There is still over a third less residential homes on the market now than there was back in 2007, and inevitably this does create certain problems within the market place. Buyers still need to move, for a variety of reasons including schooling, work and downsizing – yet with so little property available, the market forces of supply and demand get stronger.
Throughout January we had a record breaking number of viewings and indeed new instructions but this is still not enough to satisfy the buyer demand out there right now. I do know that the media try and sensationalise the property market and put crazy headlines out in order to sell papers with articles where the main bulk of text completely contradicts the headline at the top – usually with some headline about the market crashing!
The reality remains as it has done for some time in the West Midlands, we are in an interesting bubble of an area, where prices have, in relative terms remained buoyant against other areas of the UK primarily because of our good communication links, the excellent schooling - both state and private and a wide variety of property styles to choose from. Rightmove figures tell a different story to the media hype, stating that property prices year on year are 0.1% higher than in 2011 – now in my book that’s an increase! So, back to the volume issue, buyers want to buy, but there really is not enough stock to satisfy them, therefore when would NOW be a good time to sell?
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