Market Comment Q2/3 2024

Wed 05 Jun 2024

Jamie Wheatley MARLA, Partner

Each time you feel momentum is building in the sales market, another hurdle pops up! We’re talking of course about the general election. Yes, this has caused some consternation but for those serious about buying or selling, it’s a time of opportunity. There is still a lot of good homes available to buy and with inflation now at unexpectedly low levels, the pressure on the Bank of England to reduce interest rates is intense. So those who are motivated, are now making the most of it while the competition dithers. There are some chains that are falling through but we’re finding replacement buyers are waiting in the wings and happy to ride through what will undoubtedly be a stormy few months ahead. As always though, price is key with buyers being savvy on what is fair and what is overpriced.

Now, more than ever, is a safe and experienced pair of hands needed.

On the flip to this, we are starting to see landlords re-entering the letting market, buoyed by strong rents. With a severe shortage in rental stock, landlords can now pick the cream of tenants in the marketplace and do not need to compromise. Tough times if you’re a tenant but let’s not forget, if more landlords return then the pressures will eventually ease. We are gratefully seeing the reappearance of the accidental landlord too, those who have decided to rent their homes instead of selling in order to facilitate a move and avoid the current turbulence. This is made more attractive again by some very positive returns.

After 40+ years in the market, we’ve seen many storms in the past but we always have our eye on the horizon for what’s ahead and its normally sunshine!