PFK records year-on-year market growth
When we compare January through to June 2022 against the same period in 2023 PFK have actually seen an increase of 6% in the volume of properties Sold subject to contract year on year.
This contradicts market speculation against mortgage rate increases and confirms that property will sell as long as the asking price is realistic.
We are however seeing buyers becoming more cautious and we have also seen an increase of approximately 3% in the amount of property coming to market and this obviously gives the buyer more choice and in some cases less competition. This doesn't mean levels of acceptance has been achieved through large discounts it means that instead of selling properties within hours it is sometimes taking up to 2/3 weeks or slightly longer and the agent is having to negotiate between buyer and seller to get to an acceptable level.
Throughout my 35 year career in estate agency I have experienced different property markets and this market just means that any agent worth their weight in gold will price right, market the property correctly and be efficient in negotiation to get a sale agreed but most importantly see that agreement every single step of the way to get to exchange.
Therefore now more than ever it is important to work with an agent that knows their market/area, gives reasoning behind their valuation and does not overvalue. An agent who is excited about working with you to help you achieve your move and that is what the team at PFK strive to do.
If you are looking to move then contact your local PFK estate agent.
Lynne Lancaster, Head of Estate Agency at PFK