Current Market Conditions – Autumn 2012
What should you expect from the Canford Cliffs and Sandbanks property market this autumn? Berkeleys is performing extremely well bucking the local trend, with completion numbers up versus 2011. A real achievement. Rightmove® has recorded that actual sale completions nationally are just half of what they were five years ago.
Nationally, the economic outlook is still difficult, stock levels having risen for the last five consecutive months, as new sellers outnumber properties sold or withdrawn from the market, so increasing competition. None of us is immune to market sentiment nor to negative headlines. Purchasers remain highly price-conscious, indeed apprehensive. However, the market should gain momentum this autumn, traditionally an active period.
Achieving a positive sale outcome
Pricing competitively to attract new buyers remains key. Purchasers are reluctant to commit unless they feel that a property on the market is fairly priced. It is essential to be realistic and to examine comparative prices of property which has actually sold.
The short-term outlook
Eurozone issues may have receded but the problems are not over. This and the continuing drought in mortgage availability, together with weakening consumer sentiment, has forced buyers to be even more cautious. At Berkeleys we aim to hold their hand, to guide them whilst at the same protecting the interests of our client, the seller. Against a backdrop of a market treading water nationwide, we confidently expect the local area to continue to deliver .
Again on a positive note, continued growth in London has made prime regional property, especially in this area, look increasingly good value for money. We receive constant enquires from the capital, from local, national and international buyers, wanting to move to the area or to buy their holiday dream home.
Local Market Snapshots:
“The local market has been active and fairly constant in 2012.”
Properties Sold in 2011: 87
Value of properties sold in 2011: £58m
Value of properties sold in 2012*: £25.6m
2012 peak*: Shore Road, £2.75m (by Berkeleys)
“Interest in the area remains high, as always, fuelled by regular national media attention, but the number of sales agreed is low.”
Properties Sold in 2011: 23
Value of properties sold in 2011: £22m
Value of properties sold in 2012*: £9m
2012 peak*: Old Coastguards Road, £3.5m
To read the full version of this report, contact Berkeleys. e: info(at)berkeleys(dot)com
All Data Sources: Land registry®, YOUq®, www.youeye.co.uk
Berkeleys data, during timeframes indicated. * = to June 2012. Published: September 2012.