Property Market Comment  -  August 2010

The property market has enjoyed a successful summer and the level of residential sales over the last three months is close to the levels being achieved prior to the market crash in 2007.

For a number of months the supply of property coming onto the market was relatively low and as a result purchasers did not have a wide choice of property to purchase.  This has resulted on a number of occasions in properties attracting a number of purchasers which has led to vendors achieving some very satisfactory sale prices.   

More recently the supply of property seems to be improving and the earlier shortages in the year may well have been as a result of election uncertainty.

Nevertheless the market remains at a precarious stage and there continues to be considerable uncertainty about future stability.  A number of buyers continue to experience difficulty in obtaining mortgage finance and this adds to the difficulties.

The Rental Market

This has continued at a very healthy pace throughout the summer months and the demand for rented accommodation in the area is still very high.

Commercial Property

Demand for commercial premises and opportunities have continued to be reasonably strong.  Saleshops in Ledbury are now nearly all occupied and there is currently very little availability.  Demand for office accommodation and industrial premises is patchy, but a number of lettings and sales have been agreed over the summer months.

Investment property continues to be sought after and very often sales are achieved off market.  Two major investment sales of retail premises in Ledbury have recently been concluded in this way.  It is also encouraging to see less space available in Malvern and Upton.

The Internet

The importance of the internet in property marketing continues at a rapid pace.  Last month we teamed up with Google who have for the first time started to develop a website dedicated to property sales.  It is anticipated that this could become the major presence on the internet in respect of selling and letting residential property.  We believe that the combination of our own marketing together with input from both Google and Rightmove optimises our clients’ chances of selling.  This confidence was borne out in a recent internet survey of local agents which placed John Goodwin first in terms of the speed with which sales are agreed.

John Goodwin FRICS