Property Update
“The number of new instructions coming to the market this autumn has softened in recent weeks but demand remains strong,” reports Simon Smith, partner at Henry Adams in Chichester.
“This lack of supply has impacted on price levels and overall numbers of agreed transactions, not only across the Chichester region but across England and Wales, as recently reported by the Land Registry which revealed a 4% reduction in transactions this year compared to last, combined with average price increases of 5.3%.”
With some sellers appearing reluctant to bring their property to the market, there are fewer homes for buyers to choose from. This is resulting in more interest and increased competition for those homes which do come to the market.
“In turn this is strengthening prices and, although not in the same bracket as London where an average property is just a shade under £500,000, we have certainly seen some price increases this autumn in most sectors of the market, particularly at the lower to mid range in the market.”
Simon advises people who are considering whether or not to move to discuss their options with their estate agent: “It’s essential to explore individual advice as to the optimum time to come to the market and at what price level. By speaking to our potential buyers regularly, here at Henry Adams we can also advise as to the likely demand for each particular type of property which in turn will help determine the best marketing strategy.”
For tailored advice on property marketing, Simon Smith can be contacted at Henry Adams on 01243 533377 or simon.smith@henryadams.co.uk.
