Historically, summer was always a time of slower sales and, according to the NAEA, this year has been no exception.
The “excuse” is of course that the Olympics were a distraction for prospective buyers and sellers, compounded by the traditionally quiet summer holiday period. However, we are acutely aware that even such glorious events as the Olympics pale into insignificance for someone who has a real need to move. Indeed, Rightmove reported a marginal increase in new properties entering the market in August, and dips in buyer activity on their site only at key moments in the games, when activity dropped by up to 50%
Real buyers and real sellers still need to move and this year seems to be heralding a new focus by sellers to get in ahead of the expected autumn rush to sell before Christmas. Indeed, nearly 128,000 more properties entered the market this summer than last year. Significantly however the asking prices of these fell by their greatest rate on record (2.4% representing an average drop of around £5,837) suggesting that sellers are heeding their agent’s advice to price aggressively in order to compete with properties already on the market.
This of course should alert existing vendors that we are now in a new cycle on the property calendar. If your property has been on the market since last spring perhaps it’s time to consider repositioning your property in the market. The average time on market is 92 days nationally (although our own average at 44 days, we are almost 50% faster than this).
So our message as we enter the autumn is that although volumes nationally remain half what they were at the peak of the boom, activity is hotting up quickly. If you are serious about selling, then a combination of the right agent, the right marketing, the right negotiation skills and the right price advice combined with an Olympian attitude, really should have you moved by Christmas.