Managing Director, Alex Mackay, responds to the dramatic start to the new property year and looks at the prospects for our Sussex clients.
As spring approaches, buyers are out and looking. In fact, in some parts of Sussex, our buyers are out in really significant numbers. Is this because of the time of year? Partly; but more likely because we are emerging from an extended and dark period of lifelessness in the property market.
Call it the Boris Bounce if you like, but whatever term you give it there is a definite surge in the market with markedly more interest and activity. All over the county, numbers of registrations, viewings, offers and sales are up on the previous two or three years – and it’s only February.
Confidence should be the name given to the first physical brick laid in any house construction or metaphorical brick laid in the re-building of the property market. It is that confidence that is driving this newfound interest, and it comes at a perfect time of the year.
There was concern that a December election would be harmful in multiple ways. Well, in the case of the property market, it was perfect. With the will we/won’t we Brexit issue now settled, a large cloud of uncertainty has lifted and those who were sitting on their hands have, post-New Year, suddenly jumped into action.
Behind this energy is several years of pent up demand. Those who could wait to make a move, or who were nervous, waited. But now the waiting is over. In all the sectors, we can see, that “Sussex demand” is higher than it has been for years.
This is all exciting stuff. However, we need to be careful not to get too carried away. In property, confidence can soon give way to over-confidence, with sellers often eager to set higher asking prices. So prudence and guidance are critical factors in sustaining this excellent start to 2020.
As always, before embarking on selling and or buying a property, we advise seeking the knowledge and good judgement of a proven and experienced local independent estate agent before you join the fray.