The property market is always a topic of interest – but the last few years it’s been a rollercoaster!
The initial Covid panic was that the markets would bottom out…which simply didn’t happen, the market exploded with the ‘race for space’ and people relocating to our lovely seaside city from London and more urban areas.
Most of our lettings and sales here at Lawton and Dawe in 2020-21 were people wanting more space for their money, and leaving smaller, more expensive London properties for the joy of the sea and the downs, and an extra room to work from home longer term.
Now as we move in 2023, the sales landscape is changing again, with more scaremongering headlines of huge crashes and the buoyancy of the last few years coming to a screeching stop!
We can’t say that we are seeing this playing out so far, and we are well into February now. In fact, The Negotiator magazine have reported this month from TwentyCi Homemover Pulse blog that new instructions are more 125,000 higher than at the same time last year, and The South east continues to dominate with 84,232 new properties coming onto the market. We are in a good bubble of movement down here!
While the last few years has been a bit of a ‘bun fight’ for new sales, with properties going for over the asking price with offers, the urgency is slowing a little, we agree.
The financial landscape is a very different place to even summer last year. We have all been stung with increased cost of living, and increased mortgage interest rates, so of course this will impact the market, but it’s not all doom and gloom!
Halifax reported in January that house prices are stabilising after drops in November and December, so I think what we have here are more cautious buyers. Therefore, as agents and sellers, it’s imperative we are keeping a good close eye on the market movement and being realistic and fair with pricing.
We take valuations very seriously, and we are spending a lot of time helping people get an accurate feel for what their biggest asset is worth! We cover from Brighton to Littlehampton for sales and lettings and each pocket of Sussex comes with its own price points.
So, if you’re feeling cautiously optimistic about selling in 2023, we can help. Ultimately, people will still need to move, and if you want a chat about the market and your own individual situation – we can help.
We are an all-female team, based in Hove and we love nothing more than visiting local homes and helping where we can (and we do like a cuppa!).
Contact Pippa or Didi today on 01273 917791.