We have seen a continuing trend in a decline in listings this week. With less coming onto the market, agents are reporting that those properties that are realistically priced are generating good levels of interest and offers from buyers. This is being reflected in the sales rate of 64% - a fairly normal balance of successful sales to those that withdraw having failed to find a buyer.
There is one area of the market however that doesn’t seem to be following this trend: flats up to the £500k level.
Agents are reporting that this area of the market is becoming highly saturated with significant numbers of properties available. Properties are selling in this price range as the sales rate is 51%, however, unlike the rest of the market, the supply of new listings is keeping pace with sales and withdrawals.
If you have a property you want to list that falls within this bracket, focusing on the positives that your property offers is very important. With buyers having the opportunity to view numerous properties in this price range, if you have something that makes your property stand out from the crowd make sure your agent highlights it. Properties that offer outside space or parking for example.
Furthermore with a sales rate of 51%, if your first agent is not selling your property we highly recommend bringing in a second to re-invigorate the sale process.
We have updated our two probate solicitors’ guides to include downloadable e-books.
Referral Guide: This guide details the benefits of referring Movewise to executors. Whilst the executor will get a superior transaction result, a key benefit for the solicitor is they will get better visibility and control of the transaction as a single account manager at Movewise will be coordinating all of your different executors transactions, ensuring they close faster and your clients get high quality advice.
Outsourcing Guide: This second guide discusses the benefits of outsourcing the property sale management to Movewise. For solicitors who are the executor on a transaction, a key benefit is the substantial time saving at no cost to the solicitor, allowing them to focus on higher value work.
Have a great rest of your Sunday.
The Movewise Team