January 2010

……and a happy new year to all.

The weather was a hindrance to the start to the year with people unable or unwilling to drive around either to value or view properties. But now it is clearing estate agents will be looking for their Spring instructions. With an election likely in May, there may be properties on the market earlier than the usual Easter launch.
Quiet marketing among vendors seems popular at the moment; This is where an agent is instructed but the property is not put on the open market. The agents will contact serious purchasers and buying agents in the hope of generating enough interest to secure an offer. This is a good way of testing the market and also keeps the neighbours unaware and unwelcome non-serious viewers at bay.

The property market is historically quiet in the run up to an election; Vat returns to 17.5% and the lower end stamp duty holiday has finished.
Unless confidence returns, demand will continue to outstrip supply. We will see competitive bidding and possibly the return of sealed bids for desirable properties.
Without a significant rise in interest rates, those who have been in rented accomodation for some time will be wanting to secure bricks and mortar.