What’s really happening to the local property market?
By Steve Cook – Partner Clarke Gammon
With endless speculation by the mainstream media about the UK property market, who are seemingly intent on talking the market into an ever-increasing downward spiral of doom and gloom.
This is, of course, fuelled by and plays into the Great British public’s obsession with all things property, particularly when it comes to how much their own homes are being affected by the current market conditions.
In this month’s market update, I put forward the case for the defence.
Whilst the market has cooled from the craziness of 2022, the reality is that the property market has always had its ups and historically, closely followed by a period of correction. Those with a long enough memory will remember, or maybe even experienced, the same in the late 1980s, and for those with a very long memory, the 1970s before that.
It is unrealistic to expect a never-ending increase in property values, as sooner or later the bubble bursts, and first-time buyers, who are the foundation of the market, are priced out, as their incomes simply can’t stretch to meet mortgage requirements.
Selling your home in today’s market
What many of today’s sellers struggle to get their heads around, is that the price they sell their home for shouldn’t be what’s important. What is important, is the difference, the gap between what you sell your home for and what you pay for your new home.
For the enlightened or perhaps the more pragmatic sellers in today’s market, the sale can work out much better for them. Sure, the price they get for their property might be less than they would have expected, but their onward property purchase will also be less than expected. As most sellers are trading up in value the likelihood is that in pound notes paid, they will be much better off.
Better off because, with a reduced purchase price, they borrow less, pay less stamp duty, lower legal and estate agency fees, it’s a win-win…
Negative Media
It’s easy to get caught up in the negative media coverage of the current property market, but there are lots of savvy buyers and sellers out there just getting on with it. As long as sellers are sensible about price, there are motivated buyers looking to do deals and when sellers become buyers, they too can benefit from the same opportunities.
Remember, it’s the gap that’s important!
Recently Sold by Clarke Gammon
Here are just a few of the properties recently sold from our offices in Guildford, Haslemere and Liphook –
Recently Sold in Compton, Guildford – Guide Price £975,000
Recently Sold in Egley Road, Woking – Guide Price £785,000
Recently Sold in Quartermile Road, Godalming – Guide Price £950,000
Recently Sold in West Close, Fernhurst – Guide Price £425,000
Recently Sold in Beech Road, Haslemere – Guide Price £750,000
Recently Sold in London Road, Rake – Guide Price £975,000
Recently Sold in Brickwork Avenue, Liphook – Guide Price £450,000
To see the very latest homes coming to the market, click ‘New to market homes’, this lists all of the very latest homes as they come to the market.
Or see more ‘Recently Sold Properties’.
Ready to move?
If you are thinking of buying or selling your property, or need some help or advice on property-related matters, please give me a call at our Liphook office, I’m always happy to help.
Why not try our instant online valuation tool?
Steve Cook
Partner Clarke Gammon
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