As the media go to town on the recession word entering the market again, we ask Alex Mackay, Co-Founder & Owner of Mishon Mackay, for his view on the local property market utilising his offices’ intel:
“I tried very hard to maintain a positive outlook during last year, even though it was often difficult to find good news especially for the property market, and much else in the world!
As a business we decided to launch all our new stock generated during late November and December into January 2024 with some 62 properties launched on the 2nd of Jan. This together with a more positive attitude in January from our buyers and a realistic approach to pricing from our sellers created the best month we’ve had for some years. I’m pleased to report this has drifted into February and we are continuing to create new instructions and sales.
As a society we respond to change quite quickly but, equally, it does take a while for things to settle down and this is what I believe has now happened.
2023 was difficult for so many, particularly with those high interest rates and the general cost of living. Now that the lenders have adjusted their rates back to a more affordable level, we have seen a surge of activity from first time buyers and, indeed, buyers generally.
There is a renewed confidence from buyers to invest their hard-earned cash into the market, either at entry-level, or to step up the property ladder.
Sellers should take heart from this change of attitude from the buying public and be reassured. They have every chance of making a sale whereas last year was problematic.”
This month we also asked Mishon Mackay’s Sales Director, Chris Thew, for his view on the current property market and how his teams are performing:
“As we reflect on the performance of the Brighton & Hove & Mid-Sussex property market, January emerged as a beacon of strength. Beyond the increased activity and more positive economic backdrop, a notable surge in first-time buyers adds further promise. Also, remarkably, the upper echelons of the housing market display robustness, evidenced by a significant increase in sales agreed in January and February for properties ranging from £900,000 to £1,750,000. This momentum goes further to add to the market’s resilience, and I expect a very much more normal and stable property market in 2024.
I am delighted to take a moment to express my sincere appreciation for the extraordinary dedication and hard work by our teams in the first six weeks of this year. The launch campaign in January was nothing short of exciting and extremely well executed by the teams, and I am delighted that their exceptional efforts have translated into outstanding sales results for our clients.
In the face of challenges within the property market our teams have showcased remarkable resilience and determination to bounce back from the difficulties encountered in the challenging landscape of 2023. Their unwavering commitment to overcoming obstacles and delivering exceptional outcomes is something I am truly proud of. I am blessed to lead an outstanding sales team at Mishon Mackay. Their passion and hard work have played a pivotal role in our success, and we are truly grateful for their continued efforts.”
If you have a property question for Alex or Chris, then please email them on alex@mishonmackay.com or cthew@mishonmackay.com.
