One of Shropshire’s leading estate agencies has suggested some suitable advice for people entering the property market this autumn.
Russell Griffin, is a partner of Samuel Wood & Company, he said: “One of the great triggers in the property year is the beginning of the autumn school term. Once the children are back to school there is more time for house hunting and just enough time to be in a new home by Christmas.
“However, just as the children are learning new things, there are many things to be learned in buying and selling property, even by those who have bought and sold several times before as this is a completely new market.
“The property market is always in flux and even experienced estate agents won’t say they have seen it all before, but they have seen more than anyone else.” So Russell has some tips for people coming into the property market this autumn.
“The media hype in newspapers, on TV and radio about a buying frenzy across the UK is far from reality. Certainly there are hotspots like central London and certain towns and cities where the market has surged ahead, but that doesn’t mean it is expanding everywhere and in many locations values haven’t even reached their pre-2007 levels, so the market still remains a very price-sensitive one.
“Many agents now think that the heat is coming out of the market even in the hotspot areas as buyers are beginning to resist what they believe are overblown prices.
“Confidence is a crucial factor in the property market, and while confidence in the economy is better now than it has been for many years, there are factors that do have an opposing effect. The mortgage lenders are working on stricter lending criteria and at the upper end of the market there is uncertainty and fear about a mansion tax possibly being levied in the future.
“Buyers always like to purchase well and sellers strive to sell well – a certain recipe for conflict, so the big lesson for anyone entering the property market this autumn is compromise. With compromise come deals. Without compromise there is little but frustration and no move before Christmas.” Russell advises purchasers to take advice from mature and experienced estate agents who do not take advantage of people and aim to get the best deal for both parties.
He concludes: “Don’t demand too much or accept too little, be flexible, understand the market conditions which apply today and not in the past – nor what you hope they may be in the future.”