Property Market Gains Momentum

Contrary to many predictions, the property market in Teignbridge is proving resilient. Despite interest rate rises, increased cost of living and pessimistic economic outlook, levels of sales are exceeding our expectations. This is counter-intuitive but reflects reports we are getting from other businesses both locally and nationally. Many are reporting high and increasing activity and have very positive expectations going forward. The unexpectedly large government surplus in January also hints at better times to come.

We believed a slow start to the year was likely. Although buyers were thin on the ground initially, the quality of those in the market was high. We were able to agree around twenty percent of all sales agreed in TQ12 during January. Busy makes busy and sales release new buyers into the market. So as February progressed, we have found ourselves working with at least twice as many proceedable buyers. Sellers have also adopted a sensible approach, adjusting guide prices to the prevailing conditions to increase interest. The result; more viewings, more offers and more sales. We are now actively seeking fresh to market properties for recent sellers who can’t find exactly what they are looking for amongst the currently available stock.

Rightmove statistics, which reflect the broader market, are also showing levels of activity are higher than expected. At the same time, fixed rate mortgage rates are slipping back to below four percent. All in all, there are many positives and we are out-performing all our competitors. We put this down in part to those buying and selling in any unsettled period, seeking out the most experienced professionals.