First, the good news
Mortgage lending was up again last month and is up significantly on the same period last year. There has been a steady increase in the number of mortgages agreed for some time now as more funds are made available but levels are still way below those seen in the more normal market of 2006 and 2007.
- At the same time more and more houses are coming onto the market as many more casual sellers are encouraged to put their homes on the market following the scrapping of HIP’s with only a limited number of buyers and a much larger selection of homes for sale, prices have started to fall over the last two months. Most forecasts are now predicting static house prices for some time to come said Andrew Oulsnam, Managing Partner of Robert Oulsnam & Company.
We are still selling homes in reasonable numbers but the over riding key is realistic pricing.
Many properties are coming to the market at over ambitious prices only to be reduced some months later or even withdrawn when the seller perceives little chance of a sale.
The secret to an early sale is realistic pricing.