The New Year has got off to a great start in terms of activity around the region in selling houses with strong viewings, offers, valuations and, dare we say it, sales. We thought we would share our view of what is happening.
Across Merseyside, Southport and the Wirral the volume of houses for sale has dropped by 5% during 2011. The decline in stock has had no effect on prices which have remained static at best during the 12 month period.
There has been more activity in the past 12 months in the sub &150,000 market, primarily as a result of funding being slightly more competitive and easier to find both for first time buyers and buy to let investors.
At the above &1 million level it remains very much a buyer’s market with properties on the market outstripping would be purchasers at a rate of 5 properties for every active buyer.
Whilst the number of new applicants registering was lower in the final 6 months of 2011, in comparison to 2010, the number of viewings was up. The conclusion drawn from this is that people are registering when really interested and also are viewing far more properties before making their decision.
The age of austerity is beginning to be accepted as normality in the mid market and in the past few months there have been slight positive signs that families are looking to move for the traditional reasons of more space and bigger gardens . This is a refreshing change from the debt, divorce and death reasons to sell which have dominated the market in the past years.
We believe that sales volumes will increase slightly in 2012 over 2011, prices will remain static up to mid market and that above &1 million it will remain a buyer's market.
Sellers are considering all options when marketing their homes, having a strong regional presence through the shops and a successful auction business has been key in home owners choosing our business to sell their home.