What's going on in the sales market?
Wed 29 Oct 2008
Its tempting to try and second guess what is happening in a market from an ivory tower but to go and experience what is really going on first hand is essential. As a result, I spend a fair amount of my time visiting our offices so I can see for myself exactly what is happening at the coal face.
So, what did I find? Well, firstly whilst I would not for a moment say it was busy, it is certainly busier than it has been for three months and interestingly the busiest section of the market is what we consider to be first time buyer territory. There are an increasing number of first time buyers entering the market as they start to see real value, with prices having dropped by up to 25% in some cases. Contrary to popular opinion, mortgages are available and in fact two thirds of the transactions that we have agreed in our North Kensington office in the last week have been to buyers who are borrowing 90%. They are first time buyers with good jobs, a clean credit rating and a 10% deposit. In short, they are excellent, ongoing clients for the lending institutions.
Another thing that strikes me is the amount of people who are saying Ill start looking in January. We hear this all the time and if the numbers are anything to go by, January may be a very busy month. Surely then, the time to be looking, if you are keen to buy, is now. I know I am bound to say this, but in January when many more buyers start returning to the market, there will be much more competition and prices will naturally stabilise as sellers feel more confident about their prices. There are without doubt bargains to be had this side of Christmas for the savvy buyer and perhaps surprisingly, we are starting to see a lot more of them.If you would like to discuss this further then do talk to the sales negotiator you are registered with. Alternatively, if you would like to enquire about getting a mortgage then please click here.