Firstly, can I say a massive thank you to all our wonderful customers who have supported us over the past 12 months? It does mean a lot to us.
When we opened in February 2020, we had no idea of what was around the corner, and we had to close within the first month of opening due to the pandemic. I will never forget the look on my wife’s face when we were sitting in the garden, and she looked at me and said, “was that such a good idea going it alone?”. I can say now that it’s a big fat. YES, and I wish I had done it years ago.
As we now approach the start of our fourth year of trading, we are again facing a period of uncertainty, but how bad is it?
Without a doubt, after performing very strongly following the pandemic, within some cases record prices being achieved following a ‘bidding war’, the housing market has recently entered more uncertain territory.
Although stamp duty has been cut (until March 2025), mortgage rates have substantially increased (we have seen some recent reductions), and with the addition of high energy prices, cost of living inflation etc., all of which are of significant concern for sellers and buyers alike.
Sensational reporting within the media about what might or might not happen to the housing market does not help and, to some extent, becomes self-perpetuating. When buyers start bandying around newspaper reports citing a potential 10 to 15% fall in prices and asking for price reductions, you know that price reductions will inevitably follow, even though there’s still a high demand for property. These reports are based on nationwide statistics and do not reflect local market conditions. When I looked after eight offices in 2008, we faced uncertainty and difficult conditions but it didn’t last long and was nowhere near as bad as the media made out it was.
But how gloomy should we be?
There is some good news – the appointment of the new Prime Minister seems to have calmed markets despite uncertainty. Unemployment is still very low, and job vacancies are high without a sharp rise in redundancies and unemployment. Economists are predicting that whilst things will be difficult for the next couple of years, it will get better, and inflation has already fallen from 11.1% to 10.7% whilst this is a small drop, it means things are moving in the right way.
Marc’s comments-
In my 33 years in the business, I have been through several market downturns, but the Brighton and Hove market is resilient and tends to buck national trends and bounces back very quickly compared to other parts of the country.
Without a doubt, we have seen a slowing down of the housing market due to the aforementioned factors and the approaching Christmas holiday period. However, we are still selling – the key being that properties are realistically priced and properly marketed. We, as agents, focus on delivering the best outcome for our clients and understanding their needs.
There is still a shortage of properties we expect to see much more activity early in the New Year. We are currently very busy giving valuation advice on properties in readiness for them coming onto the market next year.
If you would like to have a chat about the market or just find out about the moving process, then please do give me a call on my mobile at 07966 143 225 or the office at 01273 00 99 66 or just drop me an email at mcox@coxandcohomes.co.uk
Have happy Christmas and a happy and healthy New Year
