So… How’s the market?
It’s the question we get asked more than any other (apart from ‘what’s my house worth?’), especially in the current climate and with the dreaded B word! I know we’re all fed up of talking about it, so I promise not to harp on.
If you read the national press, you’ll find that the market is 20% down on new properties coming to market, 20% down on sales, and house prices are down. Now, that may be the case for London and the South East, but is it really true for Cumbria?
Actually, no. The market across the county has remained surprisingly robust so far this year. It is true that there aren’t as many new houses coming up for sale (a comment we’ve all heard from prospective purchasers), however demand has remained high, with large numbers of properties selling across the CA postcodes this year. We’ve seen the usual seasonal blips, but on the whole the market remains very buoyant.
Many things work in favour of someone trying to sell right now; mortgages are still affordable due to the low interest rates and there are some great deals out there. Also the lower levels of new houses coming to market means it’s slightly less competitive for sellers than it was twelve months ago.
It is, however, quite a price sensitive market; buyers are thoroughly researching before they even view properties, and the current feeling is that if a buyer perceives the asking price to be 10% or more away from where they see the value, they’re staying away.
The old rules still apply in this new market; well-priced and well-presented properties which are expertly marketed by a skilled agent, are selling in short order and achieving great prices. There is very little to fear about selling your home in Cumbria right now.
Michael Hewitt - Manager of PFK Estate Agency, Cockermouth.
If you read the national press, you’ll find that the market is 20% down on new properties coming to market, 20% down on sales, and house prices are down. Now, that may be the case for London and the South East, but is it really true for Cumbria?
Actually, no. The market across the county has remained surprisingly robust so far this year. It is true that there aren’t as many new houses coming up for sale (a comment we’ve all heard from prospective purchasers), however demand has remained high, with large numbers of properties selling across the CA postcodes this year. We’ve seen the usual seasonal blips, but on the whole the market remains very buoyant.
Many things work in favour of someone trying to sell right now; mortgages are still affordable due to the low interest rates and there are some great deals out there. Also the lower levels of new houses coming to market means it’s slightly less competitive for sellers than it was twelve months ago.
It is, however, quite a price sensitive market; buyers are thoroughly researching before they even view properties, and the current feeling is that if a buyer perceives the asking price to be 10% or more away from where they see the value, they’re staying away.
The old rules still apply in this new market; well-priced and well-presented properties which are expertly marketed by a skilled agent, are selling in short order and achieving great prices. There is very little to fear about selling your home in Cumbria right now.
Michael Hewitt - Manager of PFK Estate Agency, Cockermouth.
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