30
Aug
Scramble
There is a lot of scrambling going on at the moment. Scrambling
for university places, scrambling to recover from riots, and
scrambling to handle trading, employment, banking and international
currency difficulties.
On the surface
there is no such scramble in the property market. But
don’t be deceived. Under the surface there is a great
deal going on. Sellers are scrambling to sell and buyers are
scrambling to buy. For buyers the pendulum seems once again
to have swung in their favour. It is another good time to
buy. This is particularly so in the middle market
sector. Not perhaps so much for first time buyers beset with
mortgage deposit challenges, but even in this sector buy-to-let
investors are benefiting from a very active lettings market with
rentals on the rise. In some circumstances it is now cheaper
to buy than rent.
Yet some sellers
are just not scrambling enough for their own good. They still
believe that market conditions are a lot better than they are -
this illusion is fuelled by press reports that the central London
market is thriving. But this has a great deal to do with
foreign buyers moving international currency. In fact, of the
twenty most expensive houses sold in the UK recently, only two
weren’t sold to foreign buyers – and Bernie Ecclestone
bought them both! The result is a super micro-market in London that
is out of step with the rest of the country.
For sellers
outside London there are some warm property spots. But in the
main those anxious to sell for whatever reason should accept that
they will only find a buyer quickly through competitive
pricing. Location, location, location is no longer
enough. Today it is location, location, location, price and
presentation that separate the movers from the stayers.
Perhaps sellers
should learn from school-leavers who have cancelled their
longed-for gap year to avoid higher university costs. Needs
must as the devil drives.
So sellers should
scramble to get their houses in order and buyers should scramble
for a great opportunity. We are all entering a new age with a
shifting economic axis and an uncertain future. But what is
very certain, despite these difficult times, is that we all need
somewhere to live and we always will.
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