Mullucks Wells
News Item
A Market Update - November 2007
It has been widely reported that the property market is in some state of trauma and some of the major newspapers are suggesting that there may be a crash. However, there is no upward pressure on interest rates and, although there is greater uncertainty in the market place, there are still more people searching for a new home in this area than there are properties available. Our advice to clients who wish to sell is, if your property is priced attractively and well presented, interest should be forthcoming fairly quickly.
Sectors of the market react differently to market conditions; for the buy-to-let market higher interest rates are a significant problem for landlords especially if they are combined with an oversupply of rental property and reduced rental values. For those who have purchased property to let as a long term project and without maximum borrowings, I suspect the majority will weather the more inclement conditions.
Statistics are not always helpful, but we have sold a greater value of property at this point in October, than we did last year. To try and predict what will happen within the next six months is difficult. It is unlikely that there will be a large number of properties coming to the market; Government and all commentators agree that the UK has a drastic shortage of homes available. We all understand supply and demand and this would suggest that demand for these properties should remain strong. However, it is important to keep in mind that, for most established home owners, particularly if they are buying and selling in the same market, small fluctuations usually make little difference.
If you are considering selling and would like some professional and confidential advice, please call your local Mullucks Wells office. We would be delighted to help.
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