July, August and September were pretty impressive months as far as offer values are concerned. Across the board we averaged just over 100% of asking prices. October has been a slightly different story in that offers are now averaging (not necessarily being accepted) 4% below asking prices. It’s not just the offer size, but the conversion rate between viewings and offers has come down too from 1 in 4 viewings generating an offer to 1 in 11 viewings.
Things have picked up in the last 10 days with a slight surge for property prior to Xmas. Very few properties now have multiple buyers fighting over them on the back of this shift in buyer mentality to a more reserved approach.
As a local expert on property, my job is to keep all our existing and potential clients up to date with what’s happening on the front line, but if you have any further questions please do give me a call or drop me an email.
Mr Green Estate Agents