Jittery buyers and unhappy sellers
published on 22/01/2018
2017 ended with a slump in the property market and it was not all due to the holiday season. December is normally expected to be a quiet month with people focusing on celebrating the holidays and new year. It seems in this pre Brexit climate, buyers are hesitant to exchange on a sale and sellers reluctant to drop asking prices.
While values of properties are still looking good, the actual offers sellers are receiving are lower than expected. This places estate agents in a troubled position, as while we strive to achieve the best selling price for our clients, we have to negotiate with what buyers are offering, and it seems the offers are getting lower and lower.
Countrywide saw its shares fall more than 16% last year while estate agent Foxtons saw a 5% drop. It seems between the shortage of second hand sales, as well as the previous stamp duty hikes on the London market, 2018 is looking to be a challenging year for both buyers and sellers alike.