? There is evidence to suggest they are starting to change but all that will happen is negotiation will play a bigger part to find a transaction on both sides that all are happy with. Again, real agents will come into their own in this regard.
It is very easy to feel disheartened at times like these but it is imperative to look at the long term bigger picture and remain with a glass half full perspective!
Please contact me to discuss any property needs you may have.
