Hi I’m Sam from Fine & Country, back again with my latest property update for October 2019.
I think it’s fair to say that the continued Brexit uncertainty has altered the traditional Autumn uplift in market activity across the country and at present on a national level, the average asking price of new stock coming to the market has actually fallen for the first time since 2010, albeit a small 0.2% decrease. The number of new properties entering the market fell 7.8%. with all regions experiencing a drop.
Interestingly enough though it’s the West and East Midlands that are outperforming the rest of the country by securing buyers quicker than anywhere else, continuing the general theme of my reports all year the that the market here continues to be fairly robust compared to elsewhere.
Watch this video to find out more about Rugby property market update
What is also reassuring is that any thoughts of recession seem unlikely, with inflation falling in August to 1.7%, with wages comfortable exceeding inflation, this has provided a welcome boost to household finances. It of course remains to be seen whether a no deal Brexit will change that.
I certainly can suggest wholeheartedly that Fine & Country Rugby’s results can support the notion that the area is outperforming other regions, as we have already exchanged contracts on more sales up to the end of September than during the whole of 2018, and if our current pipeline of sales completes then we will have had a record year for property sales. We have seen evidence of the market contracting slightly but in actual fact we have seen far more quality buyers looking and thus doing less viewings for more sales, which its fair to say is both good for us and our sellers!
The stock of new homes coming to the market has decreased amongst the uncertainty, but on the whole sales have remained steady sending a clear message that with less competition our current sellers can achieve a better price with the right marketing and strategy.
One of the methods that some of our clients adopt as we approach the winter months is the Discreet Marketing strategy, where we can utilise the 120,000 registered buyers across our network, without exposing the house online, so if you are cautious about the market conditions then let us prove what can be done with just the client base alone.
If would like to talk more about the F&C strategy then feel free to contact me on the details below, I look forward to talking again next month.
Click on the image below to listen to our property podcast: