We are very pleased with the start of the Autumn Market now that the schools have returned we have certainly seen an uplift in local residents registering for property details. Just last week we received acceptable offers on 5 properties which is very encouraging. Admittedly all the properties had received price reductions in line with the market performance and I would estimate that to be around 3% of their starting price.
It has been reported in the press the London market has hardened considerably and overseas buyers have diminished over the past year. These type of buyers were fuelling the market place but with the government stamp duty increase for second home owners this has hit both the UK and overseas buyers investing for the future.
I feel we are most definitely in a ‘need’ market whereby if you need to sell for the purpose of schools, jobs, downsize then the timing is right to find your new home this season!