Good afternoon, and welcome to our monthly property market update. Easter is just around the corner and now that the clocks have moved to British Summer Time, it really feels like winter is behind us. For many people looking to buy, sell or rent a new home, spring is normally the best time...
Good afternoon, and welcome to our monthly property market update.
Easter is just around the corner and now that the clocks have moved to British Summer Time, it really feels like winter is behind us.
For many people looking to buy, sell or rent a new home, spring is normally the best time to list your property for sale, so it’s well worth taking stock and putting your property plans into action. |
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In March, the average asking price of a home across Britain reached a new record high. This is down to the old laws of ‘supply and demand’; there are simply more people who want to buy than the number of homes that are on the market.
Here at Melanie Estates, we have seen an increase in the number of buyers registering for each property and increasingly competitive offers, with some properties even being sold before they hit the open market.
The result is that in many cases, sellers are receiving multiple offers from buyers, especially when they have a bespoke marketing package with a premium presentation of the property. Sales are being agreed upon within the first four weeks on almost half of the properties listed for sale, with asking prices often being matched and even exceeded.
This is especially eyebrow-raising when you consider the average Norwich house price has continued to rise and is now over £304,374 according to the latest data from Zoopla. It is a pattern of growth that aligns with my 2022 housing market predictions towards the end of last year. |
This might all sound like great news for those thinking of selling, but what if you’re on the other side and looking to buy? Whether you are looking to relocate for a job, move closer to family, buy a bigger home, or downsize, many sellers will find themselves searching for a new home to move into before they accept an offer. This can slow down the chain due to the speed with which houses are being snapped up when they reach the property portals.
Also, with the Bank of England having increased the interest rate for the third time in four months and experts expecting inflation to hit 2% by the end of the year, now is the time to shop around for a better mortgage rate if you are coming to the end of a fixed period. A fixed mortgage rate is a safer bet and may help you ride out the turbulence of the coming years. |
With only 1% of available properties on the open market at any time, we have been very successful in sending letters to off-market properties on behalf of our clients using our innovative marketing technology. It’s a tried and tested method that connects buyers with sellers and can greatly reduce the time and costs required to market a property (professional photographs, viewings), all within a timeline that suits both the buyer and the seller, reducing much of the stress associated with moving house.
The bottom line is that there will always be competition between buyers at any time, so it’s essential to be appealing to a seller. Build a relationship with your agent, as they will be the one selling your situation to the vendor. Putting yourself in a good position is where Melanie Estates really stands out from the rest. We can help by making you a more attractive buyer, and proactively source off-market properties, giving you a higher chance of securing the home you want whether it is on or off-market.
A good estate agent knows that everyone involved in a property transaction is important and that it’s all about helping sellers find the right buyers, and helping buyers find the right properties and sellers. |
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Let’s not forget landlords and tenants… James Baker (MARLA) & Sheriden in our lettings team have been busy assisting landlords with keeping compliant with ever-changing HMO (House in Multiple Occupation) legislation. They have also been helping tenants find a new home, so whether you need to find a property, or help to let one… we’re here to help.
Whatever side of the housing market you find yourself on, book a call and speak to one of our expert agents to find out how we really do things differently. |
If you’d like to discuss any of the above, contact our sales team at 01603 516586. Enjoy yourselves and have an egg-cellent Easter! All the best, Alex & The Melanie Estates Team |
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By The team at Melanie Estates
on 13th Nov 2024 
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