Even the most credible authorities tend to disagree on the rate of price change in the property market, leaving the humble consumer somewhat baffled!
The problem is the source of data that is used to make assumptions about the market is fickle. For example, you could look at the latest Land Registry figures. These record the volumes and prices of sales that completed potentially several months after the sale was arranged. But a lot can happen in that time – tax, economic data, political confusion, interest rate changes, pandemics and media influence can make a vast difference to buyer sentiment! HMLR figures also include the sale of small tranches of land in their figures, which can skew the average downwards.
You could look at the figures supplied by property portals such as Rightmove, which interpret the relationship between the monthly change in the average asking price of properties new to market during the preceding month. Of course, average asking prices are not necessarily a reflection of specific sale prices and theses figures do not take account of any subsequent price reductions, thereby skewing the average upwards! (Although at Bidmead Cook we are proud of how often we achieve or even exceed our clients’ original asking price!)
As your local estate agent, we are acutely aware of what’s happening in the local market at a given point in time. We have a huge responsibility to get it right for our clients first time, and we take that responsibility very seriously. Ultimately, we find that the most reliable indicators lie in our ability to interpret the needs and comments of our buyers at local level. After all, it is today’s buyers who determine the current value of your property.
We’re currently experiencing a healthy level of buyer enquiries, which inevitably results in some great prices being achieved. So why not contact us for an informal chat about the value of your property and suggested marketing plans over a cup of coffee? You might be pleasantly surprised!