We started on a high. A market we knew was overheating with such low interest rates backing it, we almost slipped right back into 2007. Record prices, marvellous amounts over asking figure and generally a great time to sell, fuelled by limited supply.
If we learn from history, we see it can’t continue and any market that goes up, does come down. A press hell bent on a cost of living crisis and a government all over the place is infecting and affecting our solid base.
We all want a great market to continue, so sellers still achieve record amounts over asking prices, but we understand it can’t. Already buyers offering less. Already new home builders who hitherto only wanted sold buyers, will now do deals with a wider range of buyers.
Nobody is sure what will happen. It may be we will return to a balance where people move for their children, for schools, for job and/or family. Where interest rates are not artificially low but stable.
We are at the moment in flux with people wanting to see it from their own perspective. Buyers now able to buy at reasonable figures. First time buyers returning as prices level and sellers, whilst not getting the same over asking, will not need to pay as much for their onward purchase.
So optimistically, when we are all on the same page there is a real advantage as everything becomes more “realistic”.
Whatever Government is in power there is no question that a poor housing market means a poor economy. The opposite is true.
So maybe we should welcome a return to authenticity, with sellers selling in a realistic market and buyers buying for the right reasons. Too many have said “I want this as there is nothing else!”
Lets return to “I want this because of the specification, the address, the area, the facilities, school and access to work.” Not simply “I can’t find anything, as sold before I get there” or “I’ve been set up against 10 other buyers at a closing date”.
This is where there is hope and a better balance for all.