Managing Partner, John Kelly reports on the market during the last quarter. Click on a branch link below to access the quarterly market review for your area.
HOUSE PRICE BUBBLE ?
Before we scoff at such obvious media hype and convoluted sensationalism, we should bear in mind that 'from little acorns, oak trees grow.'
Our Q3 statistic endorse a positive if still limited recovery and we remain committed to our view that the medium to long term prospects for prices and the market in general are positive.
Currently we would describe prices as broadly firm in general, with any increases being modest, but welcomed in that capacity.
Some prices are still soft to unpredictable, especially at the higher end of the price scales, were activity is still subdued.
As commented on previously we believe house prices relate closely to earnings and in that regard price rises could be limited by that dynamic, despite lower borrowing rates.
Demand levels have certainly, increased significantly in the mainstream market and, as they have yet to be matched by a commensurate increase in supply levels, this probably accounts for most of the price increases we have witnessed.
What can be clearly delineated for most of our potential customers is that there is genuine appetite and motivation to buy, which in itself has been reinforced by a willingness to lend on both more accessible criteria and competitive pricing.
Those who have 'deferred' a move, or simply been put off by the abject negativity that surrounded the market until recently, can and should now proceed with confidence and optimism.
Despite positive improvements in most measurements attributable to our business we still feel that there is greater capacity in the level of transactions we can facilitate.
Once the market is fully functioning at a more recognisable volume, in keeping with historic average, we can better assess were it's going, particularly in the respect of the media's new darling - House Prices.
Returning to our 'little acorns' theory; we believe that talk of 'bubbles', 'booms' and any other related hype is totally counterproductive - we have come through an immense period of difficulty and uncertaint.. > Read More
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