Keep up to date with the latest Michael Brooker news
Wed 1 February 2023
The first 2/3 weeks of January 2023 were slow. However, gradually there has been an increase in activity. The slowing was inevitable. Time of year, short days and bad weather! Potential buyers have had to re-calculate their finances because of increased mortgage rates. In September, mortgage cost peaked at 6.65% for a 2-year deal. After Christmas, this had dropped below 6%. Still higher than recent years but lower than pre-Christmas. There is no doubt that in order to secure a sale, one needs to be talking in terms of 7/10% less than what would have been achieved 12 months ago. So in order to secure a sale, realistic pricing is essential. Do not get led by Estate Agents who “over value”, in order to secure the property as in an instruction on their books. The first four weeks of marketing, are all important in the present climate that 3/4 weeks has to be at the correct price.
So the signs are that after 2/3 years of high activity and high price rises, we are returning to a more normal market. Overall, this is good news. The frantic activity of the past couple of years has been quite stressful for sellers and buyers alike.
Lettings has been particularly active. Almost a mirror image of the Residential Sales Market a year or so ago. Abundance of tenants but a lack of new instructions. Beginning of a New Year is always extremely busy for Lettings and Management, so the high activity has been normal.
As ever, if we can assist you in your property requirements be it for Sales or Lettings and Management, please do not hesitate to contact us. Our Combined Experience of Crowborough and Surrounding Villages is unrivalled.
Wishing everyone a very Happy New Year.
