I’ve been selling houses in Southbourne for over 13 years, and I’ve seen many types of markets. By any metric, the property market has had a very challenging start to 2023. We’ve agreed on some good sales, but you’ll see on the property portals that there are far more reductions in the local area than sales.
An unsure and uncertain atmosphere has replaced the usual bustling activity and high demand we typically see. Buyers are figuring out what to do and how to act.
Several factors are contributing to these challenging market conditions, the main one being the recent changes in mortgage lending rules and rates have increased a lot to increase costs heavily. The government has implemented stricter rules for borrowers, making it more difficult for some people to secure financing for a home purchase. Fewer active potential buyers are in the market, with lots sitting on the fence.
Despite these difficulties, it’s important to remember that the real estate market is cyclical. We will see an upturn in activity as the economy recovers. In the meantime, sellers who are realistic about pricing will succeed in selling, and buyers will have more opportunities to find a good deal than ever before. Moving quickly for these deals will be the difference between success and failure to secure these properties.
We are doing everything we can to help our clients navigate these challenging market conditions. We are constantly monitoring market trends and working to identify new opportunities for buyers and sellers alike.
If you’re considering buying or selling a property in the area, please do not hesitate to contact us.
We would be happy to provide you with advice beyond the usual valuation on your home if you want to move. A quick chat often turns an unknown into a much more precise way forward. Quite often, the best advice we can give is not to move or perhaps extend, or moving could be the best way to take advantage of opportunities.
If you’re unsure or want an expert view, get in touch. The charge is usually a cup of tea.
Simon.
MD
