Posted on May 24, 2024 by Tom Grant
Categorised in: Uncategorised

This year had a very slow start to the agency market, severely hampered by the bad weather during the first 3 months. Easter saw a notable change in sentiment, since when there have been many more properties coming to market and more buyers prepared to move.

What we are experiencing is that this market is still very fragile, and after a reasonably busy period through April, has cooled a little over the last couple of weeks. However, there is resilience and there are committed buyers looking to move home; the big caveat, as ever, is price. If properties are well priced for condition and market sector they will gain interest and viewings. Viewings eventually make offers and on average we need about 10 property viewings before we receive an offer. Getting an offer to agreement is another matter …….!

To put some numbers to these comments, we are currently running at about 40% of our available stock being under offer. This is a healthy number which shows activity in the market and a willingness from both buyers and sellers to make sales happen. Keeping these sales together is increasingly hard work,  more complicated and more time consuming. The average time it takes from agreeing a sale to exchanging contracts (securing the sale) has persistently increased over the years. In 2008 our average exchange time was 43 days, last year it was 89 days. This is a challenge we continue to battle with on a daily basis, our goal being to help make exchange as soon as possible.

In summary, there is an active market out there but it is fragile and very price sensitive – we need to remember this when setting listing values.

Tom Grant,
Managing Director at Grant & Co.