Edmund Dodds, BS8′s porperty expert, updates us on the current market view.
With the worst of the world’s financial banking turmoil now behind us the Bristol residential property market place in the middle to upper sectors is now showing healthy signs of steady recovery with confidence returning.
Prospective buyers and sellers alike that have postponed important decisions and plans during the last two years of uncertainty are now deciding to press ahead whether this involves upsizing to larger accommodation, downsizing to smaller or choosing the property market as a more robust safe haven for hard earned savings and investments.
It would have impossible to predict with any accuracy during the uncertainty of last year where the market would stand currently. The real surprise to all of us is that we continue to confront a shortage of good quality housing stock in our market sector. The media coverage over recent months would have had us all believe that 2008 would offer a dearth of property available for the foreseeable future. In contrast, the shortage that we now experience in certain geographical areas has resulted in competition from buyers on a number of recent cases. In one specific instance recently, a higher price was achieved (albeit for a more individual type of property) than was achieved for the similar neighbouring property during the markets peak over 2006/07!
Based on a sensible market asking price we are now observing significantly fuller prices being achieved when compared to last year when more of a discount might have been achievable. This is where we identify the recently reported uplift in prices.
This unforeseen trend proves concerning for those that elected to exit the property market completely owing to their uncertainty of the widely predicted freefall in values. Perhaps this type of buyer is not experiencing the advantages that they foresaw with limited choice available coupled with the threat of competition for any desirable prospect.
Our principal advice to buyers searching in our locality is that you should be ready to act quickly and maybe even competitively, as soon as any suitable property arises. It is also important to ensure that up to date financial arrangements are well placed in what is now reverting back to a more diverse, competitive, mortgage market.
The experienced and long established team at Hydes Of Bristol are on hand to offer tailored advice to you based on your individual circumstances and requirements.
We look forward to assisting you whether buying or selling within our area.
Thanks to Ed from Hydes and to Free Foto for the great image.