Market recovery offers “opportunities and threats”
With the property market recovery apparently in full swing, prices having risen by up to 8% last year and forecast to rise further, with property for sale in the Exeter area at the start of the year nearly 30% down on January 20007- more people as set to move this year than any time since the start of the recession.
As ever, the market may be driven by property owners who ‘have to’ sell (developers, downsizers, divorcees or job movers and families needing more space) but as the year progresses, a marked upturn in the local property market activity will see the return of “Discretionary Sellers” who are moving because they want to, rather than have to.
At present however, with demand so high – with Rightmove, Zoopla and Prime location all reporting a massive leap in traffic, as would-be buyers trawl the internet looking for their ideal next home – the current shortage of property for sale offers a great opportunity for sellers to come to market a little earlier that they might have planned and have the pick of the best buyers who will be happy to pay a good price.
The temptation for some might be to wait but buyers will almost certainly have to pay more later in the year and ‘have-to’ sellers will have to compete with ‘Discretionary sellers’ for their attention.
In our own agency, following record sales in last quarter of 2013, we have experienced an exceptionally busy start to the year not only in sales and bringing new property to the market but also in our “Search and Acquisition” activity as we proactively help our vendor clients find their next home – a unique service we have always offered but one that we expect will be a key feature of our agency service in 2014 and one that further sets us apart from our competitors.
On the rentals side, our busy lettings team are helping more Buy-to Let landlords build their portfolios, as both private individuals and seasoned property investors balance yields with potential capital growth. Rents may not be on the rise but demand from would-be tenants continues to be strong as more people are attracted to relocate to this beautiful city of Exeter and within close commuting distance.