Property Market Comment  -  April 2011

The financial, political and general economic news rarely seems to get any better, but despite all the gloom and uncertainty the property market in this favoured corner of England has consistently managed to shrug off many of the problems and negative outlook.  That is not to say that selling property is easy to achieve at present, but it is certainly not as difficult as one might expect based on the newspaper headlines.

Indeed there are many contrary opinions relating to the state of the economy at present.  Some of the trading figures and economic soundings have offered some encouragement this month already.

As a result sales levels at John Goodwin are continuing at a similar level to this time last year and the wonderful spring which we have been enjoying seems to have had some positive impact.  Problems still remain and mortgages are still not easy to obtain and can seem relatively costly.  Nevertheless first time buyers are re-emerging and there are still investor buyers active, particularly at the lower end of the market, and both help to provide some structure and stability to the market.  A property market without sales at the first rung of the property ladder is always going to be a weak market.  There are also still occasions where one particular property will attract significant levels of interest and it is then not impossible for competitive offers to be received.

Commercial Property

Demand from tenants and purchasers of commercial property has also remained relatively strong.  Demand for retail premises in the area has generally improved and currently within Ledbury there is nearly always competition for any vacant shop which becomes available.  Both Ledbury and Malvern now have relatively few vacant retail units.

The Rental Market

The pace of the residential lettings market continues relentlessly with large numbers of new lettings achieved each month.

John Goodwin FRICS