Price Reasonably...It's Important! | Property News
Using data from across the whole of the property market, our Sales Director Jake reaffirms the importance of pricing sensibly to secure a quick and efficient sale!
Trend in Price Reductions
One of the biggest trends we can see from the market data this month is the number of properties opting to reduce their price in September. This, in itself, hasn't come as big shock, especially because we've been saying how sensitive the pricing has been for some time, but even then, we didn't quite anticipate just how much the data would reflect this throughout September. We've seen the biggest number of price reductions in a monthly period for many years.
Our advice therefore remains the same. Find a reputable agent with a strong track record, and be wary of agents who try and push the price too high from the outset. For a quick sale, it's more important than ever to set a reasonable price from the start.
Reasons to be positive as market activity continues to impress
Using whole market data (from TwentyEA), we can see a 29% increase in sales across our region and year-to-date sales up a solid 19%. So the market has been busy over the summer and coming into Autumn as we are now, remains so.
Potential factors set to impact the property market
The market activity remains strong but here's a date to put in your diary: 30th October. This is the date of the budget announcement and we may see changes to Capital Gains tax, Inheritance Tax and maybe even changes to Stamp Duty. All of these could impact activity throughout the market but we'll need to see what's announced first before giving a clearer prediction of exactly what's to come.
As ever, stay up-to-date on the latest property data and market insights through these blogs and by watching the videos. We'll be back next month with another update, hopefully, one that's able to shed a little more light on the looming budget changes.
