Properties are still selling quickly, despite the property market cooling off, according to new research from Bradford and Bingley Estate Agents.
The latest Home report said that assuming properties are in the right location and have a realistic price tag, vendors should not have a problem selling their home.
But Alan Gottschalk, regional business director at Bradford and Bingley, said that while interest has remained high buyers are acting with caution. “The buyers are out there but they are taking a long time to make a decision and they are being quite fussy.”
“People are still registering at estate agents and they do want to buy, but they are definitely not over-stretching themselves, they will only buy if the price is right,” he said. Vendors who have not readjusted their property prices in line with the market may have difficulty selling their home. “Vendors have to rethink their price if they have not found a buyer after two months,” said Gottschalk.
He added: “The market is now very price sensitive – especially between now and the end of the year, as the market does tend to get quieter in the autumn months and because there are no signs that prices are going to rise.”
The average time taken to find a buyer is now between 10 and 12 weeks but there are still hotspots across the country where houses are selling much faster. “In Nottingham houses are taking on average three weeks to sell. This is because of high employment and excellent amenities in terms of schools, recreation and communications. There is also major residential redevelopments in the town centre, said Gottschalk.”
Other hotspots include Portsmouth and Sidcup where it is only taking an average of two weeks to sell a property. However, while the property market has remained active, the balance of supply and demand has shifted between the north and the south.
Demand has dropped in the south east from 12 buyers per property in June to a current level of eight buyers per property. Meanwhile, in the north and in Scotland, demand is outstripping supply with an average of 12 buyers per property compared with three in June.