The overhang of stock that was left unsold from last year has finally been absorbed. Which means it is only now that we are starting to see the new direction of property markets, without any distorting hangover effect from late last year.
In most cases the left-over properties saw both a slight decrease in asking prices and a slight increase in offer prices — as vendors and buyers both adjusted their stand to find a new middle ground.
This is good news for the year ahead, as it shows a willingness on both sides of the transaction to get the deals done. Willing sellers and willing buyers are the foundations of a healthy market.
However, there does still seem to be some reluctance by current potential vendors to take the plunge and list their properties for sale. As buyers, on behalf of our clients, we are noticing reduced choice in some markets and increasing competition for those properties that are offered for sale. This makes sticking to careful selection criteria even more crucial.
We are, however, expecting some increased activity in the weeks leading up to Easter, as agents are reporting preparations underway for new listings before winter, although this may mean a potential fall in numbers again until Spring 2015.
Until next week,